Why not both? This huge workforce called the boomers accelerated their retirement during COVID and those workers don't entirely have a 1-to 1 replacement given that a sizable chunk of their kids majored in things like underwater basket weaving. Gen-Z is much smaller and is really focused on tech jobs, they are not going to make up the numbers. Where are you going to make up the shortfall? (BTW I understand that this is the Peter Zeihan POV).