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Why does the fertility rate even matter? The world seems to have far more people than it can reliably sustain.

If we reach 1/10th the size of the current population, then we can start to wonder about fertility rate if it drops further.

Because the population will get much older (i.e. much less productive) before it gets much smaller. That going to cause all kinds of massive issues.

They aren’t insurmountable though. Let’s not pretend the world is going to end because the birth rate is low.