Let's see a couple trends here though:
1) US life expectancy is on the rise, I guess one of the most expensive healthcare systems in the world is good for something.
2) Average retirement age is moving farther ahead - Reuters recently ran an article about startup founders who are 60+ y.o. http://www.reuters.com/article/2012/11/27/us-valley-ageism-i...
3) Rise of robotics outsourced a good portion of typical physical jobs to machines - iRobot, Kiva Systems, Tesla's car-manufacturing robot arms
4) Youth unemployment is on the rise
5) Youth STEM skills, the only applicable skills that matter in current economic climate, are declining
Why does the country need large amounts of young people again? A bunch of the assumptions - you need younger people to slave off to contribute taxes towards the retirement of the elderly - are a bit shaky to say the least. Most of the youth employed at various menial jobs are earning low enough income to qualify them for tax credits, so they're not a huge revenue source.