Was Boss Baby Right about the Impending Economic Collapse?

Back in 2017 the Boss Baby tried to warn us about the impending demographic catastrophe in that (in)famous 'puppies are evil' presentation (see below). Despite being a box-office hit, not many people paid attention to the wunderkind's dire warnings. Not anymore. The Pope has taken notice and has commented that choosing pets over children is "selfish and diminishes us." 

Pope Francis' strong words were not well-received by many couples of fur babies, but he has a point. According to the Census Bureau, the U.S. population grew at the slowest rate in recorded history in 2021. And that trend was largely consistent across the world for several years, as shown in the chart below. Thanks again, millennials! (Are they really the most narcissistic generation? Umm, it's complicated, but there is a serious debate about it!) Anyways, a graying population has serious implications, not just slowing economic growth...but also national sadness? As Tyler Cowen writes, "a significantly growing population is a kind of macroeconomic free lunch." And he wouldn't say that lightly...he's an economist after all.

Meanwhile, the American Pet Products Association’s annual survey reveals that millennials are now the biggest cohort of pet owners in the U.S. And young pet owners are more likely to dote on their pets as if they were children, as research from AlphaWise and Morgan Stanley shows. 

There is good reason for that. The average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history, even though they are the best educated and, arguably, the hardest working generation in the workforce today. It's not that they don't want kids, most do, someday...but kids are so expensive. According to Bloomberg, the average cost of raising child in the U.S. born in 2015 is $233,610. By comparison the lifetime cost of owning a dog or cat is $36,568 and $16,252, respectively. For an overworked and financially insecure generation, pets make a lot of sense. 

So, Boss Baby was only partially right. Sure, puppies are cute, but if The Baby Corp wants to increase market share, they've got to find a way to make babies less expensive!