The declining birth rate in the United States is often discussed not only as a major demographic shift, but as a looming economic disaster. Ideas being pitched to the White House include a $5,000 baby bonus for new parents and (truly) giving medals to women who have a half-dozen babies. But what are the real contours of this supposed crisis? Indeed, according to economist Kathryn Edwards, if we haven’t done anything to remove the constraints on having kids, can we call it a crisis at all?

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