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Tuesday, January 5, 2016

Young Americans Aren't Unemployed.. They are 'Retired'

Do you ever wonder why even though there are currently 94.6 million Americans not participating in any way in the labor force, the government keeps touting unemployment at around 5%?

In other words, why aren't more people working or at least seeking out employment in year 7 of the 'great' never-ending recovery?

According to the Atlanta Fed, its simple:

People simply 'don't want a job'.

More specifically, "The decrease in labor force participation among prime-age individuals has been driven mostly by the share who say they currently don't want a job. As of December 2014, prime-age labor force participation was 2.4 percentage points below its pre-recession average..."

Ah..
35% of the U.S. population wasn't in the labor force in 2014, up from 31.3% a decade earlier.

** You're considered out of the workforce if you don't have a job and aren't looking for one. That's distinct from the official unemployment rate, which tracks those out of work who are actively job hunting.

So according to Bloomberg, what accounts for less 20-24yr olds in the work force than a decade ago?

"The number of 20-24 who have retired has doubled..."

Retired..   Yep, that's the new catchphrase
And all while the labor participation rate among those 55 years old and up since the never-ending recession began, is at an all time high

So in summary, people aren't working because they don't want to because they 'retired'

That must explain why as the quality of customer service goes down, those providing the attitude and move at half-speed know their jobs are pretty well secured, especially in retail.

Its really comical..
According to the US Debt clock, 94.6 million Americans out of the work force with 7.8 million officially unemployed and another 8 million unofficially..

So if you do the math, 94.6 minus 15.8 equals...

78.8 million unaccounted for or just really-really unofficially unemployed

Gotta love that fuzzy government math

So if the elderly are working then ultimately die off and the mopey millennial muppets are 'retired' before turning 25, then whoever is going to be working to pay the taxes to keep the government afloat so it doesn't have to borrow any more than it already is?

Start to see the problem?