Tuesday, January 5, 2016
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..."
** 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
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..
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?
Posted by Susquehanna at Tuesday, January 05, 2016