Monday, January 22, 2018

My, how the story has changed!

Andy Kiersz, Business Insider, 2 June 2017:
Since about the turn of the millennium, the labor-force participation rate, or the share of American civilians over the age of 16 who are working or looking for a job, has dropped pretty dramatically, with an acceleration in that drop taking place after the 2008 financial crisis and the ensuing Great Recession.

There are several causes for that drop. An August 2015 analysis by the President's Council of Economic Advisers suggests that about half of the drop comes from structural, demographic factors: the baby boomers, an immensely large cohort of Americans, are getting older and starting to retire.
David P. Goldman, Asia Times, 11 Jan 2018:
As Professor Edmund Phelps suggests, an aging workforce is more concerned about job security than about wage gains. Americans are retiring later because they are healthier and because they can’t afford to retire, so that the available pool of labor is greater.

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