Paltry 88K jobs created while 663K give up looking - Result: Unemployment rate 7.6%! (legal, regular)
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You can only do apples to apples comparison back to 1995 since they changed how they measure unemployment in 1994.
Previous to that you need to re-calculate from 1995 to the present to get the "same numbers".
Shadow stats does that ...23% unemployment is what they get.
The stock and housing crash of the last 5 years really did a number on 401k plans requiring boomers to work even more.
In summation, your wrong.
You obviously haven't been paying attention lately to the stock or housing markets.
The stock markets are now back to their pre-bubble values, meaning a lot of 401K's have regained their values. Furthermore housing in most large markets has started moving again. If you're a Boomer who put off retiring because your house and investments lost value, now is the time to move. I know in my neighborhood, in the last month I've seen 13 houses go on the market, 11 sold within a week, one within a month, and one holdout who's overpriced and won't budge on price. All but one are retirees.
Each Boomer who retires is a boon to business, since it typically opens upward mobility in the companies and they then hire someone new at the bottom (at a lower salary than the retiree). The most important thing we can do now is get Boomer out of workforce and into retirement.
Gotta love how the right includes people retiring in the numbers "giving up looking"! You realize baby boomers are retiring in huge numbers right?
Doesn't matter what the baby boomers are doing, the population of this country is growing at an incredible rate, immigration rates are higher than ever and Obama wants to increase them. In Oct 2006, the population passed 300,000,000 and in just 6 short years it was 313,914,040. Over 2.5 million a year newly added people every year, and job growth doesn't begin to keep up with that. In addition, the retirement age is rising, Americans are working many years longer.
You obviously haven't been paying attention lately to the stock or housing markets.
The stock markets are now back to their pre-bubble values, meaning a lot of 401K's have regained their values. Furthermore housing in most large markets has started moving again. If you're a Boomer who put off retiring because your house and investments lost value, now is the time to move. I know in my neighborhood, in the last month I've seen 13 houses go on the market, 11 sold within a week, one within a month, and one holdout who's overpriced and won't budge on price. All but one are retirees.
Each Boomer who retires is a boon to business, since it typically opens upward mobility in the companies and they then hire someone new at the bottom (at a lower salary than the retiree). The most important thing we can do now is get Boomer out of workforce and into retirement.
The height of the baby boomer births was 1957..you have another decade to go before these people are at retirement age. The youngest boomers are only 48 so that's another 20 years.
The unemployment in our state (IL) is currently 9.5% BTW. Last month it was 9%... Don't know where they get this 7.6%
IL hasn't been there for many many years.
This is the new normal people. I will be shocked if America ever has an unemployment rate below 7% ever again. Without bubbles, America's economy cannot thrive, and there won't be any economic bubbles for decades to come.
Let's test your theory using government data from the Social Security Administration.
53,723,000 January 2013 Monthly Snapshot 53,597,000 December 2013 Monthly Snapshot
----------------------------------------------- 126,000new persons receiving either Social Security Retirement or Social Security Disability benefits.
53,880,000 February 2013 Monthly Snapshot 53,723,000 January 2013 Monthly Snapshot ------------------------------------------- 157,000 new persons receiving either Social Security Retirement or Social Security Disability benefits.
Note that persons on receiving Social Security Retirement or Social Security Disability benefits may be employed, or seeking work and thus part of the Civilian Labor Force.
As I pointed out on another thread, an average of about 135,000 are either retiring or approved for SSDI each month, so your claims that a "fraction of the Baby Boomers" is making a massive dent, and that 200,000 retire each month has been soundly destroyed.
Mircea
People become eligible for Social Security at age 62.
Beginning in 2011, 10,000 people a day turn 65- about 300,000 a month.
Not all of them apply for SS or Medicare at 65. Many who are able, postpone Social Security until age 70.
The crude death rate for all ages is about 6,744 per day- about 202,000 a month. It's reasonable to assume 20-25% of these deaths are seniors.
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