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How much do you see the retirement of baby boomers affecting U.S employment numbers going into the future?
Quote:
But a group that includes leading Wall Street and Federal Reserve economists says the drop in workforce participation is about demographics, not the health of the economy. Mostly, it's about Baby Boomers.
About 76% of those leaving the workforce in 2013 last year represented people over age 55 who say they don't want jobs, the Labor Department estimates.
Are you referencing the unemployment rate with respect to BB? If so, BB are doing very well. The economy has created nearly 5 million new jobs since the recession ended in 2009, with more than 4 million of them, on net, going to workers 55 and over.
The unemployment rate among workers 55 and older is just 5.5%, while it’s 16.1% among 16- to 24-year-olds.
According to conventional wisdom baby boomers retiring are the reason for a drop in worker participation rate.
Wrong : workers in the young (16-19) and prime (25-54) cohorts have cumulatively lost a whopping 1.3 million, with just the 25-54 age group losing 842,000 jobs (don't believe me: spot check it right here courtesy of the Fed).
America's elderly are not only not in a rush to retire, they are reentering the workforce (thanks to the former FED Chairman's genocidal savings policy which has just rendered the value of all future deposits worthless thanks to ZIRP), and in doing so preventing younger workers, in their prime years, from generating incremental jobs.
Last edited by texan2yankee; 01-13-2014 at 12:27 PM..
According to conventional wisdom baby boomers retiring are the reason for a drop in worker participation rate.
Wrong : workers in the young (16-19) and prime (25-54) cohorts have cumulatively lost a whopping 1.3 million, with just the 25-54 age group losing 842,000 jobs (don't believe me: spot check it right here courtesy of the Fed).
America's elderly are not only not in a rush to retire, they are reentering the workforce (thanks to the Chairman's genocidal savings policy which has just rendered the value of all future deposits worthless thanks to ZIRP), and in doing so preventing younger workers, in their prime years, from generating incremental jobs.
low interest rates aren't "Genocidal" for that age group. low interest rates are precisely what is funding their retirement, by keeping home values afloat.
low interest rates aren't "Genocidal" for that age group. low interest rates are precisely what is funding their retirement, by keeping home values afloat.
I would expect that people in the 55+ age group to NOT have a mortgage on their property. They have had their entire working lives to pay it off if they did not get caught up in the home equity cashout schemes of the past.
How much do you see the retirement of baby boomers affecting U.S employment numbers going into the future?
Nice link! But notice how every time sane people point out the fact that baby boomers are retiring as the reason for the decline in work place participation the wing nuts go into denial mode? This is just another example of how the right wing nutjobs are always wrong about everything. ALWAYS.
Who benefits from the existence ZIRP? Answer: the banking sector.
The financial sector ran wild in the 2000s, running on a model of systemic fraud and "the Fed's got our back" speculation. This frenzy ended when the pyramid of instability and over-reach imploded.
Any healthy political and financial system would have broken the fraud-based system and dismantled the failed banks en masse in an orderly fashion. One institution stopped this from happening: the Federal Reserve with lower interest rates.
Instead of allowing a failed system to collapse and establish a new one based on prudent lending, market-set interest rates, competitive banks and transparent regulatory structure, we have a failed system that has become even more politically powerful even as its Fed-backed excesses have increased systemic fragility.
Who benefits from the existence ZIRP? Answer: the banking sector.
they aren't the only group that benefits from zero interest rates.
Quote:
The financial sector ran wild in the 2000s, running on a model of systemic fraud and "the Fed's got our back" speculation. This frenzy ended when the pyramid of instability and over-reach imploded.
Any healthy political and financial system would have broken the fraud-based system and dismantled the failed banks en masse in an orderly fashion. One institution stopped this from happening: the Federal Reserve with lower interest rates.
Instead of allowing a failed system to collapse and establish a new one based on prudent lending, market-set interest rates, competitive banks and transparent regulatory structure, instead we have a failed system that has become even more politically powerful even as its Fed-backed excesses have increased systemic fragility.
your rant about how you wish things had turned out differently is noted. i have some of the same thoughts.
it doesn't change the fact, though, that of all the middle-class american age cohorts, boomers have done the best in the age of lowering rates.
all you really had to do was buy real estate sometime when interest rates were high , and ride the wave of equity. as interest rates fall, home prices rise.
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