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I'm pro-Biden for other reasons, but you do have a point. It appears that the Great Recession forced many of those born before 1960 out of the work force. Covid looked to be another punch in the gut for those who were vulnerable to the virus.
"I'm pro Biden for other reasons"
Please, do tell. I am VERY CURIOUS as to exactly WHAT anyone could find positive with Biden. We have the worst president in US history and most Americans in a state of malaise that has not been seen since Carter.
I am frankly perplexed as to how any rational being would WANT four more years of the Biden disaster, particularly when it is quite clear that his dementia has worsened and he would be unable to function in any capacity over the next four years.
Democrats have vacated any common sense or reason in favor of blind political tribalism and blind loyalty to a party which has abandoned them.
Doesn't it scare anyone that we haven't had an Economic REcession since 2008? Yes, scared! I fear, the longer we wait for it to happen, the more painful it's going to be! Anyone else feel that way?
I don't really think it's going to happen this year, an election year. But if you look, historically, recessions have usually fallen under Republican Presidents. So if Trump gets in next year.......................
Don't fear it but I also acknowledge our economy was propped up with free loans to big business and 2% for consumers from 2010 - 2021. I actually expected more of a decline in GDP than we saw after rates started going up given how bloated the stock market and company accounts are from 10+ years of steroid injections of free money.
So I don't feel a recession is coming, I feel more like the expectation many had that the economy would remain the same after the free money spicket was cut off is the problem. Also all that free money propping up pipe dreams and moonshots in tech has dried up resulting in layoffs due to no revenue generation.
At our peak, in April 2000, ~67.3% of us were working. Its been mostly downhill since then...April '24 was 62.7%
It was 66% at the start of the Great Recession (Dec '07), then Covid pushed the # of workers downward from 63.3% to ~60%, & we've not fully recovered from either event (now at 62.7%)
Our aging population doesn't help, neither does outsourcing, trade imbalances, technology, or the # of college students who are of working age, but are not working.
American voters are feeling inflation, shrinking wages, & Millions less working now than pre-Covid.
The projected trend in the labor force participation rate is downward at this time; according to the Fed.
The unemployment #'s look decent because we are bouncing back somewhat from covid, but we have not fully recovered from Covid, or The Great Recession either.
The Biden economy has not provided robust job growth, as measured by the labor force participation rate. Biden failed us on jobs, wages, & inflation.
Doesn't that chart do nothing but go up since inauguration day, 2021?
Of course, this is silly analysis. Covid is the cause of these changes, and this is about as useful as picking a president based on gas prices. But even by your own standard, the Biden presidency has increased workforce participation rates.
I think peopel are missing the point, if we take each age group, in chunks of nine (cuz this is how BLS breaks them out) we find:
the younger the group, from the time congress 'turned' in 2018 to now, such that everyone could still be IN The age group, only the boomers and the 'just missed being boomers' total employment CLIMBED. <---call backs due to no skills pre-2022, '22 and up, because of economic reasons added in.
While everyone dipped during plague, the graphs, numbers and stats CLEARLY state that under age 44, and REALLY under age 34, they are dropping out of the workforce.
When you couple this with ideology, you find that 20-34 years of age...that combination of age band, if they identify as Biden supporters, well-well over HALF, choose not to work. But this certainly is no surprise - or at least it should not be, is NO ONE paying attention?
When you couple this with ideology, you find that 20-34 years of age...that combination of age band, if they identify as Biden supporters, well-well over HALF, choose not to work. But this certainly is no surprise - or at least it should not be, is NO ONE paying attention?
What is the conclusion we are supposed to draw from that? As you mentioned, that is to be expected.
I think peopel are missing the point, if we take each age group, in chunks of nine (cuz this is how BLS breaks them out) we find:
the younger the group, from the time congress 'turned' in 2018 to now, such that everyone could still be IN The age group, only the boomers and the 'just missed being boomers' total employment CLIMBED. <---call backs due to no skills pre-2022, '22 and up, because of economic reasons added in.
While everyone dipped during plague, the graphs, numbers and stats CLEARLY state that under age 44, and REALLY under age 34, they are dropping out of the workforce.
When you couple this with ideology, you find that 20-34 years of age...that combination of age band, if they identify as Biden supporters, well-well over HALF, choose not to work. But this certainly is no surprise - or at least it should not be, is NO ONE paying attention?
Doesn't it scare anyone that we haven't had an Economic REcession since 2008? Yes, scared! I fear, the longer we wait for it to happen, the more painful it's going to be! Anyone else feel that way?
I don't really think it's going to happen this year, an election year. But if you look, historically, recessions have usually fallen under Republican Presidents. So if Trump gets in next year.......................
I think we're due for one based on the economic cycle patterns. Before 2008 we also had a recession in the early 90's and it was one of the main hot topics for 1992 elections and it's the same number of years since then.
It’s been expected as boomers hit retirement age and the population ages. Especially as millions of them chose to do that early during the pandemic
“the participation gap largely disappears once we control for population aging, indicating that participation has recovered a great deal since the large shock induced by the pandemic.”
Why isnt Biden replacing the lost baby boomer jobs through economic growth? Through better trade balance? Through less outsourcing? Through less newcomers...some who work under the table for penny's?
Even college tuition reimbursements disincentivise's young people to get to work. Shutting down pipelines and oil exploration doesnt help either. Jacking minimum wages and the new UAW/UPS union contracts will also cost jobs. Shutting down our economy during Covid cost jobs too...many never returned to work.
Biden's policies have led to anemic job & wage growth. He did build this mess.
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