Posted on 10/02/2015 5:55:32 PM PDT by Nachum
In a note seeking to "explain" why the US labor participation rate just crashed to a nearly 40 year low earlier today as another half a million Americans decided to exit the labor force bringing the total to 94.6 million people...
... this is what the Atlanta Fed has to say about the most dramatic aberration to the US labor force in history: "Generally speaking, people in the 25–54 age group are the most likely to participate in the labor market. These so-called prime-age individuals are less likely to be making retirement decisions than older individuals and less likely to be enrolled in schooling or training than younger individuals."
This is actually spot on; it is also the only thing the Atlanta Fed does get right in its entire taxpayer-funded "analysis."
However, as the chart below shows, when it comes to participation rates within the age cohort, while the 25-54 group should be stable and/or rising to indicate economic strength while the 55-69 participation rate dropping due to so-called accelerated retirement of baby booners, we see precisely the opposite. The Fed, to its credit, admits this: "participation among the prime-age group declined considerably between 2008 and 2013."
And this is where the wheels fall off the Atlanta Fed narative. Because the regional Fed's very next sentence shows why the world is doomed when you task economists to centrally-plan it:
The decrease in labo
(Excerpt) Read more at zerohedge.com ...
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The feds should just tell the truth.
They pay millions and millions not to work.
At one point, the house of Saud was paying 20% of its people to not work.
Hussein runs with that crowd, and then some.
So much to utterly hate about the Fed.... Especially when democrats are in power.
Why would people want jobs when welfare is so rich?
America needs to be about hiring Americans again, at American companies.
Trump has this 100% correct.
Some of the temps we get at my job just don’t seem to have any desire to work. Some last a couple of days, and some a couple of months before quitting.
One actually said, “I just wanted to see what it was like.
If mommy and daddy aren’t paying his way, he’s seeing what going hungry is like first hand.
They all want to be poets, artists and guitar players, right Nancy?
Here is the scam. You go on welfare (or unemployment, or disability), then you work under the table for cash. You work when you want to (or if you want to), you are virtually your own boss, and you have a standard of living far above the average wage earner. The system sets it up for you. If you play by the rules, you are practically a sap.
This.
It’s the Central secular problem of the nation.
The most important matter, other than collapsing morals.
And everyone responsible have been so carefully avoiding it for the last 7 years.
“They Just Don’t Want A Job”
There is probably some truth to this.
They just don’t want a job -cleaning toilets, listening to customer complaints on a headset or taking orders for burgers, after getting dumped mid-career after being outsourced.
“At one point, the house of Saud was paying 20% of its people to not work.”
True, but they actually can afford it.
It’s been a lot longer than seven years.
It has been over an entire generation.
Both parties have been behind what is happening.
Maybe it’s just me...
I graduated high school in 1980 and back then, one could get into a pretty good job without a college degree. This worked for us who had no dream of being a doctor, lawyer, accountant or engineer - basically the only fields our aptitude tests gave us to choose then..
So a few years after graduating, you got in a place, worked for 20+ years and then our fine recession hit. They lay off all the guys making salaries that could support a family and keep all the entry level folks like college kids..
It’s a different world today. To be a janitor you need a college degree and five years experience. -To earn $8.50 an hour. Other manual labor jobs require about the same.
I’m fortunate to get some music gigs to barely pay the bills. I can’t imagine finding money for college -doing what, at my age, I just don’t know. Even if there was something, in four years I’d be nearly 60. I’ve been turned down for jobs now because they really want someone younger..
I’m not trying to gripe or feel sorry for myself, we’re getting by, we’re simplifying.
It’s just a WAY different world and a tough place to be for guys like me these days.
Hey, I agree completely with the 94,600,000. Of course I am only 77 years old. But what the hey, I have to go along with the gubmint don't I?
Stuff Happens.....
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