Posted on 05/12/2012 6:28:23 AM PDT by Kaslin
Walter Russell Mead writes on the disappearance of jobs for non-Baby Boomers:
An analysis of recent jobs figures at Investor.com reveals a disturbing development: the biggest beneficiaries from the economic recovery are Boomers, while everyone else is getting the shaft.
Since the Obama administration took office, there has been an epochal shift. Young workers have continued to lose jobs and incomes, while older workers have actually gained ground.
In fact, the Obama administration has seen a boom in the prospects of the 55+ crowd; their (I should say ‘our’) employment stands at a 42 year high. Net, there are 3.9 new jobs for people over 55 since the recession began in December 2007, but there are 8.1 million fewer jobs for the young folks since that time.
Jed Graham's IBD article features a chart that shows the employment-to-population ratio that applies for the following age groupings: Age 16-24, Age 25-55 and Age 55 and up:
In the chart, we see that those Age 55 and older would appear to have a near constant share of their population group having jobs.
Meanwhile, we see significant decreases in the employment share of the populations for both the Age 25-54 group and especially for the Age 16-24 group since December 2007, which marks the beginning of the so-called "Great Recession".
We thought that outcome was interesting enough to dig deeper into the data to see how the age distribution of the U.S. workforce has changed over this period of time.
And to make it really interesting, we've decided to go back to November 2006 to do it. Here's why:
The downside to our more detailed approach is that we're not going to be able to use the BLS' seasonally-adjusted data for these older five-year age groupings, because the BLS only reports the non-seasonally adjusted data it collects for them, which means that the data we'll be using won't match these more commonly reported values.
Still, because we'll be comparing the data for the same month (November) five years apart, our analysis should only differ in very minor respects from what might be achieved using seasonally-adjusted data, if it had been available.
We're going to do this in a three-part series of posts, with this post being the first. Our next stop: the change in the age distribution of the American workforce from November 2006 to November 2011!
That may be the most liberal thing I have heard on FR in several months. Congratuations. I hope your Occupy thingy is going well too.
Boomers, generally speaking, also have a better work ethic, understand and deliberately fit into corporate culture, and have less “self-esteem” and feelings of grievance and entitlement. They are past their youthful angst, and don’t feel the need to “find themselves” or express themselves. And, have much fewer tattoos.
How else would you interpret the results here? If it were Boomers that were losing their jobs and getting laid off, we’d be hearing no end to the hue and cry.
Instead it’s happening to folks like me. Yes, I think it’s great that you were able to work for 22 years. I’d love to have the same opportunities as you did, but the stark numbers here show that for many, many of us, this is not going to be possible.
I’ve worked all my life - never took a dime of unemployment benefits, or been on welfare. I’ve had to accept a lower standard of living compared with the folks who do, because I’ve been let go and the only available jobs are part time.
And, I voted for McCain too. I’m not going to vote for Romney. Romney has an opportunity to actually do something to fix the system, but, he just doesn’t care. I thought that by voting for McCain, that it would actually accomplish something - it did, it just ensured that a RINO got elected.
I’ll be supporting Virgil Goode - a pox on both of their houses.
Right, which is why you won’t even give us a chance. I have a degree, worked hard, actually paid the darn thing off. I’m really starting to get tired of looking for work and getting turned down.
Walk a mile in our shoes, and then see if you feel we’re the entitlement generation. You’ve had many, many opportunities that aren’t even going to be available for us.
Other than the brave individuals that sacrifice themselves for their country, most youngers have definite labor and responsibility issues. Their parents take care of their needs and wants so there is little to no incentive. I’d hire a 55 year old with a family to feed in a heartbeat over some idiot 22 year old with nothing more to pay for than beer and cigs.
I feel they are stealling jobs from me.
“With that said, I will note that my generation and older valued hard work, diigence, and that you had to earn your promotions. The young now are an “entitlement generation” who embody the opposite.”
As a 22 year old recent college graduate, I agree with that statement. Unfortunately that stereotype is branded onto those of us who eschew that type of behavior and we suffer for it.
“That may be the most liberal thing I have heard on FR in several months. Congratuations. I hope your Occupy thingy is going well too.”
Truth hurts. ‘Social security reform’, entails grandfathering everyone, but making sure that new hires get nothing. We’ll be paying for everything, and even if it can’t be paid for, they’ll borrow and borrow and borrow. Who cares?
You aren’t going to be around to have to pay it back...
a vote for Virgil = a vote for Obama
The “Boomers” have to work to pay for the “kids” who move back home until they’re 30 or so....
That's if you can afford the coffin.../S
I think with me they will be using a Hefty bag twisty...
Make that two votes for Obama then because I’m not voting for a republican candidate to the left of Bill Clinton either.
BTW you clowns really need to come up with a new line.
Couldn’t have said it better myself.
Thank you.
That might be a bigger part of it than we think. Many that I know that had planned to retire in the last few years are too worried to do so.
I would guess they’ve also taken quite a hit with their portfolios and aren’t in the financial shape they thought they would be in at this point in their lives.
You know, sometimes us “kids” don’t have a damn choice when there are NO JOBS for us.
Please don’t paint with a broad brush.
I am thinking that maybe the best path to a strong nation is not to divide people into groups and then pit the groups against one another: race v. race, gender v. gender, generation v. generation, religion v. religion, working v. stay at home, class v. class, etc. We seem to be going more towards tribalism and pack thinking and away from individualism and freedom.
My wife, a boomer who rarely misses a day, works with a number of young women. They take a day off for a hangnail. Then, when someone else takes a day off, they complain about always having to fill in for them. Of course, they are libs.
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