Looking forward to the Get Back To Work Grandpa segment on Fox.
Replying to @aaronsojourner
3.6 million more Americans are out of the labor force & say they don't want a job compared to 2 years ago. Fewer young people are in that category. Older Americans (55+) account for 90% of rise. Baby Boomers accelerated their retirements. Some will come back, but only some.
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Sure seems like Boomers leaving the workforce was always going to cause this issue, only the timeline was accelerated due to a once in a 100 year pandemic which exacerbated the problems. I don’t know where businesses (especially small ones) expect the workers to come from.
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I’d reverse the timing. The discontinuity was the 2007-11 crisis. The pandemic drove a lot of people into retirement who should have “normally” retired during roughly 2008-18, but who didn’t due to the fallout from GFC. This is finally restoring some sanity to US labor market
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That’s interesting. Also makes me wonder what we’d look like (politically, economically etc) if we had a robust response like CARES/ARPA post 2008. Plus, all those folks looking at their 401(k)s a year or two later may have felt quite a bit better about retiring.
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3:40 PM · Dec 3, 2021

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GIF
More seriously: the 2010 elections aren’t so bad, good chance sequester/austerity doesn’t happen, that in turn probably means UE numbers don’t remain atrocious until deep into 2011 There were a lot of missed exits on this highway to hell
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