by Tyler
Durden on 12/12/2014
Introduction
After years of
exposing, month after month, the truth about the US labor market - its
conversion into a part-time (in
2010!), low-paying
job market where Millennials refuse to work (as the job market reality
is gruesome so instead they opt to load up on record amount of student
loans) and where older Americans, instead of enjoying retirement are forced
right back into the labor force leading to record
numbers of workers over the age of 55 (thanks to ZIRP crushing the value of
their savings and a refusing to participate in an HFT- and central-bank rigged
stock market), the mainstream media, having tired of spinning the bullshit
optimistic propaganda, has finally moved to the "tinfoil" side, and
has done something it normally wouldn't touch with a ten foot pole. Tell the
truth.
After years of exposing, month after month, the truth about
the US labor market - its conversion into a part-time (in
2010!), low-paying
job market where Millennials refuse to work (as the job market reality
is gruesome so instead they opt to load up on record amount of student
loans) and where older Americans, instead of enjoying retirement are forced
right back into the labor force leading to record
numbers of workers over the age of 55 (thanks to ZIRP crushing the value of
their savings and a refusing to participate in an HFT- and central-bank rigged
stock market), the mainstream media, having grown tired of spinning the
bullshit optimistic propaganda, has finally moved to the "tinfoil"
side, and has done something it normally wouldn't touch with a ten foot pole.
Tell the truth.
Enter the NYT with a shocking
dose of truthfulness, one which goes to show just one thing: how over the
past decade, notwithstanding the tripling of the S&P from its post-Lehman
lows on the back of $11 trillion in central bank liquidity, America's working
class has been not only skewed beyond recognition, but is now absolutely
devastated. And all thanks to the Federal Reserve skewing the value of money so
much that those who should be working aren't, and those who should be retiring,
are serving you Starbucks.
Here are the facts, long overdue but facts nonetheless, from
the NYT:
- At every age, the chances of not working have changed in the last 15 years.
- Teenagers are far more likely not to work.
- Older people are retiring later and working more.
- In the late 1960s, almost all men between the ages of 25 and 54 went to work. Only about 5 out of every 100 did not have a job in any given week. By 2000, this figure had more than doubled, to 11 out of every 100 men. This year, it’s 16.
- About 13 percent of the increase in prime-age nonworkers, including a substantial fraction of the younger ones, comes among people who say they are in school.
- Much of the school-related rise in nonwork, at least since 2007, appears to be less about staying in school than it is about not being able to find part-time jobs (don't tell that to the trillion+ in student loans though).
- Some men in school say they would like to be working part time but they’ve given up looking for a job. Others may stop going to school entirely if they could find a job, or if the college wage premium were smaller.
- About 20 percent of the new nonworkers say they are disabled, a category whose numbers have risen particularly for workers above age 50.
And the really important part, the one that goes to the
entire debate about the collapsing labor force. Bottom line: it's not because
baby boomers are retiring (as we have shown time after time). In fact, quite
the opposite:
- Among prime-age workers, early retirement has increased slightly since 2000. Far more drastic changes have occured among workers 55 and older, who have been doing the opposite and putting off retirement.
Of course, this being the liberal NYT, spin was once again
unavoidable:
- The decline of traditional pension plans and rising education levels, which are associated with less physically demanding jobs, may both help explain why the elderly are working longer.
A token pretty chart that shows everything said above:
That's the NYT's version. Here is our
far simpler chart that says all that and more.
And here, with a 2 year delay, is the NYT admitting what we
said back in 2012 in "55
And Under? NoJob For You"
Some countries have developed policies that encourage older
people to leave the labor force, so they do not “crowd out” younger workers.
But studies across countries and time suggest that crowding-out may not
actually be a problem. Economies do not appear to have a fixed number of jobs.
When more older people are working, they are earning money that they will then
spend in ways that may create more jobs for young people, for example. Even if
this is the case, though, the rise of elderly employment in recent years has
not provided enough of a lift to put more young people back to work.
And so on.
We won't waste your time on the rest (you can read it here The
Vanishing Male Worker: How America Fell Behind) for the simple reason that
once again, we said all of the above and much more years in
advance. That said we commend the mainstream media, especially those who are
ideologically alligned with the current administration, for finally daring to
tell the truth.
Source : http://www.zerohedge.com/news/2014-12-12/devastation-americas-working-class
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