Skip to comments.Why 12.7 Million Americans Dropped Out Of The Workforce
Posted on 02/26/2014 2:38:54 PM PST by SeekAndFind
The U.S. unemployment rate has fallen sharply since the darkest days of the great recession.
Much of this decline is due to the drop in the labor force participation rate (LFPR).
Some people have attributed the change to discouraged workers. Others have pointed to young people going back to school. Many have recognized that many baby boomers are retiring.
Earlier this week, Business Insider's Matthew Boesler brought light to some underappreciated stats from the Census that actually quantify this. "The monthly Current Population Survey conducted by the U.S. Census Bureau and the U.S. Bureau of Labor Statistics (from which labor force participation data are derived) actually asks those leaving the labor force why they are doing so."
And more and more people are talking about it.
The numbers broke down the 12.6 million people who left the workforce since 2007 into five broad categories. According to the respondents, 5.5 million retired, 2.9 million went on disability, 2.5 million went to school, and just 1.4 million left because they were discouraged.
Here's Deutsche Bank's pie chart.
(Excerpt) Read more at businessinsider.com ...
Wonder how many of the “5.5 million retired” retired before they wanted to? How many wanted to work several more years?
AGEISM is rampant in America.
If one were to do an actual statistical study of layoffs in this country, one would not be surprised to see the data skewing heavily towards those in their mid 50’s to early 60’s.
Pelosi: Obamacare allows workers to escape their jobs
BE FREE TO PURSUE YOUR DREAMS!
You can always count on Business Insider to run interference for the far left. Before reading, I knew their conclusion.
RE: You can always count on Business Insider to run interference for the far left. Before reading, I knew their conclusion.
How is this data they are presenting favorable to the far left? They are simply culling data from the Bureau of Labor and Statistics.
There are no jobs !
There are no "Shovel Ready Jobs "
That is why my daughter is working as a teacher in Australia today !
A stagnant Marxist economy is all that we have !
And the future looks bleaker still ...
"Hope and Change" has become "Beans and Franks "!!
or as Nancey Pelousey says : "Embrace the suck !! "
3 million became disabled? I don’t think so.
Yes, there is no work offered to older workers. Of course, I could be wrong and as Nancy Pelosi says, they could all be out taking Life Drawing classes...
Conservatives have got to realize that people are on unemployment because THERE ARE NO JOBS. This monster has destroyed the economy. It’s as simple as ABC. It is an excellent talking point to take back the White House but all conservatives want to talk about is some poor schmuck who is on unemployment insurance.
In part, because we pay them not to work. Extended unemployment benfits, food stamps, medicaid and disability checks push out the workers at the margins. Their income and lifestyle on welfare isn’t much worse, and in fact probably better than it is if working.
On the other hand, yeah, older workers are out. If they are lucky, they got an early buyout. But then they find themselves retired by default since they can’t find new employment. 90% of them probably haven’t saved and invested enough to meet the property tax due on the house.
The young are sitting waiting....for what? Living in their parents’ house, on their Obamacare medical until age 26, taking a Masters in Basket Weaving. (Actually, that’s not fair. Basket weavers have a trade skill.) Wondering why no one is knocking down their door to offer them a six figure job that lets them wear flip flops, sleep until 9, tattoo their faces and guage their earlobes out to six inches and play on Facebook all day.
We now have more people in the cart than are pulling it. The Democrats have won.
And how many of them are actually disabled?
Then they didn’t need to work. If they did and needed to support a family, they would take any job, or maybe 2 or 3. I just don’t see how someone can just drop out of the workforce.
Actual unemployment is 37.2%, ‘misery index’ worst in 40 years.