Posted on 06/16/2009 11:07:51 AM PDT by FromLori
There's one segment of the population for whom employment is growing! As John Mauldin pointed out in his latest weekly email, there is one segment of the American population that is actually seeing strong employment growth: Those who are 55+. Specifically, older Americans and now getting out and getting not just one but sometimes two jobs. And they're doing this against a backdrop of plummeting employment among the rest of the population. Why are these folks suddenly working so hard to find work? Because the value of their twin nest eggs--houses and stocks--has been demolished. Here's John Mauldin, quoting former Merrill economist David Rosenberg: So, what does an aging population do that has seen its retirement nest egg in the form of housing and stocks go literally nowhere for 12 years? You go back to work! David Rosenberg, now with Gluskin Sheff, offers us this insight: "What really struck us in the employment report of a few weeks ago was the fact that the only segment of the population that is gaining jobs is the 55+ age category. This group gained 224,000 net new jobs in May while the rest of the population lost 661,000. In fact, over the last year, those folks 55 and up garnered 630,000 jobs whereas the other age categories collectively lost over six million positions. This is epic." [See chart below.] "Moreover, the number of 55 year olds and up who have two jobs or more has risen 1.1% in the last year, the only age cohort to have managed to gain any multiple jobs at all. Remarkable. These folks have seen their wealth get destroyed by two bubble-busts less than seven years apart — the Nasdaq nest egg back in 2001 and the 5,000 square foot McMansion in 2007.
(Excerpt) Read more at businessinsider.com ...
I’m one of them
i never left
That’s plain wrong.
Neither have I..........and I don’t intent to.
Yeah, it is. Life can really suck sometimes.
Sorry to hear that we too lost a little money but I was so scared of the stuff going on I pulled almost every single thing before the disaster or else I would be with you.
Only if you value the wrong things.
My Dad worked full time till he was 65. I’m still shocked when I see a 55 year old retiree.
I retired at age 50 at the end of 1994. I’m almost 66 now and not about to go back to work...period!
Retirement? What the H is retirement?I am 58 & will be working till the inevitable dirt nap.
Me either I do not want to give them anymore money then I have too :)
My father is 78. He still works full time. Not because he has to but because he wants to. He’s already travelled just about everywhere for work and on vacations. He doesn’t believe in being idle.
Back to work!!?? I haven’t stopped yet...
Pretty good slam...
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
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I leaned my lesson years ago when counseling new retirees who would show back up at work two weeks later griping about having nothing to do. The only reason to retire is if you hate your job or profession and are looking for a productive change to something else, be it carving lawn flamingos or starting a vineyard. If you love what you do (and I do), “eligibility” for retirement should be based on drooling and wet pants....and I am not so sure about that! Likewise, while a lot of younger workers want jobs, they don’t want to work, so someone has to do well what they won’t or can’t.
I think it is different if people want to than being forced to because all their money was looted though and I find plenty to do and I am so sick of paying so much in taxes I don’t feel like feeding the government hogs anymore than I am forced to now.
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