“Given that the trough of the Great Recession occurred in the middle of 2009, seven years is more than enough time to make such a momentous declaration: the economy didn’t fall into a recession great or otherwise, it shrunk.”
yup.
1945 (baby boomers) + 62 (social security retirement age) = 2007.
Everyday, millions stop working and start collecting.
I don’t know many people who did or could retire at 62.
I am only a few years away from retirement age but there is no way I can stop working.
Start collecting from what the government forcably took from them.
And, oh, by the way, those funds were stolen for the “general fund” to buy votes, and replaced with worthless IOUs.
Don’t blame the baby boomers.
But now the millennial generation is larger than the baby boomers, so in theory the number of people joining the labor force should equal those leaving it.
The real problem, IMHO, is that the millennials don’t have anything like the work skills of the baby boomers. They may catch up eventually.
So because they retired did they simply stop consuming? Did their jobs end with them? People have retired, though not in the slug of boomers, before and the economy did not end. Late working cycle people have mostly stopped consuming in big slugs anyway.
Are the millions who stop working and start collecting not replaced at all as they have been?