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Chart Of The Day: 55 And Under? No Job For You
Nearly two years ago, and progressing to this day, we first observed (and subsequently even the mainstream media caught on) that America's labor force is slowly but surely converting itself from a full-time to part-time worker society. The reasons for this are obvious: to corporations, the benefits associated with employing part-time workers are countless: avoiding substantial benefits-related costs, evading long-term job contracts, hourly basis wages, and many others. In fact, as long as there is slack in the economy, and there will be for a long, long time as the shift in labor demand is now secular, regardless of what the Fed wants to admit, employers will have ever more leverage, while workers have less and less (and are forced to agree to any employment terms, as long as they get some paycheck at all). This much has been known. What has gotten far less prominence is that of the much trumpeted 4+ million jobs added since the trough in late 2009, virtually all the job additions have gone to (part-time) workers 55 years and over. Indeed, as the chart below shows, starting since the official NBER end of the recession in June 2009, the US has cumulatively added 2.9 million jobs. However, when broken down by age cohort, 3.5 million of these jobs have gone to US workers aged between 55 and 69. Another 729K have gone to recent college grads aged 20-24. What about those workers in their prime years: between 25 and 54 years of age? They have lost a total of 886,000 jobs since June 30, 2009!
In other words, the US jobs "recovery" has been one that while "benefiting" part-time workers, and those who ordinarily would be exiting the labor force to focus on retirement (and can't as they suddenly realize their savings under ZIRP are worthless while their fixed income portfolios return virtually nothing), has crushed American workers in their key work years, whose jobs instead have been taken by "veteran" workers who increasingly refuse to leave the workforce.
The chart below shows the cumulative jobs gains for those aged 20-24 (red) and 55-69 (gray). The ones below the X-axis, the cumulative job losses, are for those aged 16-19 (green) and 25-54 (blue).
The same chart but going back three years since September 2009, or right around the time the job loss process troughed and since which point the BLS has reported a continuous monthly addition of jobs. Of the 4.2 million jobs added since September 2009, 3.5 million have gone to "experienced" workers aged 55 and over!
So the next time a potential employer denies your job application because the job was just taken, speak to mom and dad: more than likely they applied for the same job, and got it.
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You can't even make old people into crackers and eat them anymore, they live too long!
Now that I'm 55 and unemployed, guess it's time to move back in with my parents :(
That's the age for military service. By destroying jobs, they left young people with no option but to go out and die for the empire or live under a bridge at home. But they love you.
Ouch. It's up to the U.S. military and patriots everywhere to step in soon and stop the treason.
The author, Durden, stole my line, "No job for you!" Good thing I'm still young, only 45.
Great. The demographics say that every young worker will soon need to support an aging adult. How do we handle that nightmare? Putting all the young people out of work!
Need to create a similar chart with the population change in those groups plus the "civilian workforce" change in those age groups.
The chart will look very silimar.
There may be 3.2 million "new" jobs in the 55+, but there are 3.5 million "new" people in this age group as part of civilian labor force.
Since Sept 2009, total population added to the 55+ was 15 million, minus 8 million deaths in that age group.
This just the tail end of the baby boomers moving into this age group.
Those aren't new job, but rather people moving out of 35-54. Actually the population in the 50-54 has delined by a million since 2009.
Think of a chart where the baby boomer wave is rolling into the 55+ bucket year over year. The wave peaked in 2005 and is now near the tail end of that wave.
So this chart is a misleading. No one is really "getting" the jobs. It's just population movement between age groups.
Try a chart based on BLS numbers for Employed to Population ratio by age group. You'll see pretty much all age groups are up about 1% except for the 16-19 age group, which is in decline.
While Obummer and company have a LOT to do with this, the real culprit is Bernanke with their flawed policies who only help the bankers and the rich and really fuck everybody else, if RATES WERE HIGHER MANY RETIREES WOULD BE HAPPILY RETIRED AND LEAVING LOTS OF ROOM FOR THE RIGHT AGE BRACKETS IN THE WORK FORCE.
YES, IT WOULD HAVE BEEN PAINFUL FOR A COUPLE OF YEARS BUT WE WOULD NOT HAVE THE DISTORTIONS IN THE ECONOMY THAT WE HAVE TODAY AND ARE REALLY SOMEWHAT BEYOND REPAIR, OR EXTREMELY PAINFUL TO REPAIR GIVEN THE DAMAGE THAT HAS BEEN DONE NOT ONLY BY BERNANKE BUT BY GREENSPAN WHO REALLY IS THE ARCHITECT OF THE HOUSING CRISIS...............................EVERYBODY ELSE WERE JUST THE BUILDERS AND TRADESMEN.
rHE FACT THE TWO PARTIES HAVE ALLOWED THE FEDERAL RESERVE AND BANKERS DO THIS IS THEIR MAJOR FAULT AND ULTIMATELY THE ELECTORATE WHO GOT THESE CLOWNS IN POWER ARE ULTIMATELY RESPONSIBLE. SO IN A WAY THEY DESERVE WHAT THEY ARE GETTING!!!!!
Why not start your own business? Would you really be any worse off versus taking a part time job or a full time job that will not make ends meet? I guess we need to stop sitting around and waiting for the government to fix things and begin creating our own future.
I'm 60 put all three of my kids through college and they all have good paying jobs. Sorry, but they're the only three I was responsible for, meaning the rest of your age group is on it's own. Good luck, because sitting on here and complaining that my aged group is the reason for your job problems isn't going to get you out of it. If there is one that is.