Young Vs Old: A Tale Of Two US Job Markets

Tyler Durden's picture




 

Because we have discussed the issue of the age-bifurcated US jobs market extensively before, we are delighted to not have to say much if anything this time around, as absolutely everything is still the same. Since the arrival of Obama, the US workforce has been effectively split into two separate job markets: those 54 and younger (condolences) and those 55 and older. Specifically, since January 2009, the number of jobs created has been focused solely on the gerontocratic component of the US labor pool, those aged 55 to 69 (or more - gray line below), and who can no longer afford to retire as expected thanks to Bernanke's genocidal ZIRP policies which have made a mockery of savings. These older workers have seen a grand total of 4.02 million cumulative jobs created. Everyone else (or those 54 and younger - red line below)? A grand total of 2.8 million jobs lost, and now deteriorating once more, with those in the prime work demographic of 25-54 having lost the most jobs, 2.2 million, since the coming of Obama.

Jobs: young vs old:

And more granular, broken down by age group.

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Fri, 04/05/2013 - 10:18 | 3412537 FLUSA.com
FLUSA.com's picture

Time to call for an end to the Senior Citizen Discount Entitlement

Fri, 04/05/2013 - 10:18 | 3412546 DaveyJones
DaveyJones's picture

This generational battle is bound to be a Sizzler

Fri, 04/05/2013 - 10:23 | 3412578 McMolotov
McMolotov's picture

Burn the old people!

j/k

Fri, 04/05/2013 - 10:27 | 3412601 MillionDollarBonus_
MillionDollarBonus_'s picture

You little rascals better not even think of cutting old age pensions and social security. Before railing against their elders, young people need to first look at the facts:

1. Social security is running at a SURPLUS. The IOUs in the SS fund are worth billions of dollars, and these assets will comfortably fund the SS liabilities.

2. Boomers have contributed more to this country than any other group in history. Boomers are the most educated, sophisticated and most financially capable group ever to have lived. Young people need to learn some respect and personal responsibility if they want to follow the legacy of the boomer generation.

3. Government pensions are written into legislation, so you BETTER stay away from these unless you want your representative to drown under an avalanche of class action law suits. These pensions are untouchable, so look elsewhere you little scoundrels.

Fri, 04/05/2013 - 10:29 | 3412617 McMolotov
McMolotov's picture

Get off my lawn!

Fri, 04/05/2013 - 10:31 | 3412627 GeezerGeek
GeezerGeek's picture

Without my monthly SS payment I would be forced to live off of the accumulated savings/investments I've made over the years. With ZIRP I will be eating into my capital, which will leave less for my heirs. The same goes for most other retirees. Do their children really want to inherit less?

Fri, 04/05/2013 - 13:18 | 3413401 Nobody For President
Nobody For President's picture

Good news to those worried about SS funding - I have a 65 year old friend that just went back OFF SS to take a job - she could not live on her SS, and she is a very frugal divorcee. She truly figures she has to work until she dies, and she has worked (mostly secretarial and admin assistant jobs) and paid into what she thought would be her retirement since she was 19.

Enough folks do this, it will take a bit of strain off SS...

Fri, 04/05/2013 - 14:36 | 3413657 robertocarlos
robertocarlos's picture

Why doesn't she collect SS AND work at the same time? Is that illegal?

Fri, 04/05/2013 - 17:34 | 3414384 ronaldawg
ronaldawg's picture

If she keeps working she will live longer and be happier too.  I always thought that RETIREMENT = quick lonely death.

And before you go there, it isn't like she is working in McDonalds......

Fri, 04/05/2013 - 10:33 | 3412633 Charles Nelson ...
Charles Nelson Reilly's picture

Is this the Kevin Bacon ROTC moment of yelling "everyone stay calm" in the movie Animal House for MDB?  

Fri, 04/05/2013 - 10:58 | 3412767 TeamDepends
TeamDepends's picture

Blowjob!

Fri, 04/05/2013 - 10:42 | 3412667 FieldingMellish
FieldingMellish's picture

Too late. http://www.bbc.co.uk/news/world-us-canada-22042555

 

Obama 'offering to cut US pensions' for deficit deal

Fri, 04/05/2013 - 11:01 | 3412689 The Big Ching-aso
The Big Ching-aso's picture

I'm planning to work until I keel over dead.   Then I plan to sell my body parts.   Then I can finally retire to the good life.

Fri, 04/05/2013 - 11:10 | 3412827 FieldingMellish
FieldingMellish's picture

At least you have a plan.

Fri, 04/05/2013 - 11:36 | 3412955 One of We
One of We's picture

I already levered my eyballs and kidneys 26x.  Couldn't find any takers for my liver or lungs but I'm looking to short that position if I can find any bidders....

Fri, 04/05/2013 - 11:43 | 3412989 FieldingMellish
FieldingMellish's picture

Securitize them with a few good parts and sell them to a boomer's pension fund as AAA rated, then short the snot out of them.

Fri, 04/05/2013 - 11:44 | 3412988 eclectic syncretist
eclectic syncretist's picture

Maybe he'll cut his own throat while he's at it.

Fri, 04/05/2013 - 10:43 | 3412681 Bearwagon
Bearwagon's picture

How dare you pofaced front call me a rascal? Be advised: Don't mess with me!

Fri, 04/05/2013 - 10:44 | 3412684 tarsubil
tarsubil's picture

"Boomers are the most educated, sophisticated and most financially capable group ever to have lived."

 

That is so ridiculously funny, I had to up arrow you.

Fri, 04/05/2013 - 11:08 | 3412785 crusty curmudgeon
crusty curmudgeon's picture

I had to upvote MDB for this gem:

"The IOUs in the SS fund are worth billions of dollars..."

I can't read that without laughing...mostly because I know some people will say it with a straight face.

Fri, 04/05/2013 - 11:46 | 3413008 F.A. Hayek
F.A. Hayek's picture

Here's an IOU for a Lamborghini - two hundred seventy five thou - might wanna hold onto that one.

Fri, 04/05/2013 - 10:52 | 3412744 natew
natew's picture

1.  Except the IOU money is already spent.  Making the GAAP balance only that of what is currently comming in.  Any redemption of IOU will require more debt borrowing.  On average, boomers will probably be getting more out of SS compared to their contribution to SS.  Even though most got ripped off as the same SS money in their own retirement investments would have made most millionares by retirement.

2.  Proportionally, this is very marginal.  They contributed more due to there being more of them than any other group.  However, I do agree they are more educated and financially responsible, on average, than younger generations.  Then again they're old and more experienced, making it more difficult to measure.

3.  It is the baby boomers that wrote the laws that have gotten us into this situation (70s to today).  It is the boomers that made every government worker a multi-millionare with their extravegent pensions.  The same pension systems that will have nothing for younger generations or ruin the government in comming years without reform.

4.  Baby boomers will consume what they put into Medicare over their life in the first 3-4 years in retirement.  Who's paying the rest?

One could say we gotten the best and worst from baby boomers.

Fri, 04/05/2013 - 12:05 | 3413114 FreeNewEnergy
FreeNewEnergy's picture

It is the baby boomers that wrote the laws that have gotten us into this situation (70s to today).  FALSE

It is the boomers that made every government worker a multi-millionare with their extravegent pensions. FALSE

 

The boomers didn't write the laws, CON-gress did, and many of us didn't vote for any of them.

As one of the so-called boomers (59), I can only say that my generation is cumulatively the biggest bunch of sell-outs since the days of McCarthyism. We protested Vietnam and fought the establishment only to become it, and make it worse.

Over the years, I had to fight the urge to punch people in the face when they said they'd pay more taxes for schools, SS, medicare, and all the other government programs that have bankrupted our nation.

I used to have six to ten good friends from my youth. Now I have none because I chose to find people who can actually think and act rationally, like a good number of 35 to 45 year olds, aka generation X. They have a better grasp of what's really going on than any of my rapidly-aging, hypocritical ex-friends.

Fri, 04/05/2013 - 16:33 | 3414159 markovchainey
markovchainey's picture

You're the exception that proves the rule man...you can hang out with my gen-x cynical friends at the compound any time.  We'll be having Millenials for lunch and I've found the recipe for Coq au Vin works quite well for aged boomers with just a few tweaks. 

 

Long pig. 

Fri, 04/05/2013 - 16:36 | 3414170 bigkahuna
bigkahuna's picture

At least you guys stood up to the BS en mass. We need you all back online.

Fri, 04/05/2013 - 11:01 | 3412782 Pairadimes
Pairadimes's picture

Does anybody have any recipes for Soylent Green? I have a feeling we may need them before this is all over.

Fri, 04/05/2013 - 14:17 | 3413594 moonstears
moonstears's picture

Toady, Shit, there's all kinds in this world, read the first line and threw up a little, FUCK!

Fri, 04/05/2013 - 11:12 | 3412841 Devils Advocate
Devils Advocate's picture

I wish i Could hit the down button to infinity on your reasoning.....I would go as far to say the boomers are the most selfish individuals to have ever graced this world, who think they have created greatness but have built this very house of cards we sit on.. They sit upon the top of the hill with blinders on looking at the sunset as everything else burns!

Fri, 04/05/2013 - 11:35 | 3412945 One of We
One of We's picture

Are those "assets" insured or uninsured?  Thinking that account is looking a little shaggy....

Fri, 04/05/2013 - 12:01 | 3413094 junkmale
junkmale's picture

mdb... keeping posts per article up as needed.  thank you for your time.

-spanky

Fri, 04/05/2013 - 12:44 | 3413284 Pooper Popper
Fri, 04/05/2013 - 13:04 | 3413358 benkei54
benkei54's picture

Genius MDB, truly one your best posts ever.

 

Sat, 04/06/2013 - 23:18 | 3417803 alphamentalist
alphamentalist's picture

Dude, what fukking surplus? Are you stoned? In what device(s) is that surplus invested in?

When I make a bad investment (pick the wrong stock, trust the wrong politician, allow my elected officials to treat my pesion as general income in exchange for IOUs, etc) I go bust. When the most self-absorbed full-of-sht generation in the history of America does it...I owe them. 

Nice. 

Fri, 04/05/2013 - 10:30 | 3412616 dobermangang
dobermangang's picture

Just give them a red pill.  It's Logan's Run 2013.

Fri, 04/05/2013 - 10:46 | 3412694 bagehot99
bagehot99's picture

I have to warn people scrolling down this thread - Million Dollar Doofus is about to make you spit your coffee over your keyboard.... He's going to tell you that Social Security is running a surplus!!!

So, you know all the social security money that isn't there? That they spent? And it's not invested in the Lock Box? Those IOUs that the government wrote to itself?

They're all earning big returns apparently.

For reelz, if anybody pays MDB a salary, let alone a bonus, they're being fleeced.

Fri, 04/05/2013 - 10:32 | 3412625 freewolf7
freewolf7's picture

There will be a tipping point

when the 25-54 year olds

shake their heads,

awakening from their

thousand yard stare,

and that is when it's gonna get fun.

Fri, 04/05/2013 - 11:48 | 3413014 daxtonbrown
daxtonbrown's picture

The rise in senior employment doesn't make them better off than the young, it simply means ZIRP has destroyed savers. We are screwed, one and all.

Fri, 04/05/2013 - 10:22 | 3412539 DaveyJones
DaveyJones's picture

"Young v. Old" will be the title of most stories going forward.

We're seeing more and more of some strange shit in the criminal justice system where the young acts out violently against the grandparent (who often cared for them in lieu of the dugged out parent) Just had a big one with a kid getting out and murdering his kin. It's spooky

Fri, 04/05/2013 - 10:24 | 3412581 Bearwagon
Bearwagon's picture

Those people are plain ill.

Fri, 04/05/2013 - 10:38 | 3412655 McMolotov
McMolotov's picture

"You Be Illin'" —Run-D.M.C.

http://www.youtube.com/watch?v=5Ju9ZQLs9LQ

Fri, 04/05/2013 - 10:21 | 3412560 ShortTheUS
ShortTheUS's picture

Zero Hedge is the lead on Drudge right now. Nice!

Fri, 04/05/2013 - 11:06 | 3412802 earleflorida
earleflorida's picture

yeah... and drudge is taking alot of heat from the WH press corp., and...?

Fri, 04/05/2013 - 11:44 | 3412995 ShortTheUS
ShortTheUS's picture

A lot of people read Drudge. A lot of those people will click on the link to Zero Hedge. A portion of all those people will continue reading Zero Hedge and become sentient as to what is going on in the world...

Fri, 04/05/2013 - 13:10 | 3413374 Midas
Midas's picture

Isn't that how we all got here?  I came from a reference at DailyReckoning.com.  I suppose some people may have searched the web for "Krugman's ball sack in a vise" and ended up here.

Fri, 04/05/2013 - 10:22 | 3412562 GraveyardSpiral
GraveyardSpiral's picture

Well, at least its not like having young, idealistic and hungry kids (who have been handed their lives on a platter) out on the streets is a bad thing, right?  Bueller,  Bueller...?

Fri, 04/05/2013 - 10:20 | 3412564 realtick
realtick's picture

"Bernanke's genocidal ZIRP policies"

it's funny because it's true

Fri, 04/05/2013 - 10:26 | 3412600 TrustbutVerify
TrustbutVerify's picture

Good point.  If there were no ZIRP fewer older people would be working.  

Fri, 04/05/2013 - 10:21 | 3412569 Bearwagon
Bearwagon's picture

Don't you fall for this shit! There ain't no conflict between old and young. That's only smoke and mirrors. The conflict is between rich and poor, and that's the only one that really matters.

Fri, 04/05/2013 - 10:43 | 3412677 duo
duo's picture

if the young knew as much about math and sceince and history after a 4 year degree as a '70s high school graduate, maybe things would be different.  Facebooking all day doesn't help.

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