No Country For Young Workers: Only Americans 55 And Older Found Jobs In March

Tyler Durden's picture

We first showed back in October 2012 that in America, courtesy of the Fed's micro-mismanagement of everything, the labor force has been turned upside down, and the only jobs being created are those for aged workers, Americans 55 and over. The reason is two-fold: with savings rates at zero, Americans who were on the verge of retiring found that the fruit of their labor was worth nothing under ZIRP (and may well be punished under the upcoming NIRP) as their savings (and fixed income investments) generate zero interest income, while young Americans would rather stay in college by the millions funded generously by trillions in Uncle Sam student loans.

In any event, this is nothing short of a recipe for disaster, as aged workers have no leverage to demand higher wages (hence the lack of any broad wage growth), while Millennials and other young Americans, instead of entering the work force and accumulating job skills as well as wages, get more and more in debt.

All of this was on full display in today's jobs number, which while disappointing wildly based on Establishment survey data, was even worse based on the Household survey where only 34,000 people found jobs in March. But it was the age breakdown that was the stunner, and it can be seen best in the chart below.

In short: America continues to be a country where there are only jobs for old men, those 55 and older, who saw a 329,000 increase in jobs in the past month. Every other age group saw job losses!

 

And the real kicker: since the start of the Second Great Depression, only the 55 and older age group has seen job increases. Those 55 and younger are still 1.2 million jobs below the level they were are on December 2007.

 

And just in case there is any confusion, here is just the number of workers aged 55 and older. At 33.1 million they just hit a new all time high.

 

Oh, and finally, for those who may be wondering. It isn't because of early retirement. Unless of course, those retiring early are workers aged 25 to 54.

Source: BLS

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corporatewhore's picture

Hey.  I'm older than 55 and the quality of jobs available are shit.  Beyond shitty.  But at least I'm working 80 hours per week and surviving at less than 50% of what I made prior to 2008.

Smegley Wanxalot's picture

Yeah you can.  You just gotta hit on the slutty grandmas.

NoDebt's picture

OK, so that's one more check box for 'employed' and 'fully satisfied'.

Thank you for participating in our survey.

rccalhoun's picture

these youngsters will eventually use their abundant free time overthrowing the old fucks of the world

mrpxsytin's picture

Or they could just move to Australia. 

Headbanger's picture

Or just kill each other off faster than they are now!

No wonder robots are taking over jobs.

Creepy A. Cracker's picture

The "old fucks" earned enough money to buy security systems and semi-automatic guns.  Good luck committing felonies on these guys and living to tell about it, youngsters.  They won't simply roll over and give you what they worked for their entire lives.  They expect you to work for it as well (the nerve!!!).

Are youngsters being screwed by the Fed and government(s) promising to take money from them to give to other people?  Yes.  But committing felonies against the "old fucks" won't fix the Fed or government(s).  The "old Fucks" are being screwed by the Fed as well.  They are not being screwed as badly by the government because they were in on the government ponzi schemes, forced on them by the government, early.  Government(s) now expect and demand that youngsters pay for the government forced/created ponzi schemes.

Dewey Cheatum Howe's picture

Don't forget. 5 to 1, they got the guns but we got the money...

All depends how you define money.

You can't hold out indefinitely in a siege situation no matter how deep you are dug in. It is easy to isolate your weapons until they run out of ammo with no ability to replenish it. It becomes a numbers/stamina game at that point. Remember a blade doesn't need to be reloaded. It maybe an old barbarious relic but a tried and true one.

Time is also not on an 'old fucks' side either if a stalemate breaks out.

 

Ident 7777 economy's picture

Need I remind you: "On a long enough time line the survival rate for everyone drops to zero."

Freddie's picture

The young voted for Obola but it is not like any elections are real.

The joke is young and old Americans like stupid sheep keep supporting the elites by watching TV, Hollywood's shit, going to theme parks owned by Hollywood scum, using facebook, using big banks like dumb fux.   Retards.

Vullsain's picture

The old fucks gotta keep working to pay for 30 year old Juinor's craft beer tab and the little princess has to have the iphone 6, the art and fashion degree's did not really pan out. Fuck no they are not going to work like their old man did when he was their age, eeeew that is mexican work.

mkkby's picture

Funny, because I know an old fart who's paying for his little princess to study fashion in college.  In other words he's paying for her to party and be a slut for 4 years, then come home and live with daddy -- forever unemployable.

Daddy works like a dog for asshole bosses and hates his life.  But he's not smart enough to jump off the treadmill and tell princess to get her own life.  Sad.

Vullsain's picture

Then she can always blame the oppressive white male patriarchy when she looks back and rationalizes why she never was successful. Its a Win Win for her.

Osmium's picture

I can't see them stepping away from the game console long enough to do that.  Now when the power goes out they may venture outside.

corporatewhore's picture

flyover country. large metro area. trying to get my kids to go to a more pleasant (as in warm) climate.  No luck.  they, unfortunately, want to move back and endure hot summers and cold winters.  i just want beach front living.

pods's picture

This country is a snake eating it's tail.  

They have shipped out whatever they can ship out, and use retirees to fill the remining slots the H1Bs and Mexicans cannot fill.  Part time, plenty of them.  Young, non medicare folks just cost too damn much.

Ship is going down. Local Walmart just removed like 10 checkout stations and put in self checkout.  One frazzled almost ready to go postal person in charge of 10 stations?  Lol.

pods

Captain Willard's picture

The more amusing aspect of this is that Wal-Mart just announced, to great fanfare, a general wage increase for its loyal workforce. 

Meanwhile, back at HQ, they are planning to replace their workforce with as many LGBT? machines as possible. Appleby's is replacing waiters with iPads. The entry-level jobs of yore are dying.

This isn't necessarily bad. But what comes next?

pods's picture

We can all become painters and sculptors.  Empire collapse art is always very sought after.

pods

Ratbagger's picture

Seriously? That actually sounds like a legit idea. I'm pretty good a 3D modelling. Couple that with a 3D printer and I've got myself a nice little niche business!

mkkby's picture

Of course.  Watch how fast automation comes after the $15 minimum wages kick in.  That plus obamacare is a huge stab in the heart of entry level jobs.  Young people are going to have to start their own businesses or live in the basement forever.

Sisyphus's picture

"They have shipped out whatever they can ship out..." Believe me pods, they have only started. For e.g., the big four are now expanding their operations in India... big time. One of the big four has more or less stopped hiring anybody below a senior manager in the US. Everything is moving to India. Slowly but surely the top paying jobs are going overseas. The country is being hollowed out, one day at a time, and the plebes are sleeping; no, sorry, watching Lardashian's ass and freaking out that Tom Brady jumped off a cliff. Oops, sorry, gotto run... the march madness is on. Fuck jobs... not the dead one!!!

SolarSystem1932's picture

Guess it's time to start lying about my age...again.

Born in 61 and yes, I'm 55.  Pulling the old clever lever again.

GetZeeGold's picture

 

 

Born in 61 and yes, I'm 55. 

 

Let me quess.....we're your parents in Selma AL?

Creepy A. Cracker's picture

"Born in 61 and yes, I'm 55."

I hate to break this to you but don't apply for the jobs requiring you to do math.  If you were born in 1961 you are either 53 or 54.

kareninca's picture

Um, he was joking.  That was a joke.

NoDebt's picture

Somebody fact check me on this, but in rough numbers I believe the total civilian working population is something like 130MM people.  OF WHICH those aged 55+ are about 33-34MM of that, going by the chart in this article, above.  Which would mean they are about 25% of the total work force.  Could that be right?

 

Creepy A. Cracker's picture

Based on a quick survey of Wal-Mart greeters and cashiers they are about 90% of the total work force.

kareninca's picture

There are no more Walmart greeters; they stopped having them several years ago.

Northern Lights's picture

I just read in a Toronto newspaper that some high school districts in Ontario, Canada are considering getting rid of the annual "final exam".  The "pro's" are saying that exams cause too much stress, so the best thing to do is eliminate the stress by eliminating exams.

Some districts have already done away with exams.  Also, some Universities in Ontario are also looking to get rid of final exams.

http://news.nationalpost.com/news/canada/the-death-of-the-exam-canada-is...

Let me ask you this, would you trust your business with the next co-hort of university graduates??

 

 

Mike Honcho's picture

Testing no longer measures comprehension.  High school finals are mulit choice, if it was in all essay form or public debate then possibly.

new game's picture

multiple choice with no wrong answer, wouldn't want to hurt someones self esteem.

Philo Beddoe's picture

Multipe choice with one choice. They would have to change the name of the exam from Multiple to Single Choice. Oops...Choice infers more than one possibility, so they will likely have to go with Check Box. 

stocktivity's picture

Exactly! They don't have to be accountable in school so they know no other system. Then these kids come into the work force with the same work ethic. "What's in it for me?" Not "what can I bring to this company". If I am a business owner do I hire a 55 year old with a solid work background or a young one checking their phone every 5 minutes. No brainer.

mkkby's picture

College degrees have been suspect for years.  How many of you know the minority kids get a diversity grade boost so they can keep up appearances?  That's right.  The diversity crowd gets special treatment in both entrance requirements and in grade point average.

If your doctor is a minority, there is a good chance he didn't really graduate college.  At least not at the same standard as everyone else.

August's picture

>>>If your doctor is a minority, there is a good chance he didn't really graduate college.  At least not at the same standard as everyone else.

That's true for American-born non-Asian minorities. The hurdles for a non-US/Canada individual to get into the US medical system are high enough so that those who do are as good as, if not better than, the average native-born doc.  FWIW I'm a US-born doc myself, and have spent decades working both inside and outside Amurica. So, your Indian practitioner might be a bit hard to understand, but the odds are he's as competent as the home-town guy.

Prober's picture

I see a clear trend of the "progressives" driving the entire system towards effortless, stress-free, riskless life of easy-living, comfort, and abundance.

Would it not be better for the central banks to just create money and give it directly to "the people" so that everyone can be prosperous, everyone can buy whatever they want, the economy can be on turbocharged afterburners, no one needs to worry about getting educated, or skilled or finding a job, no need to monitor economic data, etc. Think about it, the central banks are already creating the money, but they are not distributing it so that it can be spent.

I propose that the best way to accomplish this is for the central banks and government tax collectors to collaborate and just simply refund ALL the income taxes ever paid by every living person - that would put a huge amount of spending power into the economy PLUS correct a fundamental immoral injustice.

Oldwood's picture

Even the most strident leftist understands that they still need some people to do the work. They can simply imprison and enslave this critical resource or temper their ideologies to the level to allow a few non-believers to resist and actually try to outwork, outrun and outsmart them. Production is an absolute necessity to survival and someone will have to do it.

The ideological left sees the work ethic as a mental disease driven by greed. They sincerely believe they could tax earnings by 100% and there would still be a few crazies out there that would still be working. They see us as a mule perpetually willing to pursue the carrot on the end of a string, regardless of load and humiliations.

They may be right, but this mule bites and kicks like hell!

surf0766's picture

Fuck the progressive/statist/communist assholes

Prober's picture

Great suggestion but there is no cock big enough in the universe.

BeerMe's picture

Too stressful.  Haha!  What is stressful is being in business and looking a month out.

Urban Redneck's picture

Perhaps we should start lumping Cannucks in with 'Muricans among those for whom a college degree is deemed worthless than a high school diploma in the civilized world...

Seriously, I'm not 55 (yet) but even a few decades ago the ability to read and reason, and then write or quantify answers correctly was a prerequisite to entrance to university, as distinct from grades 13, 14 et al.  Now I routinely come across graduate, post graduate and professional papers from fields I have never even seriously studied that are published despite being incorrect/impossible because some troglodyte that the system failed upward didn't properly understand the premise, prerequisites or foundation of the field or misconstrued the application, relevance or significance of their own data sets. 

Fuck the next bunch of university graduates, I wouldn't trust the current bunch of university graduates to flip my burgers or make my coffee correctly, much less maintain my balance sheets.

replaceme's picture

So this means boomers are retiring, right? I heard that on CNBC or something.

nakki's picture

Good or Bad these are all made up numbers, to be revised years latter. Its all make believe, just like everyt other number that comes out.

robertocarlos's picture

That makes no sense. Who would hire an old man?

new game's picture

an old man, and guess what - they own a large portion of small businesses...

Oldwood's picture

As a 61 year old small business owner, the average age of my employees is early fifties. Mostly a bunch of angry old white men...but they still show up and work. This is the key. Showing up and working. Those with the entitlement mentality will always eventually fall back on the only source of entitlements...the government. I have watched it "progress" for years now. That's why there is mostly only old guys like me left working...mental disease.

Captain Willard's picture

Yes, work is a habit we learned when we were young from our parents, family and neighbors.

Unfortunately, so is slacking off, collecting benefits, smoking pot and streaming Netflix.