the staff of the Ridgewood blog
Ridgewood NJ, the labor force participation rate remains at or near an all-time low. The USA is more than four million jobs below where we were PRE-COVID A big part of the problem, is that government welfare programs are providing generous benefits that can match the financial rewards from working.
But there is something else troubling going on. Older workers who dropped out of the workforce when Covid hit (they were the most vulnerable) have not come back. See chart below, supplied by David Doll, CEO of L.E. Jones Company.
The yellow line is the labor force participation rate for +50 age group. Perhaps this older age cohort got accustomed to not working over the past year and a half and have decided to retire early. On the one hand, earlier retirement is the sign of an affluent society, but it also is bad to see these labor force drop outs, as early retirees die at an earlier age than those who are productive and keep working.
In the meantime, if the oldsters aren’t going to be working like they used to, we are going to need a LOT more young immigrants to take these jobs.
Labor Force Participation By Age Group:
I turned 60 this summer.
I’m close to pulling the rip cord private insurance be damned.
You can thank Trump for your fat 401(k) and brokerage account allowing you to make that decision.
Huh? You can thank companies who actually develop and manufacture things, employ people, invest in capital assets and generate sustainable businesses with earnings. Ridiculous to attribute to a politicians, whatever the party.
Yea, you tool.
We’re gonna THANK America’s corporation’s.
Said the IBM lifer.
GET BACK IN YOUR CUBICLE
“Huh? You can thank companies who actually develop and manufacture things, employ people, invest in capital assets and generate sustainable businesses with earnings. Ridiculous to attribute to a politicians, whatever the party.”
Not quite.
Trump SUPPPORTED ALL business, REDUCED regulations, SUPPPORTED CAPITALISM, created an environment where businesses can invest in what they want and develop what THEY perceive is wanted or needed by people.
Biden and the rest of the Socialists INCREASE regulations, HINDER and OPPOSE some businesses WHILE supporting other businesses, creating an environment where businesses cease to exist unless they CONFORM to the WILL of the STATE.
BIG DIFFERENCE.
Politicians DO NOT make develop and manufacture things – this is true – but politicians create the environment in which they operate.
Oh my. Wrong on so many counts; don’t work for IBM and if I’m in a cubicle then you’re writing from the coop vegetable patch and bartering produce for internet service so you can post here. Aren’t you late for an anti-capitalism protest or something?
I agree with CAPS poster, businesses cannot thrive in poor environment. State of NJ seems bound and determined to chase business away. It’s becoming like a Sim City on a downward spira.