The graying of America's workforce will come as no surprise to regular readers. Just earlier this month, we wrote that in a little noticed aspect of the "stellar" June jobs report, the vast majority - or 90% of all new jobs - went to workers 55 and older.
Hardly an outlier, this was the latest confirmation of a very troubling trend: all jobs created since the recession started in December 2007 have gone to workers 55 and older.
In fact, in the latest month, there was a record 34.5 million workers in this age group: the only one that has seen persistent growth this century (and with the concurrent surge in waiters and bartender jobs in recent years, we even have a sense of what they are doing).
We won't go into the reasons for this dramatic divergence (we have covered it extensively in the past); instead we bring up these observations because according to a new NBER paper, this stunning trend is what is being used to scapegoat the accelerating collapse in US productivity. As Bloomberg reports, "population aging is expected to drag on U.S. growth, and the hit could be substantial."
According to the National Bureau of Economic Research, the retirement of baby-boomers in the decade between 2010 and 2020 will lower GDP growth per capita by 1.2% a year from what would have been the case if the nation's demographics had held steady, while slamming productivity.
To the point of "Hippie" generational inclusion into the structure of government and civilian institutions, sure Colonel! But that is not exactly what I am driving at. I am noting that LBJs anal retentive authorianism manifested itself in him trying to run military operation directly from the Oval office to commanders in the field, bypassing the chain of command. By phone! But the boomer repungance of LBJs philosophy generally, and protesters of the war marching in front of the White House fence in his sight particularly, had a corrosive effect on Johnsons confidence.
I do not joke when I say his last press meeting while in good health, showed him with long hair, unkempt clothing, and barefoot. It was as if he was saying to these young people who rejected him and what they believed he stood for catagorically,"I am one of you". I saw the film footage in a documentation of his life.
FDR? His apologists all sing the same refrain about his Constitutional abuses, "Facing an impossible situation, he had no choice. It was for the best."
I rejected that boatload of dirt then and now. I have always valued America, her soldiers and her safety, and I am a Boomer.
Yes Paula you are right. We should be beaten for that. What a mess we are in.
Its not just "Obama and his Illegals". I did the Research in 1981 for my boss at Honeywell and presented him and his Management Staff my Report, the Outlook for the 1980's Workplace. Then, long before O was President, it was forecasted the U.S. would see a "Graying" Workforce and a considerable decrease in younger workers 18-25. Older workers including those retired would be working through their 70's as long as Employers allowed. I have two friends, sisters, one who worked til she was in her early 80's and the other is still working at over 79, both were part-time workers. My research showed there would be an increase in Part-time Workers.
We are now seeing the data I reported come to reality, and it has been that way since 1980. The above report is no surprise to me. I saw it coming. I was 37 then. I am now 76. I am retired. I have no plans to return to the Workforce. I do Volunteer work, which I enjoy. I am my own Boss. Its great!
"Remove our wealth by stealing our life savings,"
Eric, we need to remember, the orgy of spending as cheap chinese goods flooded our borders through Bill Clintons political grandstanding, and Bush's trade agreements, was consumer consensual. Now we have spent down the Nations personally held middle class wealth and made ourselves vulnerable to bad political choices by electing a progressive socialist to the White House for both of the latest terms. Can you say,"Hangover"?
Eric Obama said the UN plans on cutting the world's population by 90%.
Absolutely true... and over 5 Billion citizens of the world must disappear by 2020... to ... in their words arrive at a sustainable world population. The nuts at the UN believe that the world can not support its present population... and they are not alone. Albeit, the arable land in the Earth is able to support greater populations than presently exist... without any greater effort to develop its potential than is being done.
If all the people were placed in Florida they would each have sufficient room to live on a lot 100 X 100... there is plenty of land mass and more than enough arable lands too support many more times the present population. However, the UN and its masters want to limit populations in order to better control the masses... its about control and dictatorship, verses liberty and freedom to grow... not survival or sustainable growth.
"Eric Obama said the UN plans on cutting the world's population by 90%."
OKAY! Lets start with UN representitives. Then lets evaluate the results.
It was not the Baby Boomers who set America's Ship of State on a course to destruction... it was FDR and the Greatest Generation... They created the Welfare Etate and promoted the idea that the State, and not the individual, was responsible for our standard of living and economic security.
The Greatest Generation gave us the WAR ON POVERTY and The Great SOCIETY... the WELFARE STATE...and in 50 years, the welfare state accumulated, 20 Trillion dollars of debt...Today, America has more poverty, a declining economy, and greater social unrest than in 1964... the Start of the War on Poverty and the creation of the Great Society. If anyone is to blame it is FDR and Lyndon Johnson, the Democrats who initiated WELFARE as a means to retain political power... Their promise of something for everyone, created out of nothing (debt). A chicken in every pot and a pot in every house... without doing a thing but voting Democrat... a SOCIALIST PARTY ... and a burgeoning Marxist New World Order.
The Greatest Generation ... my parents and grand parents set the ball rolling down hill and we are now reaping what was sown by their generation. The Baby Boomers have been attempting to correct the ill advised effects of the, War on Poverty and the Great Society, of our parents... ever since the Boomer's have taken power... during the Reagan movement... but and alas, the numbers feeding at the well, of 'free stuff,' has overwhelmed all attempts at reform... including welfare reform, which supposedly limited, life time welfare payments to 3yrs, for all US Citizens. However, in Bill Clinton's words... to those on welfare... he said: don't worry, I'll fix it, and fix it he did.. He issued regulations allowing indefinite annual extensions of welfare payments to anyone unable to find work or reporting they were unable to find work.
History will eventually establish just how GENEROUS the Greatest Generation was...How they enslaved their own children, with a pile of debt and a corrupt governmental system, that promoted socialism, over common sense and our founders historical work ethic and traditions.
You should also add how the greatest generation set themselves up with huge pensions. A very good read on this subject is" While America Aged" by Roger Lowenstein.
The boomers out numbered them by 30/1 so they sought to benefit themselves by having boomers pay for all this. Now boomers are trying to retire and there is nothing left as the Greatest Generation and the welfare programs ate up all the Social Security we paid. It was a total ponzi scam. The greatest generation received from social security way more than they ever put into it. Many of the Great generation were getting 18% on their savings as well. What do we get, less than 1%.
So, who do them blame? Boomers of course cause you can't blame the dead.
Thank you Col. Nelson. I've been waiting for someone to have the guts to properly characterize the so-called Greatest Generation (so-called by Tom Brokaw in his book by the same title).
LBJ took what FDR had started, and then the so-called Greatest Generation stood by, even provided their approval, as he proceeded to put it on steroids. The legacy of the so-called Greatest Generation is the unGRATEful SOCIETY, and it's current spawn, the BLM movement.
I nominate the generation that raised up George Washington, Thomas Jefferson, James Madison, George Mason and Patrick Henry as America's true Greatest Generation. These children and grandchildren of the Separatists and Puritans who originally settled America are those who are truly deserving of this title.
And the Son's of Liberty's (America's war for independence) generation is an arguable candidate for that title as well.