Quantcast
Channel: Silver For The People » wage labor
Viewing all articles
Browse latest Browse all 2

16 million Americans have dropped out of the labor force in the last 10 years: The growth of long-term unemployment, low wage labor, and distorted employment figures.

0
0

mybudget360.com / by mybudget360 / August 5, 2014

The unemployment rate is looking much better than it should because we have a very large number of Americans that have dropped out of the labor force. How many? In the last 10 years 16.2 million Americans have dropped out of the labor force. The total number of Americans not in the labor force is over 92 million. What is more surprising is that most of the jump in the last 10 years occurred once the recession was labeled as being officially over. When you eliminate counting a large pool of your population, it is easy to understand why the unemployment rate appears to be so low. However the nation is largely shifting to one of low wage labor. Corporate profits are being bolstered by massive slack in the employment markets and the shifting of benefits from corporations to employees. This has been incredibly difficult for middle class families that are witnessing inflation and their purchasing power decline. It might be useful to examine where our employment situation now sits given that we are now half a decade into this so-called recovery.

Not in the labor force simply keeps on growing

The US population has grown by 8 percent since 2004 from 292 million to 318 million. Those not in the labor force has grown by 17 percent in this same period. Some of this can be accounted for by aging baby boomers but as we have noted, most nearing retirement have little to no money to their name so the new retirement plan is no retirement. Many will be working until they drop.

A large portion of the growth in the “not in the labor force” category is largely coming from deep structural changes. Take a look at the growth here:

READ MORE

The post 16 million Americans have dropped out of the labor force in the last 10 years: The growth of long-term unemployment, low wage labor, and distorted employment figures. appeared first on Silver For The People.


Viewing all articles
Browse latest Browse all 2

Latest Images

Trending Articles





Latest Images