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View Diary: Government reports 146,000 new jobs in November; unemployment rate drops to 7.7% (108 comments)

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  •  participation rate (3+ / 0-)
    Recommended by:
    Dr Swig Mcjigger, askew, Lawrence

    This has been going down as the baby boomers start to retire--most of the decrease is thus demographic.  Not only is this a good report, it kinda shows that the fiscal "cliff" fear is more imagined than real.  The right wing media loves to report everything as terrorism because they are diverting attention from their treasonous "reportage."

    Apres Bush, le deluge.

    by melvynny on Fri Dec 07, 2012 at 06:28:22 AM PST

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    •  Baby boomers not retiring, young dropping out (4+ / 0-)
      Recommended by:
      BradyB, bewild, dinotrac, splintersawry

      The decline in labor participation is worse than it looks in that the decline is mainly from younger workers dropping out of the workforce, even while older workers stay in the workforce longer than in the past.

      See Washington Post - "The young are leaving the labor force, the old are flocking to it"

      Namely, the labor force participation rate among young people aged 16 to 24 has plummeted much faster than that of other age groups, even as the participation rate among the oldest Americans has risen to record levels.
      The structure of how the labor participation rate is falling is in the worst way for the economy longer term.

      Older workers stay working longer for a range of reasons including people do not have the financial means to retire, and a lower share of older worker jobs are physically demanding.

      The most important way to protect the environment is not to have more than one child.

      by nextstep on Fri Dec 07, 2012 at 07:09:11 AM PST

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    •  Maybe wealthy boomers. (0+ / 0-)

      I know way too many people who can only dream of retiring now, and way too many people who are "independent" because they can't find jobs.

      LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

      by dinotrac on Fri Dec 07, 2012 at 08:00:22 AM PST

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      •  Some people have no choice (2+ / 0-)
        Recommended by:
        dinotrac, melvynny

        If  not wealthy. They can't find a job that they can do at their age and they are eligible for social security.

        •  social security (1+ / 0-)
          Recommended by:
          Dr Swig Mcjigger

          The original safety net--one that angry white men will now learn to appreciate.

          Apres Bush, le deluge.

          by melvynny on Fri Dec 07, 2012 at 08:16:20 AM PST

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          •  The already appreciate it (1+ / 0-)
            Recommended by:
            melvynny

            They accept it gladly and would scream if it were cut. But for some reason lots of them vote for guys who want to cut, gut or even eliminate it. For all the people who say that S.S. is "bankrupting us", I've yet to hear of one who turned his or her check back to the Treasury to reduce the deficit.

            •  I can think of several reasons why that might (1+ / 0-)
              Recommended by:
              Dr Swig Mcjigger

              be true.

              Start with the fact that SS doesn't pay a lot of money to people who are median wage or above, especially in light of money paid in over a lifetime of work.

              But that might be secondary to the fact that we tend to accumulate children and grandchildren as we get older, and hope that they do well in their lives.

              Democrats tend to poo-poo any notion that SS could ever be in fiscal trouble -- worse, they like to point out that bankruptcy can be avoided simply by cutting benefits.  Given that benefits are not enormous in the first place, that is not a comforting mantra.

              LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

              by dinotrac on Fri Dec 07, 2012 at 08:30:04 AM PST

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    •  About 1/3 to 1/2 of the drop-off in... (2+ / 0-)
      Recommended by:
      Dr Swig Mcjigger, melvynny

      ...the labor force is from baby boomers retiring. See here and here.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Fri Dec 07, 2012 at 08:08:07 AM PST

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      •  Thanks (0+ / 0-)

        The WAPO article cited above does not say that Baby Boomers are not retiring. It says that more older workers are staying in the workforce longer than in the past. Its not possible for such a large cohort to not retire. Many boomers are reasonably well off and others less so, but may not have a choice but to retire to inability to find work or their inability to do work.

      •  also (1+ / 0-)
        Recommended by:
        Dr Swig Mcjigger

        The older worker has a much harder time finding a new job--not only do employers discriminate for age, they can get a younger person cheaper.  Many boomers were 2 income families--now one income families.  This was common before, but now the family house is no longer also the retirement savings account.  Society ignores this group because they are least likely to commit crimes--I expect the suicide rate to increase.

        Apres Bush, le deluge.

        by melvynny on Fri Dec 07, 2012 at 08:14:12 AM PST

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