One would be hard pressed to find any person that works for a living at or above retirement age to retire any time soon.
Wall Street scammed them and got away with their retirements. They CAN'T stop working if they want to survive.
And while this is going on the carpetbaggers in D.C. Are moving heaven and earth to not only privatize Social Security in order to do the same trade until the fees eat the investment scam but to raise an already outrageously high retirement age even higher.
So it is no surprise to me that those leaving school are not finding jobs, as those that should have the dignity of not working until they drop dead have no choice but keep whatever employment they can find.
The millennial generation is the largest in American history, and they’ve begun to enter the workforce. But more and more, these young workers are stuck in low-end, low-pay, and even part-time jobs for which they are overqualified—something that a recent NBER working paper has found could depress their future earnings for years. These days, there are simply not enough good jobs to go around.Lowering the retirement age to 55 would not only free up work for others it will boost the economy as not only do the retirees now have support but the millennials will also have an income.
One big reason for this is that many baby boomers, also hit hard by the economic crisis, are putting off retirement and staying in their jobs longer. Theaverage retirement age is now 62—five years older than it was two decades ago. The end result is that the labor market overhang of boomers has essentially prevented millennials from finding the sort of good jobs that are so important at the start of their careers.
I really wish we could find more than just a few economists in decision making positions that are able to add and subtract.