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3.8 million of 3.3 million jobs created since 2009 went to people aged 55+


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#1 Jase

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Posted 02 November 2012 - 01:49 PM

Yes, you read that right.

3.3 million jobs created.
3.8 million new jobs given to those aged over 55.

How can this be?

In that time period, 16-19 year olds and 25-34 year olds have a net loss of 1.3 million jobs between them in that time span.

Holy sh*t.

In other words, America's edlerly are not only not in a rush to retire, they are reentering the workforce (thanks to the Chairman's genocidal savings policy which has just rendered the value of all future deposits worthless thanks to ZIRP), and in doing so preventing younger workers, in their prime years, from generating incremental jobs.

And nowhere is this more visible than in today's jobs report. On the surface, the US generated a whopping 413,000 jobs(after generating a massive 873,000 last month) according to the Household Survey in October. That's great, unfortunately breaking down this cumulative addition by age cohort confirms precisely what we have said: all the jobs are going to old workers, who have zero wage bargaining leverage (as they just want to have a day to day paycheck). To wit: when broken down by age group, the total October increase shows that of the new jobs, 10.7% went to those aged 16-19 (source), 11.6% went to those aged 20-24 (source), a tiny 9.8% went to the prime agr group: 25-54 (source), and a massive 67.8% went to America's baby boomers: those aged 55 and over (source), and who refuse to leave the workforce and make way for others.


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http://www.zerohedge...tric-work-force

#2 thefuzz

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Posted 02 November 2012 - 01:52 PM

7.8 when entering office 7.9 now.

#3 Jase

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Posted 02 November 2012 - 01:53 PM

Also from the link

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#4 boostownsme

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Posted 02 November 2012 - 01:55 PM

Now this is what real recovery looks like. AMIRIGHT

#5 pstall

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Posted 02 November 2012 - 02:12 PM

i think its two fold. companies can hire dependable workers with exp, not pay quite as much and stop the bleeding.
younger workers you have to more or less train from the ground up and invest more time.

but not a good indicator whatsoever. that gap will bite the us economy in 10 years like a snake.

#6 rayzor

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Posted 02 November 2012 - 02:19 PM

i think its two fold. companies can hire dependable workers with exp, not pay quite as much and stop the bleeding.
younger workers you have to more or less train from the ground up and invest more time.

but not a good indicator whatsoever. that gap will bite the us economy in 10 years like a snake.

only a VERY small portion of that 25-54 age group would need to be retrained from the ground up and most would probably have more relevant work experience.

i mean that's a HUGE age span with such little growth in jobs.

pathetic.

#7 Jase

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Posted 02 November 2012 - 02:31 PM

only a VERY small portion of that 25-54 age group would need to be retrained from the ground up and most would probably have more relevant work experience.

i mean that's a HUGE age span with such little growth in jobs.

pathetic.


that's not little growth. The age group has been hemorrhaging jobs.

The author makes a good point that the fed's zero interest rate policy could have a lot to do with it. Retirees aren't getting a lot of returns out of their deposits, so a lot of them are venturing back out of the work force.

They'll take less money just for the security of having some positive income.

#8 Carolina Husker

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Posted 02 November 2012 - 02:32 PM

5 out of 3 people have a problem with fractions.

#9 Jase

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Posted 02 November 2012 - 02:46 PM

You know, it was primarily inequalities like this that eventually led to the passing of child labor laws in the 20s and 30s.

I wonder if senior labor laws are next?

#10 pstall

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Posted 02 November 2012 - 02:53 PM

the death panels will solve this lickety split.

#11 natty

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Posted 02 November 2012 - 03:04 PM

Yeah younger people need more investment, but that's better for the long term. Everyone is concerned about the next quarter nowadays not 5-10 years down the road.

#12 pstall

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Posted 02 November 2012 - 03:17 PM

totally agree natty. been reading an interesting book and it was making a secondary point about the break down of community in various facets of life.
it was talking about how in the 70's companies started learning how to make more with less by pitting groups vs one another to push the short term # for it's shareholders. little by little the unintended consequences was not just a short term focus, but those workers were no longer the tight knit community it once was.

book is Bowling Alone. very fascinating.

#13 Panthers128

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Posted 02 November 2012 - 03:38 PM

The country is on a downward spiral. I'm ashamed to be American. It's time we put aside our pride and political rhetoric and start studying the superior Scandinavian, Germanic and Oriental countries.

#14 Carolina Husker

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Posted 02 November 2012 - 03:48 PM

I'm stunned you're an advocate of homogeneous societies.

#15 Carolina Husker

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Posted 02 November 2012 - 03:48 PM

Also, who still uses the term Oriental?


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