Sunday, 11 September 2016

“It’s Worse Than The Great Depression” – One In Six Prime-Aged Men Has No Job


While Obama has repeatedly touted the sub-5.0% unemployment rate (4.9% most recently) as confirmation his “economic recovery” has been successful, what has received far less media attention has been the unprecedented surge in Americans no longer in the labor force, which as of August stood at a near-record 94.4 million

And while the traditional response by economic apologists and the media has been that this number is the result of a demographic change in US society, with mostly older workers no longer in the labor pool, we have over the years argued that that is misleading, and that millions of prime-aged workers have fallen out as a result of drastic changes to America’s job market, coupled with structural lack of demand for legacy jobs, which has – for example – sent the number of employed waiters and bartenders to all time highs even as the number of manufacturing workers is lower than it was in December 2014.

Overnight, NPR confirmed precisely what we have claimed for so long, when it said that while the nation’s unemployment rate is half of what it was at the height of the Great Recession: saying that the unempoyment number “hides a big problem: Millions of men in their prime working years have dropped out of the workforce — meaning they aren’t working or even looking for a job.
Citing a recent report by Obama’s Council of Economic Advisors, NPR notes that 83% of men in the prime working ages of 25-54 who were not in the labor force had not worked in the previous year. So, essentially, 10 million men are missing from the workforce.

Putting that number in context, in the 1960s, nearly 100 percent of men between the ages of 25 and 54 worked. That’s fallen over the decades

The condemnation of Obama’s “recovery” is dire: “One in six prime-age guys has no job; it’s kind of worse than it was in the depression in 1940,” says Nicholas Eberstadt, an economic and demographic researcher at American Enterprise Institute who wrote the book Men Without Work: America’s Invisible Crisis. He says these men aren’t even counted among the jobless, because they aren’t seeking work. According to Eberstadt little is known about the missing men, but there are numerous factors that make men less likely to be in the labor force — a lack of college degree, being single, or being black.
http://www.blacklistednews.com/_%E2%80%9CIt%E2%80%99s_Worse_Than_The_Great_Depression%E2%80%9D_%E2%80%93_One_In_Six_Prime-Aged_Men_Has_No_Job/53955/0/38/38/Y/M.html

Apparently having a criminal record is also a big factor keeping people from being hired. The most important factor, pointed out by people like Paul Craig Roberts, is the fact that US jobs have been exported overseas.

[Posted at the SpookyWeather blog, September 11th, 2016.]

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