This is sure to end well.
http://www.mybudget360.com/not-in-th...ng-population/
h/t http://www.jsmineset.com/There still seems to be little acknowledgement of the massive army of people now falling into the category labeled as not in the labor force. Some of this growth is predictable like many older Americans hitting retirement age. But this only explains a small portion of the change since many older Americans are needing to work much longer since they have paltry retirement savings. The unemployment rate dropping dramatically has largely been driven by this category expanding and labor force participation is at generational lows. You also have spending growing in the form of military, Medicare, and Social Security that are now eating up a larger portion of the budget. Deficit spending continues to occur in the face of a booming economy. Why? The math shows that one-third of private sector workers are supporting two-thirds of the population. We have over 92 million Americans that are now part of the not in the labor force category.
[...]
One-third working for two-thirds
One of the most startling facts is that one-third of the nation’s workers are supporting two thirds of the population:
Government workers are paid via funds that come from taxes. 92 million are simply not in the labor force. Another 69 million are not working, mostly children. And 19 million are unemployed. Is it any surprise why we are running big deficits? These are mega trends that won’t reverse anytime soon. It also helps to explain why millions of Americans are completely unprepared for a long retirement. I’m not sure if the mainstream press will cover this issue more carefully but it is very important and helps to explain why our rosy unemployment figure isn’t as great as it appears.
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