America's job divide: Young vs. old
Seniors cleaning up labor market, Millennials can't find work
NEWSMAX

The truth about employment statistics is ugly when laid out in black and white.
Last month, the U.S. economy added a mere
126,000 jobs, the weakest growth in more than a year. These were disappointing numbers. The
Washington Post reports economists had expected employers to have added 245,000 jobs in March.
But what’s even more shocking about these figures is
who is getting those jobs.
Those 55 and older saw an increase in 329,000 in the past month.
Every other age group saw losses, resulting in the net gain of only
126,000 jobs. The 25-54 age group lost 64,000 jobs, while the 20-24 age
group lost a staggering 291,000 jobs.
The
Bureau of Labor Statistics
reports labor participation for older people 55-69 has been steadily
rising, while labor participation for people 25-54 is steadily
decreasing.
Essentially, as Tyler Durden notes on
ZeroHedge, “The labor force has been turned upside down, and the only jobs being created are those for aged workers.”
What accounts for these wildly skewed statistics? Why are younger
workers losing jobs in droves while older workers are gaining so many
positions?
Many older workers are still in the workforce because they aren’t
confident they’ve saved enough to live comfortably during retirement.
More than half admit they’re not saving as much as they should, simply
because they can’t afford it with the high cost of living.
Additionally, savings vehicles have altered. Employer-provided
defined benefit pensions are nearly a thing of the past, making early
retirement less affordable. Many retirement and savings plans took a
severe hit during the recent economic downturn, a hit that was
particularly devastating for those nearing or already in retirement.