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Tue Jun 5, 2012, 02:41 PM

Employment for those 55 and over is at a record high. Young people are hit hardest by the economy.

Unemployment among those age 55 and over is just 6.5 percent, compared to 8.2 percent among those 25 to 34, and almost 13 percent among 20 to 24 year olds. It was even more pronounced just a year ago, when unemployment was 6.7 percent for those 55 and over, but 9.3 percent for 25 to 34.

http://www.bls.gov/news.release/empsit.t10.htm

At it's peak, the unemployment rate for workers under 25 was 19.6 percent, the highest since the Bureau of Labor Statistics began tracking unemployment in 1947.

Meanwhile, employment for those 55 and over in absolute numbers is at a record high, having been climbing continuously for almost 20 years. There are more older workers, and they're far less likely to be unemployed.

The proportion of individuals who continue to work after age 55 reached a record high this year. Some 40.2 percent of Americans age 55 and older participated in the labor force in 2010, a number than has increased steadily since 1993 when just 29.4 percent of older Americans worked, according to an Employee Benefit Research Institute analysis of Census Bureau data.


http://money.usnews.com/money/blogs/planning-to-retire/2011/02/17/older-worker-employment-reaches-record-high

And a college degree is no protection; the unemployment rate for new college graduates isn't significantly different from the national average, meaning an older worker with an average education is more likely to be gainfully employed than a brand new college graduate with advanced training.

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Reply Employment for those 55 and over is at a record high. Young people are hit hardest by the economy. (Original post)
TheWraith Jun 2012 OP
cthulu2016 Jun 2012 #1
Bennyboy Jun 2012 #2
Sekhmets Daughter Jun 2012 #3

Response to TheWraith (Original post)

Tue Jun 5, 2012, 02:48 PM

1. Employment for those over 55 is not at a record high in the sense meant

I hate this kind of "fun with numbers"

The thesis implied is that the entire unemployment problem is concentrated among the young and that things are pretty much okay for older people.
__________

At it's peak, the unemployment rate for workers under 25 was 19.6 percent, the highest since the Bureau of Labor Statistics began tracking unemployment in 1947.

Okay, that's a percentage.

Meanwhile, employment for those 55 and over in absolute numbers is at a record high, having been climbing continuously for almost 20 years. There are more older workers, and they're far less likely to be unemployed.

Whoops, now we are using "absolute numbers"... well geez, in absolute numbers employment during the great depression was probably a lot higher than in 1910, due to population growth.

The proportion of individuals who continue to work after age 55 reached a record high this year. Some 40.2 percent of Americans age 55 and older participated in the labor force in 2010, a number than has increased steadily since 1993 when just 29.4 percent of older Americans worked, according to an Employee Benefit Research Institute analysis of Census Bureau data.

Okay, now we are using the fact that people cannot retire because their retirement saving were wiped out to show that old people have it easier than young people. The higher participation rate of folks over 55 is not an indicator that jobs are plentiful for them. That is a nobody-can-retire number.


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Response to TheWraith (Original post)

Tue Jun 5, 2012, 02:50 PM

2. Well this is one skewed statistic...

 

TONS of people over 55 have been laid off and are off the UI rolls now. An good number have filed SSI claims. And of course, a good number have retired.

The truth s this... If you are over 50 you are too old to work according to all statistical measures. You cost to much for HC, file 70% of all Disability and Workers comp claims and have a high chance of being sick while employed.

In my world, as a 57 year old man who is BARELY employed, everyone I know that is over 50 is at the very end or off of UI insurance, on SSI (A LOT OF PEOPLE) and a few are retiring (all wee in unions of Public sector jobs).

So that stat isn't very accurate as to the whole picture.

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Response to TheWraith (Original post)

Tue Jun 5, 2012, 02:54 PM

3. Until the Labor Movement

won pensions for wage earners people worked until they died. Social Security provided benefits for those without pensions and was expanded to include every one. Over the past 30 years fewer and fewer wage earners have a private pension and only about 50% of the work force has a 401K so people are working longer because they cannot afford to retire. Then you have people like the CEO if AIG who is 70 and not stepping down.... We have become a nation obsessed with money and the things money can buy.... We seem to be cheerfully eating our young and there doesn't seem to be much will to stop it.

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