Tyler Durden of ZeroHedge writes:
A good jobs report? Sure, if one is 55 and over. In December the American jobs gerontocracy continued its relentless course … some 2.7 million jobs in the 16-55 year old category have been lost. The “offset”: 4 million jobs for Americans between 55 and 69. For all those young people graduating from college (with $150,000 in student loans) who are unable to get a job, here is our advice: tell your parents, and grandparents, to retire already. Oh wait, they can’t because Bernanke destroyed their savings. Oops – better luck next time.via Where The Jobs Are: “55 And Older” | ZeroHedge.
I am a fan of Durden but the tone of this post surprises me.
First, if the idea is to share employment between generations, how will this tone work as an appeal to solidarity?
Second, this view implies that there is some kind of crowding out between generations, older workers displacing youth workers on the job market. Let me just say that there is no evidence for that view, on the contrary.
On the other hand, Investments in job market programs in US are far below the average for OECD member countries. Workforce development has been a priority far below banker’s wellbeing. I think you should look on that side for an answer…
Study – Older employees not crowding younger ones out of workPOSTED BY JOB MARKET MONITOR ⋅ OCTOBER 13, 2012 ⋅ 2 COMMENTSDespite conventional wisdom that older workers who are delaying retirement are squeezing younger employees out of a jobs, a new study found no support for that thinking – and even some evidence that the older workers maybe helping the next generation. “Our estimates show no evidence that increasing employment of older persons reduces the job … Continue reading »
One of the main policies to reduce long-term unemployment is an active labor market policy. The OECD publishes each year data on Government investments in labor market programs like training and wage subsidies.
Gemany and the Scandinavian countries are champions of active labor market policies. This is well known. But, less known is the fact that the US are not. US investment in active labor market programs before the Great recession wasbelow the OECD average, nearly 4 times lower: 0.13% of GDP vs 0.48%.
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