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http://www.wnd.com/2015/07/baby-boomers-push-dependence-to-soaring-heights/
As WND has reported, economist John Williams, the author of Shadow.stats.com, a website known for arguing the government reports are manipulated for political purposes, has calculated that the real unemployment rate, taking into consideration those who have dropped out of the labor force because of lack of work, has remained above 23 percent since April 2013.
A study published by the Federal Reserve Bank in San Francisco on June 8 suggests involuntary part-time work, an increasing phenomenon during the Obama presidency, is a phenomenon that is here to stay.
“The incidence of involuntary part-time work surged during the Great Recession and has stayed unusually high during the recovery,” noted San Francisco Federal Reserve Bank economists Rob Valletta and Catherine van der List.
“This may reflect more labor market slack than is captured by the unemployment rate alone,” the economists continued. “Analysis across states and over time indicates that a substantial part of the increase is related to the business cycle.”
“However, structural factors such as changes in industry composition, population demographics, and labor costs have also contributed,” they concluded. “This suggests that involuntary part-time work may remain significantly above its pre-recession level as the labor market continues to recover.”
On June 8, the Bureau of Labor Statistics reported the number of persons employed part-time for economic reasons, the official government definition of “involuntary part-time workers,” remained unchanged in May at 6.7 million individuals.
The BLS defines involuntary part-time workers as those who would have preferred full-time employment but were working part-time because their hours had been cut or because they were unable to find a full-time job.
If historically low rates of labor participation persist, combined with continued high rates of part-time employment, where will the U.S. government find the Social Security taxes needed to pay the benefits of retiring Baby Boomers?
“If you are an older American headed toward retirement, there’s a good chance you will be poor,” warns Merrill Matthews, Ph.D., a resident scholar with the Institute for Policy Innovation.
Not only are the Baby Boomers likely to retire poor, without substantial private retirement savings, they are likely to be increasingly dependent on the federal government to maintain in their retirement years the standard of living to which they have been accustomed.
As WND has reported, economist John Williams, the author of Shadow.stats.com, a website known for arguing the government reports are manipulated for political purposes, has calculated that the real unemployment rate, taking into consideration those who have dropped out of the labor force because of lack of work, has remained above 23 percent since April 2013.
A study published by the Federal Reserve Bank in San Francisco on June 8 suggests involuntary part-time work, an increasing phenomenon during the Obama presidency, is a phenomenon that is here to stay.
“The incidence of involuntary part-time work surged during the Great Recession and has stayed unusually high during the recovery,” noted San Francisco Federal Reserve Bank economists Rob Valletta and Catherine van der List.
“This may reflect more labor market slack than is captured by the unemployment rate alone,” the economists continued. “Analysis across states and over time indicates that a substantial part of the increase is related to the business cycle.”
“However, structural factors such as changes in industry composition, population demographics, and labor costs have also contributed,” they concluded. “This suggests that involuntary part-time work may remain significantly above its pre-recession level as the labor market continues to recover.”
On June 8, the Bureau of Labor Statistics reported the number of persons employed part-time for economic reasons, the official government definition of “involuntary part-time workers,” remained unchanged in May at 6.7 million individuals.
The BLS defines involuntary part-time workers as those who would have preferred full-time employment but were working part-time because their hours had been cut or because they were unable to find a full-time job.
If historically low rates of labor participation persist, combined with continued high rates of part-time employment, where will the U.S. government find the Social Security taxes needed to pay the benefits of retiring Baby Boomers?
“If you are an older American headed toward retirement, there’s a good chance you will be poor,” warns Merrill Matthews, Ph.D., a resident scholar with the Institute for Policy Innovation.
Not only are the Baby Boomers likely to retire poor, without substantial private retirement savings, they are likely to be increasingly dependent on the federal government to maintain in their retirement years the standard of living to which they have been accustomed.
