America’s employment participation rate is at a 40
year low. We haven’t seen this kind of
malaise since the Carter administration.
But according to the Federal Reserve, it’s not their policies, or the
Obama administrations fault for this eye popping statistic; its lazy Americans
who refuse to get off their asses and work.
The decrease in labor force participation
among prime-age individuals has
been driven mostly by the share who say they currently don't want a job. As of December 2014, prime-age
labor force participation was 2.4 percentage points below its prerecession
average. Of that, 0.5 percentage point is accounted for by a higher share who
indicate they currently want a job; 2 percentage points can be attributed to a
higher share who say they currently don't want a job.
Zero Hedge has a litany the Federal Reserve didn’t
address. Here are two of them:
Nothing about millions of aging, 55 and over,
Americans refusing to retire or quit their job simply because they have no
return on their savings to fall back on thank to the Fed's ZIRP, thus keeping
the labor pipeline clogged and preventing younger Americans from getting
promoted and achieving better paying jobs.
Nothing about a Millennial generation encumbered
with $1 trillion in debt, that is so terrified of its job prospects and having
to pay down its debt, it choose instead to keep rolling and piling on to this
debt by remaining in college indefinitely
Nothing is the Federal Reserve’s fault. They’re an infallible institution. It has to be the fault of lazy Americans. Yeah, that has to be it.
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