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News Link • Economy - Economics USA

Demographic Story Coming to the Fore: Boomers vs Teenagers

What about demographics — an aging boomer population — and a crappy economy that has the 55+ cohort postponing retirement and consequently crowding out the younger generation (parents keeping their own kids/grandkids out of the job market, as I put it a while back). The data is there for all who choose to explore it. Well, now comes Bloomberg news with this: Workers Over 65 Vie With Teens in Labor Market for First Time Since Truman U.S. employees old enough to retire are outnumbering their teenage counterparts for the first time since at least 1948 when Harry Truman was president, a sign of how generations are now having to compete for jobs. Bloomberg provides some very cool interactive features (that are way beyond my capabilities and definitely worth checking out). I guess the facts continue to have a well-known liberal bias. (Notes: A BLS study – “As the baby-boom generation ages, the share of workers in the 55-years-and-older age group will increase dramatically…” — analyzed this trend in detail here (.pdf) last November, thankfully after I’d already written about it. Also, this demographics angle was recently picked up by the NY Times Economix blog via the San Francisco Chronicle (which cited Bloomberg, closing the loop), but you did read it here — or other places I’ve written about it — first.)

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