Sunday, July 17, 2016
CEA: Long-term decline in Male Labor Force Participation
The Executive office of the President's Council of Economic Advisor's released a very interesting report on the men dropping out of the labor force. The report, released in June 2016, is called "The long term decline in prime age male labor force participation." It details a stunning number of people leaving the labor force.
While some of the disappearing workers could be blamed on baby boom retirements, continued education and cyclical trends, the losses far exceed what should be expected. Not other developed country(OECD) has such a low rate of Labor Force Participation.
The White House released a similar report in July of 2004 called "The labor force participation rate since 2007"
What I don't see the report is a discussion of job quality or wages
The authors barely touch on the issue of job quality. Right now the job quality and pay stinks compared to what my parent received. The pay is the same but the jobs have extra unpaid hours, close monitoring, ridiculous performance goals, mean supervisors and selfish management.
They also lack engagement and a career path. Who the heck wants to work in that environment. Usually only an immigrant who has seen worse in their home land. Long term, the market will clear when job-quality and wages increases, job expectations are lowered and immigration is limited to what the economy requires.
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