Americans 55 And Older Only Demographic Showing Job Growth

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These charts, by way of Zero Hedge, are a sad commentary on the state of the national economy:

Jobs by age group since 2009_0

Jobs by age group since 2009 spread_0

What’s causing this? Probably a number of reasons.

With fewer jobs in the economy, the most experienced workers are going to benefit. That’s going to be the 55+ age group. Also, policies such as the minimum wage hikes which were started in 2007 and ended just a couple of years ago inflated the cost of labor at the bottom of the age pool. We made employing younger Americans more expensive (and some want to make it worse by raising the minimum wage again).

But what’s really devastating is to think of all the college kids who have racked up tens of thousands, in some cases even six-figures worth, in student loan debt only to emerge from college into an economy for which there’s no work for them.

Which is no doubt why student loan delinquency rates are spiking:

Student-Loan-Delinquencies_0

We seem to be setting ourselves up for a lost generation. Younger Americans can’t get their careers started, and when they do, they’re going to be so saddled with the debt and entitlement obligations created by the generations before them that they may never be able to aspire to the prosperity of their parents or grandparents.

There’s always a lot of talk about whether or not the next generation of Americans will have it better than the one before. Most generations do, in fact, live better lives than their parents. But I’m not sure that will be true of my generation, or the one after.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • Texas_Accountant

    I just turned 55. I have four children (20 to 27) and would like to see them enjoy a lifestyle better than mine. I am doing what I can to ensure that (they have or will graduate from college with no debt). I once thought that the “boomer” generation should cut social security and medicare so that the next generation won’t have to pay as much in taxes. However, after the last election in which the millenials voted overwhelmingly for the “party of more government,” I am no longer concerned with them. I will take care of my kids and the rest of the millenials can pay the taxes for which they voted.

    • http://sayanythingblog.com Rob

      That’s the most aggravating part. The “millenials” are being duped. They’re voting to saddle themselves with unpayable obligations to the generations that go before them.

    • WOOF

      You’re saying you want your benefits cut. God Bless your charitable soul. If you get sick and run out of money maybe one of your kids will let you live in a refrigerator box in the car port.

      • Texas_Accountant

        WOOF,

        The amount of money that I paid in FICA taxes would not begin to cover the amount that I could take out. So, if you are asking if I would be willing to have my benefits cut, the answer is “yes.” On the other hand, after the last election and the support the “millenials” gave Obama, I don’t mind that generation paying “through the nose.” I am teaching my children to create “multiple streams of income” so they will not be poor. In addition, my daughter and son-in-law are both degreed accountants (daughter is a lawyer, as well) so the family is “covered” as far as our tax liability.

        Maybe my children will let me live in a refrigerator box in the car port. On the other hand, I believe that they will take care of their mother after I die, so we will be “OK.”

      • yy4u2

        Benefits? I’d hardly call being forced to pay into something and then being told when you can take it out and how much a benefit. It benefits many who think it is free money. I’m 43 and would opt out in a second. But my guess is that they will continue to force people to pay into it and force them to opt out. Can you say means testing?

      • mickey_moussaoui

        woof’s class envey is showing again…”he aint got no fridge box”…. or any kids who give a damn

  • mikemc1970

    We seem to be setting ourselves up for a lost generation. Younger
    Americans can’t get their careers started, and when they do, they’re
    going to be so saddled with the debt and entitlement obligations created
    by the generations before them that they may never be able to aspire to
    the prosperity of their parents or grandparents.

    Don’t kid yourself, this is by design. Keeping the young indebted, unsuccessful, and resentful towards those who conquer the trials of life, so that when the left finally do destroy everything that makes America great these kids will never miss what they can never have. Besides what kind of job can you get with a degree in Womens or Minority Studies anyway?

    • yy4u2

      Perhaps wait staff at any local bar and grill.

  • Waski_the_Squirrel

    I’ve been telling students to avoid debt. Better to work your way through college. Also, parents should save to put their kids through college. I got through with a combination of the above. I grew up without a lot of things my family could afford, and I worked in college instead of partying, but I graduated debt free from a nicer private college with the freedom to go where I wanted.

    My students are convinced debt is necessary and there is something wrong with taking a year off to work and save before college. Those who get through it with debt are put in a rough situation right away. What is worse is those who can’t finish for whatever reason but still have the debt.

  • mickey_moussaoui

    Adults over 55 are working because many of them were forced into early retirement

  • mickey_moussaoui

    WATCH YOUR
    MAILBOX
    Just wanted to let you know
    – Saturday I received my 2013 Social
    Security Stimulus Package. It contained
    two tomato seeds, cornbread
    mix, two discount coupons to KFC, an ‘Obama Hope
    & Change’ bumper
    sticker, a prayer rug, a machine to blow smoke up my
    ass and a
    ‘Blame it on Bush’ poster for the front yard. The directions were
    in Spanish.

    Yours should arrive soon.

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