The article reports:
Only about half of the drop in the adult participation rate may be attributed to the Baby Boom generation reaching retirement age. Lacking adequate resources to retire, a larger percentage of adults over 65 are working than before the recession.
Many Americans who would like full time jobs are stuck in part-time positions, because businesses can hire desirable part-time workers to supplement a core of permanent, full-time employees, but at lower wages. And Obamacare’s employer health insurance mandates will not apply to workers on the job less than 30 hours a week.
The article also mentions the fact that many of our young people are being encouraged by colleges to obtain degrees in subjects that are of limited value in the workplace. These students graduate with massive debt and no marketable skills.
The article concludes:
New business regulations, more burdensome than are necessary to accomplish legitimate consumer protection and environmental objectives, exacerbate these problems.
All of this suppresses wages except for the most skilled and talented workers.
No surprise, average family income, adjusted for inflation has fallen from about $55,600 in 2007 to $51,000 even as the gap between families at the bottom and top widens.
It’s time for a new economic policy for America.