I've had this conversation a few times in recent months about how odd it is that lawmakers are talking about raising the retirement age at a time in U.S. history where it is getting more and more difficult for older people to find work. I know of a couple of people laid off in their 50's who are effectively "retired" because they are deemed unemployable in a shrinking job market. James Kenneth Galbraith makes the point here that unemployment levels would drop if people were allowed to retire with full retirement benefits at 62 years of age for the next 3 years. This would take older workers out of the workforce and let younger, more skilled workers enter.
It's no accident that a large number of people in their 40's and 50's have been unemployed for 99 weeks or more. I think very possibly, it's the new norm.
No comments:
Post a Comment