This is a pretty good example of the hamster spinning at Scottian levels of Warp Speed. Everyone understands, even if only at an primal level, that a greying workforce is not a good thing. But given this very short opinion piece let us go over some bullet points. Even five years after the beginning of recession the job market out there is pretty dismal, especially for millennial. There are two:
- Official unemployment for those 20 to 24 is more than double than that for those over 55.
I have argued that the notion that individuals should retire after 40 years of work is somewhat flawed. Retirement as we understand, work forty years and then do whatever you want afterwards, has only been around since early last century. Prior to that the way things worked was that a person worked until they were no longer able to work anymore and had to depend on their progeny for support. The system we have now is ahistorical, however, given the advancements in the last century or so, you could make a case that this system is feasible, provided that certain ideals of fiscal prudence are upheld. One of those items would be proper planning and saving for retirement. The baby boomers have failed spectacularly in this regard which has forced many of them to continue working long after they should have retired. The next point illustrates this fact.
- A third of all Americans between the ages of 18 to 29 are underemployed, which is twice the rate for older Americans.
- Education loans
- Health care funding
- Social Security funding
- Medicaid funding
- Home ownership (A primary source of revenue for many state and municipality governments)
I leave you with the final words from Cristina, marvel in it's ignorance and narcissism.
An older workforce is a brilliant investment. George Osborne should order every office to include a couple of grey heads – then sit back and watch the economy turn around.