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The U.S. economy needs people to work longer
This op-ed by Richard Jackson of MarketWatch notes the decline in elderly labor-force participation, mainly due to older workers dropping out of the workforce due to Covid, is slowing the current economic recovery. Jackson notes many women left the labor force to be caregivers; he notes stimulus checks allowed people to remain out longer than perhaps otherwise. But the main problem has been a surge in early retirements. “As of November 2021, the labor-force participation rate of U.S. adults aged 65 and over was 7.2% lower than in February 2020, while that of “prime age” adults aged 25- to 54 declined by 1.3%.” Full piece here.
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