I know that number may be a bit skewed by the fact that so many people are above retirement age and/or don't want or need to work, but it's still a scary number.
The number of adults who are “not in the labor force” (NILF) surged to an all-time high in June to 105.8 million, according to figures from the Federal Reserve Bank of St. Louis. The record comes after a massive surge of 832,000 workers dropping out of the labor force in June alone. The overall number of NILFs is higher than at the height of the Great Recession or the COVID pandemic.
The definition is broad as I said - it covers all Americans age 16 and over who aren’t currently working, including retirees and students.
Some 5.3 million workers - 5% of NILFs - have dropped out because they are discouraged or they’re not even bothering to look for work. In addition, up to 22% of America’s NILF population are on long-term illness, disability, or other forms of benefits - representing more than 23.3 million Americans. See how I think the numbers are skewed by other factors? The one thing the report did NOT say is the number of people who want to work - at any pay level - and just not find work. I wonder why that was omitted...
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How many of those 105 million are illegals sucking from the taxpayer teat?
ReplyDeleteAnyone else notice the lack of "persons of African descent"?
ReplyDelete"Some 5.3 million workers - 5% of NILFs - have dropped out because they are discouraged or they’re not even bothering to look for work"
ReplyDeleteThis is the really scary number. This is the number that represents people that wanted to work and were unemployed/looking for work for so long that they gave-up.
This phenomenon is more common in tight employment markets, like the one we have now.
If jobs are hard to come by it is common for people to remain unemployed longer and eventually give up. Some will retire, some will rely on their partner's income and some will just fall of the system. In any case this increases the strain in the economy as a whole.
All those people used to earn a salary and pay taxes. Now they wont pay taxes and will start drawing benefits (social security, unemployment, etc).
There is a huge problem for finding a job. I have a PhD in mathematics, a Bs in physics. I've designed nuclear plants and submarines amongst my jobs. Perfect credit and no criminal record. I got laid off in 2024 and it took me almost a year to find anything. It was almost 18 months to get steady work. 10 years ago, I put out 10 resumes and got 5 calls. Even now, 10 resumes and maybe 1 call. That calls usually from someone that doesn't speak English. I'm in my mid-40s, so I can't even blame age on this. It's a scary world out there.
ReplyDeleteI will say there are literally millions of under the table jobs,these folks sure don't pay taxes straight away but do as they make purchases etc.,long live the underground cash/barter economy!
ReplyDelete