From The Great Shift: Where Have All the Workers Gone (download pdf by clicking link). I have included both graphs for labor force participation so it doesn’t appear I’m “cherry picking”
In post-recession America, the labor force participation rate (LFPR) — or percentage of adults who have a job or are looking for one — has declined to a 34-year low.
The decline is a “tragedy in the making, and its impact on the country has been underestimated. When Americans quit looking for work because they conclude not working beats working, America faces a significant problem,” the white paper reports.
The paper answers the pressing question, “Where have all the workers gone?” It also breaks down the causes and consequences of low labor force participation.
Baby Boomers’ retirement is one of the causes of the low LFPR and perhaps the most obvious one, but their retirement is only half the story. Younger Americans are giving up and leaving the workforce in a trend that has been called surprising, unexpected and unprecedented. In addition, more Americans than ever are trapped in taxpayer funded social safety nets.
Skills are a problem.
