A good jobs report? Sure, if one is 55 and over. In December the American jobs gerontocracy continued its relentless course, and as the two charts below summarize since Obama’s first term, some 2.7 million jobs in the 16-55 year old category have been lost. The “offset”: 4 million jobs for Americans between 55 and 69. For all those young people graduating from college (with $150,000 in student loans) who are unable to get a job, here is our advice: tell your parents, and grandparents, to retire already. Oh wait, they can’t because Bernanke destroyed their savings. Oops – better luck next time.
Job “gains” for all Americans 54 and younger vs those 55 and older:
Yeah, yeah, I know – us geezers are supposed to get out of the way. But when your million dollar retirement savings generates about eight grand a year after taxes, well….enjoy your McJobs, kids, if you can find them. In the meantime, you can sleep in the basement.