Sunday, October 30, 2011

Baby boomers

They say that the unemployment rate is 9.1% and 15 million people are out of work. What I have not seen is anyone take into account the effect of the baby boomers retiring. Since 10,000 retire every day, they are no longer counted as part of the work force, so they reduce the unemployment rate. If we added them back at 10,000 per day that is 3.65 million per year that would increase the number of unemployed to 18.65 million and the unemployment rate to 11.3%. While these baby boomers are making the social security and Medicare problems worse they are making the unemployment problem look better. I wonder when someone in the press will realize this fact.

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