The "quiet catastrophe" is particularly dismaying because it is so quiet, without social turmoil or even debate. It is this: After 88 consecutive months of the economic expansion that began in June 2009, a smaller percentage of American males in the prime working years (ages 25 to 54) are working than were working near the end of the Great Depression in 1940, when the unemployment rate was above 14%.
If the labor force participation rate were as high today as it was as recently as 2000, nearly 10 million more Americans would have jobs.
The work rate for adult men has plunged 13 percentage points in a half-century. This "work deficit" of "Great Depression-scale underutilization" of male potential workers is the subject of Nicholas Eberstadt's new monograph "Men Without Work: America's Invisible Crisis," which explores the economic and moral causes and consequences of this:
Since 1948, the proportion of men 20 and older without paid work has more than doubled, to almost 32%. This "eerie and radical transformation" -- men creating an "alternative lifestyle to the age-old male quest for a paying job" -- is largely voluntary.
Men who have chosen to not seek work are two and a half times more numerous than men that government statistics count as unemployed because they are seeking jobs.Read the rest of this IBD op-ed HERE.
If you like what you see, please "Like" us on Facebook either here or here. Please follow us on Twitter here.
No comments:
Post a Comment