There’s a persistent lie making its way through popular media- and often twisted through social media. Like any good lie it starts with a kernel of truth but gradually becomes a clear and open lie.
The truth – the labor force participation rate is at a 40 year low, down to 63% from a high over 67%.
The lie – that this is the result of people giving up looking for work, a sign that the “recovery” is weak (which can be blamed on President Obama).
We’ve discussed this before, but it’s important to confront the lie as clearly as possible. Yes, the labor force is shrinking – but this has been due to retirement of Baby Boomers for the last two year. And yes, the trend will continue. More importantly, this is an opportunity that will help us when the dust finally settles on the working careers of the Baby Boom.