From CNN, this is what I find most troubling. "Only 62.8% of the adult population is participating in the labor market now -- meaning they either have a job or are looking for one. That matches the lowest level since 1978." How are these people surviving? http://money.cnn.com/2014/01/10/news/economy/december-jobs-report/index.html?hpt=hp_inthenews
Look in today's paper, there is a write up on the number of people that can't retire. It is showing the large number that will have to work well past the age of 65.
This taken from the US Census Bureau: July 1, 1978 222,584,545 Population Estimates (as of July 1) 2010 2011 309,330,219 311,591,917 The population growth isn't usually made up of baby boomers so that should offset the large number of retirements. The U6 Unemployment rate is still at 13.1%
Baby Boomers make up 35% of the population and they have started to retire. By 2050 the number of elderly people to working Americans will nearly double from 1990's 21% to 37%. So there will definitely be a large percentage of retired people in that 37% of the adult population that is not working. I'm not sure how that number is calculated but if they are using the total adult population, it may also include dependents such as housewives of working husbands . . . people who are not really looking for a job. So most are surviving on retirement savings, pensions, and Social Security or on their spouse's income. Many also have retirement income from rental property, annuities, etc. that are not counted as "jobs". U6 is the category of "those who are not looking for work", "marginally attached workers", and "part-time workers". U3 is that official category of "people who are without jobs and have actively looked for work" and is is currently at 6.7%.
Wow, imagine that. Old people make up 33% of the population. Kids Young adults Old people. Interesting..
