Are Older Workers Propping Up The US Economy?
Are 55 and older workers propping up the U.S. economy? The data is rather persuasive that the answer is yes.
The chart of U.S. employment ages 25 to 54 years of age and 55 and older reveals a startling change.
There are now 20 million more 55+ employed than there were in 2000, an equivalent of the entire workforce of Spain. This unprecedented demographic / employment transition is worth a closer look.
As the second chart shows, some of this increase is due to the rising population of Americans over 55 years of age–an increase of 42 million. In 2000, 30% of those 55 and older were employed. Today, over 37% are employed–a significant increase in the percentage of 55+ people who are working.
An increase of 20 million employees age 55 and older is so large that it’s difficult to grasp. An increase equivalent to an entire nation’s workforce is one way to make sense of it. Another is to look at the increase of America’s total population from 2000 to 2022, which is about 48 million people (282 million in 2000, 330 million today). – READ MORE
Responses