It's nothing personal, mind you, but Bloomberg (the news service, not the mayor) is reporting that for the first time since the advent of the Baby Boom, there are more workers aged 65 or older than there are teen-aged workers.
Ten years ago, young whippersnapers outnumbered the geriatric set 2 to 1 in the workplace. Now there are 1.13 order workers for every teen on the job.
“Older workers need to replenish their 401-k plans, so those who have jobs are clinging to them rather than retiring,” Alicia Munnell, director of the Center for Retirement Research at Boston College, said in a telephone interview. Teenagers lose out because less-educated workers and those with shorter tenure are most vulnerable during a recession, she said.
This is an interesting wrinkle (for some of us) on the notion that Americans is running up debt to be paid by their grandchildren. How can they pay the debt when older Americans have their jobs?
