By now everyone knows that the simple reason why the US employment picture is so pathetic despite the endless propaganda spin (as the Democrats just found out earlier this week in a truly historic mid-term drubbing), and why there is no wage growth, is due to the aged portion of the labor force, those 55 and over, and which would otherwise be retiring, refusing to quit their jobs and, well, retire for one simple reason: ZIRP has destroyed the product of their lifetime work, their savings, and since tens of millions of Americans in their golden years can’t rely on a cash flow stream from their savings and retire, they are forced to keep working to an ever older age.
This can be seen not only in the chart of record workers aged 55 and over…
This post was published at Zero Hedge on 11/07/2014.
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