Bloomberg Businessweek has finally listened to macroeconomists. We’ve been saying for years that America is in a long demographic swing which reduces labor force participation. Meanwhile, the legacy media has been blaming Bush or Obama for this problem. Hardly.
Anyway, in “The 23-Year-Olds Will Save America” the magazine notes that the modal age is now 23 in this country. The last time that happened was the early 1980’s.
Currently, unemployment rates for this cohort are in the midst of a 5 year decline, and a 3 year rise in median income.
Unfortunately, Bloomberg Businessweek is not exactly a magazine for the young. So, they’re quick to point out that lifetime taxes from your generation will exceed lifetime transfers by about $200K: someone’s grandmother will enjoy your support. The article has an accompanying image that I’ve linked to here; note the second chart from the left.