Nice chart today from Bloomberg Briefs suggesting that we have structural problems in the labor market post-credit crisis.
The income gap based on education levels is well established; there is also a low-wage bias in the economy – we seem to be creating more of the low skill, low wage jobs than we were previously.
This substantial labor slack has persisted since the 2007-2009 recession. It appears that some people are making the decision that rather accept low paying jobs or doing “menial” labor, they prefer to not work at all. Hence, the declining labor pool.
These changes have potentially large ramifications — in such varied areas as inflation, social security and even retail sales.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.