"Technobarbarian" <
Technobarbar...@gmail.com> wrote in message
news:jo688h$kti$1...@dont-email.me...
I could just as easily take this example from a recent headline and
use to claim everyone *wants* to work.
<
http://www.washingtonpost.com/national/48-philadelphia-transit-workers-all-still-working-after-winning-172-million-jackpot/2012/05/04/gIQAnMjZ1T_story.html>
"PHILADELPHIA - Four dozen Philadelphia transit agency workers who won a
$172 million Powerball drawing are all still working and don't intend to
change much about their lives despite becoming millionaires.
A pool of workers at the Southeastern Pennsylvania Transportation Authority's
headquarters scored the winning ticket in the April 25 multi-state lottery.
They purchased the ticket at a newsstand across the street.
Though the annuity payout of 30 annual installments was $172 million, the
group decided to take a one-time cash payout, reducing their windfall to a
mere $107.5 million. Split 48 ways, it amounts to a little more than $2.2
million each before taxes.
Most of the "SEPTA 48," as they call themselves, attended a news conference
Friday at the agency's headquarters to smile for cameras with a giant
ceremonial check for $107,533,278.27 from Pennsylvania Lottery officials.
The real thing will be in winners' hands in four to six weeks, lottery
executive director Todd Rucci said.
All who spoke expressed gratitude for the security the windfall will provide
their families, but said they don't plan to make any drastic alterations.
"I will still bring my lunch every day," said winner Bryant Vaders with a
smile. "My wife makes a lovely lunch for me."
There are technically 49 winners because two co-workers split the $5
per-person buy-in for the office pool. They will split their $2.2 million
share.
The enviable crowd ranges in age from 26 to 69 and has logged SEPTA tenure
from less than a year to 42 years. They work in a variety of departments.
They declined to give specifics on their job titles but said none of the
winners currently works as a driver.
They come from "culture, backgrounds, heritages ... as varied as the
customer base we serve," said winner Robert Landgraf of suburban Abington."
[snip]
This also ties in with something else I was reading recently.
http://www.washingtonpost.com/blogs/ezra-klein/post/the-incredible-shrinking-labor-force/2012/05/04/gIQANXAy1T_blog.html
"The incredible shrinking labor force
Posted by Brad Plumer at 04:53 PM ET, 05/04/2012
If the same percentage of adults were in the workforce today as when Barack
Obama took office, the unemployment rate would be 11.1 percent. If the
percentage was where it was when George W. Bush took office, the
unemployment rate would be 13.1 percent.
That helps explain a seeming contradiction in the unemployment numbers - the
rate keeps dropping even though job creation has been soft.
In April, the U.S. economy added a mere 115,000 jobs, according to Bureau of
Labor Statistics data released Friday. In a normal month, that would not
even be enough to keep up with new entrants into the labor market. But in
this economy, it was enough to drive unemployment from 8.2 percent down to
8.1 percent, the lowest point since January 2009.
The explanation is a little-watched measure known as the "labor force
participation rate." That tracks the number of working-age Americans who are
holding a job or looking for one. Between March and April, it dropped by
342,000. But because the official unemployment rate counts only those
workers who are actively seeking work, that actually made the unemployment
rate go down.
Critics of the Obama administration have been quick to seize on this as the
real reason for the falling unemployment rate. In February, the Republican
National Committee released a research note on "The Missing Worker," arguing
that "over 3 million unemployed workers have called it quits due to
Obamanomics."
Economists say the story is considerably more complicated. For one thing,
the trend predates President Obama. And while part of the story is clearly
that the labor force is shrinking because the bad economy is driving workers
out, another significant factor is that baby boomers are beginning to retire
early - a trend that has worrying implications for future growth.
An accelerating trend
The percentage of Americans in the labor force has been declining for more
than a decade. In January 2000, 67.3 percent of Americans had a job or were
actively seeking work. By 2007, just before the recession, that had fallen
to 66 percent. In January 2009, the month Obama assumed the presidency, it
was 65.7 percent. Since then, it has fallen to 63.6 percent, a level not
seen since the first year of the Reagan administration.
The implications for returning to what economists call "full employment" are
significant. According to calculations by Michael Greenstone of the Hamilton
Project, if the labor force grows by 90,000 a month, then an economy
creating 200,000 jobs a month would take about eight years to return to full
employment. If the labor force grows by 125,000 a month - plausible if
discouraged workers begin returning to the labor force - it will take almost
14 years to return to full employment.
The 'discouraged worker' story
It's easy to see why some workers would, in the current environment, get
discouraged and stop looking for work altogether. There are about 3.7 job
seekers for every available opening.
"We're not going to see the labor force tick back up until there are enough
opportunities that the people who enter aren't faced with months of
fruitless job searches," said Heidi Shierholz, an economist at the Economic
Policy Institute.
Once the economy improves, the theory goes, more workers will start
searching for jobs and the unemployment rate will go back up.
The more worrying possibility is that workers discouraged by bleak job
prospects will find themselves unable to return to the labor market even
after it improves. About 41 percent of the unemployed have been out of work
for more than 27 weeks, and economists have found that as workers remain
jobless for extended periods of time, their skills erode, their work
contacts move on, their motivation wanes and they have difficulty returning
to the labor force when the economy picks back up. They move from being
unemployed to being almost unemployable.
The 'demographics' story
But a number of economists are arguing that the recession is distracting
people from the real story - long-run demographic trends that have nothing
to do with the current economy. Baby boomers are starting to retire en
masse, which means that there are fewer eligible American workers.
Demographics have always played a big role in the rise and fall of the labor
force. Between 1960 and 2000, the labor force in the United States surged
from 59 percent to a peak of 67.3 percent. That was largely due to the fact
that more women were entering the labor force while improvements in health
and information technology allowed Americans to work more years.
But since 2000, the labor force rate has been steadily declining as the
baby-boom generation has been retiring. Because of this, the Federal Reserve
Bank of Chicago expects the labor force participation rate to be lower in
2020 than it is today, regardless of how well the economy does.
In a March report titled "Dispelling an Urban Legend," Dean Maki, an
economist at Barclays Capital, found that demographics accounted for a
majority of the drop in the participation rate since 2002.
A smaller workforce means less growth
And what about the most recent downturn? Based on survey data, Maki found
that about 35 percent of Americans who have dropped out of the labor force
since the recession began in 2007 do want a job, but they have become too
discouraged to fire off résumés. That's a sign of a weak labor market. But
the other 65 percent are people who have left the labor force and do not
want a job. The biggest chunk of that group seems to be composed of baby
boomers, those 55 and older, who have decided to retire early."
[snip]
TB