Im in the prime working age and if I didn’t have responsibilities (mortgage, health insurance, dependents etc.), I’d quit today and not participate for at least a couple of years. Corporate treatment of workers has deteriorated at an unprecedented rate since Covid and based on my anecdotal evidence we probably have a national level burnout and depression epidemic that no one is talking about or looking into. Most people I talk to in my age group are experiencing the same feelings.
What's Behind the Sharp Drop in Labor Force Participation?
11–20 of 88 posts
Re: What's Behind the Sharp Drop in Labor Force Participation?
#12In south Europe it has been the case for like 20 years. The answer is simple. Businesses don’t pay enough.
People prefer cutting expenses and expectations (nobody in their 30-40s buys a house for example). Businesses cannot find labor or customers. So it is a downward spiral.
Everyone loses.
Re: What's Behind the Sharp Drop in Labor Force Participation?
#13Anecdotal evidence, but more than half of my friends that grew up: 1. middle upper class 2. college educated at a top 75 college 3. tall, decent looking are just not working regular corporate 9 to 5s and get by with consulting, small businesses, living off parents, living off nothing, scammy startups w2 9-5 is straight up not worth it, even in the 150-300k range
how are any of those premises connected to the conclusion?
people that are able to work "good jobs" are choosing not to
Re: What's Behind the Sharp Drop in Labor Force Participation?
#14In south Europe it has been the case for like 20 years. The answer is simple. Businesses don’t pay enough. People prefer cutting expenses and expectations (nobody in their 30-40s buys a house for example). Businesses cannot find labor or customers. So it is a downward spiral. Everyone loses.
Depending on EU country employment contract is impossible to get, or while having it you are a workhorse ruthlessly lashed to sponsor and support everyone from "poor underprivileged" to rich unwilling to pay their share, and entire legion of people in-between with more or less social and retirement priviledges. Europe killed employment.
Re: What's Behind the Sharp Drop in Labor Force Participation?
#15> Still, this rate merits carefully watching in coming months; a continued decline may signal a deeper change in the behavior of workers in this critical age group. I know I'm speaking from a rather (somewhat) privileged position. I myself don't consider working beyond 50 years of age. I have lived frugally/minimally and am confident that (unless WW3 happens or some sort of unexpected global catastrophe arrives) I ca…
I bailed out at 50 while fully employed and making a ton of money in big tech - I was not laid off, I simply let my manager know, found a replacement and walked away. I have kids but I saved enough for healthcare, housing etc. I worked my ass off and lived very frugally to get here. Yes, I would be screwed if WW3 comes along, but who wouldn't? That comfy Big Tech job would vanish pretty quickly too.
I have no desire to keep working for random "Mikes" and "Bobs" in upper management that only care about their bonuses and stocks. Not in Big Tech, not in random startups, not anywhere else. "Mike wants this", "Bob wants that"... Gosh, I couldn't care less about their "direction"!
My days are now full of self-imposed challenges and interesting projects. Am I in the labor force? I guess so, but I'm working for me and humanity now.
Time is the most precious asset we all have, folks.
Re: What's Behind the Sharp Drop in Labor Force Participation?
#16Im in the prime working age and if I didn’t have responsibilities (mortgage, health insurance, dependents etc.), I’d quit today and not participate for at least a couple of years. Corporate treatment of workers has deteriorated at an unprecedented rate since Covid and based on my anecdotal evidence we probably have a national level burnout and depression epidemic that no one is talking about or looking into. Most peo…
Looks like trickling up of the covid money is definitely complete now.
Re: What's Behind the Sharp Drop in Labor Force Participation?
#17In south Europe it has been the case for like 20 years. The answer is simple. Businesses don’t pay enough. People prefer cutting expenses and expectations (nobody in their 30-40s buys a house for example). Businesses cannot find labor or customers. So it is a downward spiral. Everyone loses.
Depending on EU country employment contract is impossible to get, or while having it you are a workhorse ruthlessly lashed to sponsor and support everyone from "poor underprivileged" to rich unwilling to pay their share, and entire legion of people in-between with more or less social and retirement priviledges. Europe killed employment.
Beyond clear the latter is far more at fault than the former.
Re: What's Behind the Sharp Drop in Labor Force Participation?
#18I talk to a lot of people in the Metro NY area. One problem here is -- if you need to commute into Manhattan (job center) -- it demands a certain salary, below which commuting in is a net-loss. Rent is $2000/mo. If you have a family and cannot have multiple roommates, you might be looking at $4000/mo.
"if you cannot afford it, stop complainingb and live elsehwere" they say...sure...but a commuter train into Manhattan can run you $30-50/day. Add in parking at the commuter train station and you're down about $60 or more a day.
Now suppose you eke out some net saving -- you've unqualified yourself from medicaid health insurance now. Your net savings may not even pay for your medical deductible.
There are a lot of reasons to just not bother unless the salary can get beyond all these hurdles.
Re: What's Behind the Sharp Drop in Labor Force Participation?
#19In south Europe it has been the case for like 20 years. The answer is simple. Businesses don’t pay enough. People prefer cutting expenses and expectations (nobody in their 30-40s buys a house for example). Businesses cannot find labor or customers. So it is a downward spiral. Everyone loses.
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Re: What's Behind the Sharp Drop in Labor Force Participation?
#20Im in the prime working age and if I didn’t have responsibilities (mortgage, health insurance, dependents etc.), I’d quit today and not participate for at least a couple of years. Corporate treatment of workers has deteriorated at an unprecedented rate since Covid and based on my anecdotal evidence we probably have a national level burnout and depression epidemic that no one is talking about or looking into. Most peo…
Looks like trickling up of the covid money is definitely complete now.
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