This continues a spate of bad economic news for older people.
The Great Recession has been especially hard on Real Estate and Equities– two of what had been reliable havens for economic security in old age.
Now the labor market for older people is in trouble…
In times of economic downturn, young people often bemoan their job prospects: The ranks of the unemployed swell with people slightly older, more experienced and increasingly willing to work for less money as their time spent unemployed drags on. But for all the difficultly recent graduates have finding jobs in this economy, older unemployed workers have it far worse, as a new AARP study shows.
An analysis of unemployment data from January 2000 to December 2009 shows that the number of unemployed Americans 55 and older increased by more than 331 percent last decade. Importantly, the analysis uses data from the Bureau of Labor Statistics, which does not count people as unemployed if they are retired or if they have ceased to look for work. That means that the more than 2 million Americans over the age of 55 who are unemployed are not retirees – they are people actively looking for work but unable to find any.
The statistics for unemployment duration are even worse for older Americans.
Read More Here
Also the post title is the name of a band– long gone– that I still like…