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It's bad enough that Baby Boomers are falling into the ranks of the unemployed at an alarming rate. But what's worse, according to an AARP survey, is that they are likely to stay unemployed longer or just drop out of the workforce altogether.
"Long-term unemployment tends to be a greater problem for older job seekers than their younger counterparts," says a report from the AARP Public Policy Institute.
According to December 2008 labor statistics cited by the report, 32 percent of job seekers aged 55 and over remained unemployed for 27 weeks or more. Compare that to 23 percent of those ages 25 to 54, and 18 percent of those under age 25.
Here's a snapshot of what the AARP found:
- At the end of December, there were 11.1 million unemployed men and women ... 1.4 million were at least 55 years old;
- The number of newly unemployed in December increased by 632,000 ... about 60,000 were 55 and older;
- Men accounted for 60 percent of that December increase;
- The December unemployment rate for the 55-plus workforce was the highest monthly rate it has been since October 1992.
Statistically, the over 55 workforce unemployment is running at a lower rate than other age groups.
But there's a concern that once unemployed, the Baby Boomers are just dropping out of the workforce for good.
"Many older workers who lose their jobs drop out of the labor force rather than continue what can be a long and fruitless job search. Some of them say that they would like to be working, even though they are not looking for a job," said the AARP report.
"The number of older persons classified as discouraged by the Bureau of Labor Statistics nearly tripled from December 2007 to December 2008, rising from 53,000 to 154,000."
Comments
As we came of age -- leaving adolescence and entering adulthood -- we confronted the disaster of the Vietnam War. Now, as we begin to slip into retirement, we confront a nasty economic disaster.
Both of these horrors were people-made, made by arrogant and greedy Americans. And like the first calamity, this economic one will have a great impact on the Boomer generation.
The lesson of Vietnam was our leaders, whether Democrat as in the Johnson administration or Republican as in the Bush administration, do not always know what is best and will not always defend our interests.
It seems in our fast moving society we put so much emphasis on learning what is new, we forget to remember what is old.
When we dealt with the recession of the late '70's my fellow actor friends and I were able to comfort our frightened pals in the business world who were experiencing their first experiences of unemployment. After all, that was our life . . . going from job to job and living through long periods of unemployment. We knew that being young and resourceful, we could and would bounce back.
Now we are all more grey, more scared, and less solvent. Many in the arts had left their dreams, thinking that at least we would be safe in other fields. Hah! No such luck.
I'm 64---32yrs as prog./analyst, 6+ yrs owning/running my own art gallery, been unemployable since jul08!!!!!!!!(as I will NOT flip burgers for $5/hr). going to lose my house, car, used up most of my assets.
Baby Boomers
All this couldn't have waited 5 more years? In the spring of 2007 I had 25 years in the mortgage business under my belt, my wife and I with a reasonable amount in 401K, a home with $250,000 in equity. Then the mortgage business nationwide collapsed and good-bye job. Today at 62 I have had difficulty finding a position even close to what I made. I have gone though most of our 401K money to survive and the value of our home is down to 150,000 in equity. As a baby boomer born in 1948 there must be millions of Senior Americans in the same boat. This couldn't have waited till I got to Medicare and Social Security?
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