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Iowa | You’ve got a couple things going on here: first you have boomers retireing- in my personal sphere my parents and in-laws have all retired in the last 12 months - who replaced them? Their children were already working, they have 1 grandkid that’s of age to work part time. Second, you have people working “non productive” jobs. I have multiple acquaintances that are working part time and gaming for the rest of their income, same with tic-tok and youtube - you have enough excess income that people are getting paid to “entertain” others. And third you have the welfare programs, people have no qualms about being “takers” from the government system, you can get food, housing, phones — all you have to do is have something to pay for your car and entertainment and you can live how you want (remember most young people don’t care about wealth or owning a home, just about what they look like to others).
The ironic thing is that because of these things, and demographics, the boomers (who for the most part lived paycheck to paycheck and their wealth was handed to them by parents) are going to loose a lot of their purchasing power. The millennials are probably the biggest benefactor because they will have the ability to earn a lot of money for not a lot of work.
Most economists saw this coming, but it wasn’t ever recognized publicly. Boomers in the west, and an aging society in China will cause everything to get more expensive until it can be done without human labor.
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Why do people not want to go back to work?
