http://www.bloomberg.com/news/2011-05-25/more-americans-need-to-work-and-to-marry.html
America has long channeled the spirit of its industrious, fertile Pilgrim forebears by working long hours and having many children. Yet since 2006, the number of adult Americans who have never married has risen by more than 5 million. And since 2007, the number of employed Americans has fallen by 7 million. Is the economic slump turning America into Europe?
The bottom line is that in 2010 there were 7 million fewer employed Americans than in 2007. Over the same period, the number of people not working increased by 13 million. So the size of the labor force declined in a country with a growing population, which indicates large numbers of people stopped looking for work altogether.
It’s possible, in fact, that Europe’s stubborn unemployment has added to its demographic challenges. Low marriage rates typically lead to low fertility rates, which ultimately mean declining populations. Population growth is needed to finance social programs, such as Medicare and Social Security. If America’s low marriage rates lead to lower birth rates, we may have even more trouble supporting our social programs, unless immigration continues to pick up the slack.
America has long channeled the spirit of its industrious, fertile Pilgrim forebears by working long hours and having many children. Yet since 2006, the number of adult Americans who have never married has risen by more than 5 million. And since 2007, the number of employed Americans has fallen by 7 million. Is the economic slump turning America into Europe?
The bottom line is that in 2010 there were 7 million fewer employed Americans than in 2007. Over the same period, the number of people not working increased by 13 million. So the size of the labor force declined in a country with a growing population, which indicates large numbers of people stopped looking for work altogether.
Europe’s Demographic Trap
It’s possible, in fact, that Europe’s stubborn unemployment has added to its demographic challenges. Low marriage rates typically lead to low fertility rates, which ultimately mean declining populations. Population growth is needed to finance social programs, such as Medicare and Social Security. If America’s low marriage rates lead to lower birth rates, we may have even more trouble supporting our social programs, unless immigration continues to pick up the slack.
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