No, I'm not talking about Obama. I'm talking about 4 more years before the economy hits bottom
The changing composition of the workforce, which began with the massive layoffs circa 2008 and which continues, has the following primary drivers:
- Discouraged workers of all ages are dropping out;
- Many older workers are going to hit retirement age and be out of the workforce without having retired from their job, since they won't have had a job for much of the period between the beginning of the Second Depression and when they finally officially "retire";
- "Involuntary self-employment" and "perma-part-time" become the reality for a large chunk of the population who are otherwise considered "too old";
- The definition of "too old" continues to trend downward, now being someone in their mid to late 40s for many jobs;
- Off-shoring will continue as developing countries down-price their labour forces due to price pressure;
- The divide between haves and have-nots will continue to grow, as will the assault on the middle class;
- Most education will be seen as not worth the debt - especially when interest rates start to rise.
As for the election? It really doesn't make a difference to this discussion. Some problems can only be worked out by letting events run their course.