Falling Labor Participation Rate ‘Really Troubling’ for the US Economy, Warn Experts
Experts say America’s low participation in labor since the COVID epidemic has been a major problem for its economy.
According to economists, there has been a significant drop in the labor force participation in the United States since the 2020 pandemic.
Many millions of Americans in their prime worked years were forced from their jobs by concerns about their health, adverse reactions to COVID vaccinations, lockdowns and stimulus payments.
Many of the people who left work have not returned to work in three years, alarming experts.
A jobs report from the Department of Labor showed that U.S. unemployment levels fell to 3.4 percent in January, the lowest level in more than 50 years.
“We have an aging population, a decline in labor force participation, an increase in gig economy jobs And… the pandemic caused many to exit the labor force altogether, which has artificially lowered the unemployment rate, said Riley Giauque, an investment adviser, in a tweet.
Economists Worry About Low Labor Participation
Although some economists see the low unemployment rate as a good sign, others were not celebrating the latest figures and fear that there is an approaching social and economic crisis.
“This is what should worry Americans about: Our pathetic labor participation rate. Some Americans are tired of looking OR have decided they do not want to work OR have gathered enough welfare benefits instead. This is a social and economic catastrophe. . .” Dr. Samuel Gregg, a distinguished fellow at the American Institute for Economic Research, posted on Twitter Feb. 9.
Rachel Greszler, a senior research fellow at The Heritage Foundation and a former senior economist at the Joint Economic Committee of Congress for seven years, spoke to Fox Business about the problem.
Greszler said that particular groups such as parents and low-income workers were disproportionately affected at the beginning of the pandemic, but now it has spread to other demographics.
She cited recent data from the U.S. Bureau of Labor Statistics (BLS), that the virus was not the only reason why many older workers left the workforce.
American workers with children at home have n
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