A Face-Off for Jobs - Young v. Old as Opportunities Wane
March 31, 2009
The New York Times reports that a generational battle for jobs is forming as older workers compete against job applicants in their twenties for entry level employment. The unemployment rate, now at a 26 year high, has led older workers to compete for jobs similar to those that they held a half-century ago. Many of the older workers have delayed retirement due to plummeting 401(k)s, soaring health care costs, and social security benefit rates that can hardly make ends meet. The article contends that the battle is being won largely by the older workers. In support, the latest reports from the Bureau of Labor Statistics reveal that the number of employed workers ages 16 to 24 has fallen by two million over the last two years, while the number of Americans age 65 and older who are working has risen by 700,000.