Are Older Workers Hogging All the Best Jobs?

According to the Pew Research Center, about 10,000 baby boomers -- those born between 1946 and 1964 -- have been turning 65 each day for nearly three years now. No doubt many of those are celebrating that milestone by retiring from their jobs, but others are continuing to work -- either through choice or need.

On the face of it, that seems like a heck of a lot of new jobs should be opening up, yet unemployment sits well above the 7% mark. Worse yet, young people have uncomfortably high unemployment rates: 21.4% for those 16 to 19 years old, and 12.9% for those aged 20 to 24. For those aged 55 and over, however, the jobless rate is a mere 5.3%. 

This discrepancy looks even more glaring when recent studies report that almost half of recent college graduates are working at jobs for which they are grossly overqualified -- jobs that that don't even require a college degree. Conversely, the middle-aged crowd exhibits a high level of enthusiasm for their work, with nine out of 10 respondents aged 50-plus telling Associated Press pollsters that they are satisfied with their jobs. The AP notes that, overall, older workers typically feel happier in their work than younger workers do.

Are retirement-aged workers staying in the workforce longer, thereby keeping good-paying, satisfying jobs out of the grasp of younger wage earners? It's a complicated question, but even though older people are working longer, that isn't necessarily the reason younger workers are being left high and dry, in terms of employment.

A changing economic landscape is extending work lives
For some, increased human longevity is part of the reason the're working past their planned retirement date. As the population ages, the Social Security Administration has been steadily increasing the age at which retirees may access full benefits. For example, while people born in 1937 or earlier may retire and collect their full allowance at age 65, those born in 1960 or later will have to wait a full two years more for the same benefit.

More importantly, the financial crisis took its toll on older workers' retirement portfolios, in addition to taking a bite out of home values. A recent survey of employed persons aged 50 and over showed that the average retirement age of 57 prior to the downturn has been pushed up by five years to age 62 following the recession. Over 80% of respondents thought they would have to continue to work, in some capacity, after their retirement.

Another issue concerns the skill level of these experienced workers. In many states -- particularly in the Northeast -- the percentage of skilled workers 45 and older tops 60%. Nationally, nearly 19% of skilled tradespeople are between 55 and 64. This makes them very valuable to employers, who are beginning to institute incentive programs to encourage older employees to stay on beyond retirement age.

Does this trend impact younger workers?
The foregoing would seem to indicate that fewer skilled, decent-paying jobs are becoming vacant as new workers come into the workforce, squeezing out new, younger employees, but that doesn't seem to be the case. A study administered last year by the Pew Charitable Trusts shows that the "lump-of-labor" theory, which posits that delayed retirement by the baby boomer generation would "crowd out" new workers, doesn't hold water.

In actuality, the Pew Study found evidence that every time baby boomers' employment rate increased by 1% during the latest recession, young workers' hourly pay rose 0.28%. Taking the longer view, the study looked at data from 1977 to 2011 and came up with similar findings: The same 1% rise in boomers' employment spurred a 0.10% drop in youth unemployment, a 0.21% increase in younger workers' employment, and a 0.13% boost in their weekly work hours.

So while the young are having trouble lowering their unemployment rate, their troubles can't be linked directly to the baby boomers. A couple of issues are worth noting, however. One is that companies are loath to train workers once they are hired and prefer to either keep workers that are already trained or hire only those that they feel can hit the ground running.

The other is that colleges may not be preparing young workers adequately for the workplace, something that employers have been griping about for some time. Considering the rate of unemployment and underemployment plaguing the young these days, I believe that they would be likely to concur.

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  • Report this Comment On November 10, 2013, at 10:33 AM, mobadthangood wrote:

    No they aren't hogging the jobs.

    They are surviving just like everyone else in this ruined economy. They are afraid of whats going to happen.

  • Report this Comment On November 10, 2013, at 10:36 AM, 64Carmen wrote:

    Well since, all the young people voted for Obama by a large majority, many of us older folks, have to keep our jobs. Hey thanks young folks for also subsidizing our obamacare. So enjoy your job!

  • Report this Comment On November 10, 2013, at 10:37 AM, beachbumct wrote:

    It's all connected. The economic conditions drive older folks back into the market to take the teen jobs. Other skilled workers are working down, and on part time jobs to make ends meet on a standard of living that they can no longer afford, further removing marketable jobs..and that further reduces the available jobs. While employers are holding off hiring in favor of forcing workers onto part time no benefit jobs. Higher echelon employers are skirting the American workforce to import lower waged slave employees under the premise there aren't avaible sklilled American workers...all this goes on with the blessing of corporate America-Govt backed transition to corporate feudalism...where rights are no longer a concern. Is it any wonder the only voice of the AMerican working class ..unionism..is being attacked by Govt and corporate owned media? WHile it has it's bugs to be worked out, It's your ONLY voice as corporations collude ALL the time WITH the Federal Govt kids. Ever wonder why if America is the leading exporter of gas and oil..why YOU are being gouged into paying well over market value? America's(YOUR) resources are being spent to line the pockets of the govt-corporate collusionists..and they DON'T give a rat's a$$ about you..or the enivironmnt

  • Report this Comment On November 10, 2013, at 10:49 AM, jjbb wrote:

    Young people are immature and cause too much drama. Older workers are more experienced, responsible and flexible making a better choice for employers.

  • Report this Comment On November 10, 2013, at 11:00 AM, mudco wrote:

    maybe because the older folks aren't texting, tweeting, or face-booking all day instead of working.

  • Report this Comment On November 10, 2013, at 11:05 AM, Jimza1Skeptic wrote:

    A MF article 2-days ago told us old people to keep working until 70. This one bounces around saying old people need to retire, and then says maybe old people sticking around is not causing the problem. Maybe MF needs some editorial direction.

  • Report this Comment On November 10, 2013, at 11:13 AM, 48pauld wrote:

    I am surprised at Motley Fool. Here's another example of the media trying to pit one segment of society against another. No good jobs for the young people, so it must be the fault of the older generation.

    Exploitation and sensationalism at it's finest.

  • Report this Comment On November 10, 2013, at 11:26 AM, OldVet72 wrote:

    Well ain't that just too bad. What are we supposed to do? Thanks to the corporate influence on the federal government over the past 30 years, all but a few industries have scrapped pensions in favor of poor-performing 401K's or no pension at all. The truism that corporate loyalty is a one-way street is more firmly engraved in stone today as it ever was. I had to compete, sacrifice and study to get where I am today and it is still not where I want to be. If the younger workers were so disappointed in their job prospects, they should not have reelected those who have brought Socialism to the table but embraced the capitalist.

  • Report this Comment On November 10, 2013, at 11:39 AM, huck58 wrote:

    I work in a small shop of 17 people. We have two employees under 30, the rest including myself are 52 to 68. Old farts, loyal, dependable, employees. But it ends there. We are forget full, slow, and the company gets about 5 hours of productivity a day out of us on average. The young guys basically do all the work. My jist is, four of the employees, all over 60, all having in excess of $1million in pension and 401k, refuse to quit. Loyalty? Good work ethic? No, greed , bull headed, accident prone, lazy, self centered, a sense of, it is owed to them for the years of service. And the fact they don't have a life outside of the work place. They need to retire and make room for the young folks.

  • Report this Comment On November 10, 2013, at 11:44 AM, huck58 wrote:

    Anyone remember 20 years ago or less. The press constantly reported that there will be a future work force shortage of skilled workers? I remember it well. Made me proud to be an older dependable worker. Skilled labor. Corporate America was facing a shortage. Well guess what? Corporate America simply made retirement out of reach, canceled pensions, no returns on 401ks, basically broke us down and forced us to work longer. We are slaves to the system and a captive workforce.

  • Report this Comment On November 10, 2013, at 11:49 AM, PigletOctopi wrote:

    This is a non article. If you read it through all it is saying it just doesn't know anything except baby boomers = bad. I really thought the MF was above this liberal leaning media, but apparently not. This is the second article that I have read by the MF that has a negative slant toward baby boomers. Next they will be implying that everyone over 65 should just go away permanently and not bother the rest of the population. Watch out MF you will be in that category soon too.

  • Report this Comment On November 10, 2013, at 11:52 AM, disappointedone wrote:

    This article makes a compelling argument for why America desperately needs more good jobs. Maybe some day our president will make that a real, earnest priority instead of pitting generation against generation, class against class, party against party and American against American.

  • Report this Comment On November 10, 2013, at 11:52 AM, lovelyRN37 wrote:

    I know that this is a serious problem in the health care field. I became an RN in 2012. I have not been able to find full time work. Everyone wants more that 2 years experience, and even with that you can be denied if you're up against an older nurse with more than 10 years experience. To the older nurses, Please Please retire so that us younger RN's can find a job to feed out growing family. You have had your time. Your children are now able to fend for themselves, they are now on their own. Give us a chance to raise our families. I'm an RN and on public assistance because I am working as a medical assistant making close to nothing, and when my agency finds me an RN assignment it's not enough to feed my family. It should not be like this. I worked so hard in school to obtain this degree. It's not fair, and I do not want to depend on the government for the rest of my life or until my children grow up. That's why I obtained the degree. New grads are continuously told that in order to get the job the need "experience," but how can you get "experience" when no one is willing to give it to you.

  • Report this Comment On November 10, 2013, at 12:06 PM, dragonlots wrote:

    You know, I could have made the same complaint when I was young. I spent years working menial service jobs before I moved up to better ones.

    The funny thing is, now that I'm older, the only jobs employers will hire me for are either commission sales or menial service jobs.

    So basically, this article is one of the silliest things I've read.

  • Report this Comment On November 10, 2013, at 12:08 PM, quilt1 wrote:

    I worked long and hard to move up through the ranks in my job. I EARNED the right to be here and no matter how old I get this job will always be mine. It's a good job, an easy job and pays very, very well. I like the people I work with and they like me. Why should I retire before I am ready?? If some wet-behind-the-ears college kid thinks I am going to step down so they can walk into my spot they have another thing coming. If that is being selfish, then crown me your queen.

  • Report this Comment On November 10, 2013, at 12:15 PM, lovelyRN37 wrote:

    This is a Note to Nurse recruiters. You continuously close the door on us new graduate RN's especially in hospitals. Your problem will be when these older nurses do retire or die out, and when you need us you will be hiring a bunch of nurses with No experience, because you refused to give us this experience. When that eventually happens I could imagine the money you will have to spend in order to teach these new graduates you turned away and refused to train with the older nurses you have now on board. It's a disgrace, and a pitiful shame. I have schoolmates who are still out of work 2 to 3 years after graduating from nursing school, one of them even has her masters degree in nursing. We are sick and tired of being told No No No No No No!!!! It's hurtful, because many of us have turned to government help. I had to move back into my mother's house with my daughter. We are sleeping on my mother's floor. I cry every night, and it's sad because I made the right decisions in life. I have a degree with No full time job to feed myself and daughter. These nurse recruiters see us new grads in their office when going for a job interview but when they find out we have no experience they close the door but they don't see what we are going through at home. After they close the door on us we go back home to sleep on the floor, to go to the government for help in humiliation, to rely on family members who are having money problems themselves, to children who are looking up to us to feed, and we can't even feed ourselves. It's sad, and I hope a nurse recruiter reads this and have a change of heart to accept these new grads. Give us the experience so that we can move on in life. Right now I feel stagnant

  • Report this Comment On November 10, 2013, at 12:20 PM, alongoria44 wrote:

    What new in this world with this person running our country, you voted for him and now you are saying it because of older worker staying on the job longer, well keeping us working because their is no outlet to retire then those younger working should take what out there and work until they can find a job for their level. There are JOBS to start (to many JOBS) while waiting to do what our older worker done. I had two JOBS until I retire but that was not enough, I went back to work due to the person you elected to run our country and took me to the cleaners and now I am working again.

  • Report this Comment On November 10, 2013, at 12:32 PM, christorp wrote:

    I can see why older workers have to work because they don't have pensions and have no retirement saved up. I have issues with people like my dad that is making over $8000 a month in two government pensions and working another federal job at the age of 70 when he doesn't need the money.

  • Report this Comment On November 10, 2013, at 12:34 PM, CatAssTrophy wrote:

    While the older employment rate might not be increasing the youth unemployment rate, many workers nearing retirement age, expect to need to work until they are 80. This means that older people will hang onto better paying jobs as long as they can. This creates a loss of better paying jobs for young preople. Most young people I know with degrees, are working jobs, usually 2 jobs, that should only require a High School dimploma. This is for 2 reasons, first college has been oversold and subjected to corporate greed. The price of college has skyrocketed, young people are told they will never get a job without a degree, and the educational quality of college has been lowered, because the public school system is turing out H.S. graduates that must first take remedial writing and math before they can even enroll in real college classes. The second reason is older people are hanging on to the few decent paying jobs left. Their retierments were stolen in the 2007 collapse and their endangered social security is a political pawn and money chest for the corrupt congress and executive branch. Until older people can feel safe that they won't spend their last few years on the street, they won't want to leave good paying jobs. This leaves young people stuck with crappy jobs, and no chance of better paying jobs in sight. Social Security needs to be improved. Benefits must increase to an above poverty amount, a guaranteed income for every citizen over 65, so they can live in dignity, regaredless of their work history. This wouldn't cost that much, and could be paid for by congress repaying the funds taken from SS and removing the $115,000 cap on wages subject to SS taxes. Then older workers could retire without worry, and younger workers would gain better employment opportunities.

  • Report this Comment On November 10, 2013, at 12:43 PM, peterwolf wrote:

    'Hogging all the best jobs' ?? Certainly not in the private sector,, where companies practically push you out the door starting at about 55 years of age. No, all the 'best jobs' are being hogged in the PUBLIC SECTOR. Just look at the California State Assembly. The average age of them is what you normally see in a home for memory loss patients. These people simply cannot be voted out of office !! They're fossils. So, if 'hogging all the best jobs' concerns you, then take a look first at your elected officials.

  • Report this Comment On November 10, 2013, at 12:45 PM, saidnuff wrote:

    the younger workers are living with MA @ Pa and getting lots of free stuff. WHY WORK?

  • Report this Comment On November 10, 2013, at 12:52 PM, richfsr wrote:

    "Hogging all the good jobs"? I can't believe you said that. Older workers are being forced to continue working. Higher taxes, food, utilities each year have driven us to stay working or go back to work. Do you really think Social Security is all we need today? That doesn't pay many of our rents or mortgages these days. Let alone food and clothing. And based on the work ethic of the "younger generation", I can see why companies would rather keep their older workers.

  • Report this Comment On November 10, 2013, at 12:59 PM, Jimza1Skeptic wrote:

    What we really need to understand is that the MF has turned from a legitimate financial information provider, to a uncontrolled blog. Just reviewing the "writers" profile, you will see she is young, untrained blogger throwing out an opinion.

  • Report this Comment On November 10, 2013, at 1:01 PM, Olga wrote:

    I'm a mid person going on my job for 29 years and what I see in these day the younger generation want to work but want work when they want High pay rate and do less..... Start at the top it's okay when you have the work expirience ...my judgement is what I see at my job and see my girls talking about there jobs .....I work in what hours and days I'm given can't complain need my job . As a single mom with 4 daughters and no assistance from welfare and just family support I've done good . Live by myself . ONE JUST NEEDS TO KNOW WHAT THEY WANT DO TO FOR THEMSELVES TO DO GOOD IN LIFE ......AND HAVE FAITH

  • Report this Comment On November 10, 2013, at 1:10 PM, Jimza1Skeptic wrote:

    I am baffled by the comment from people complaining about 401K being bad. Sure it goes up and down. But right now mine is over $1.2 million. Steady investing in good and bad times always grows in the end. You have to invest in high growth/ risk when young, and slowly dial it back right around 50 and total safe at 60.

  • Report this Comment On November 10, 2013, at 1:15 PM, Darrell123 wrote:

    Your numbers are false, maybe there's a high percentage of older workers who are working, but if you looked at the numbers of older workers who were laid off, companies who folded and older workers who are looking for jobs, it's just as bad if not worse for older workers who are looking for jobs

    It's just the same, your over qualified, you've been out of work and lost your skills (that is the stupidest excuse I've heard) yeah after 2 months I don't even remember my name or how to tie my shoes, or walk even

  • Report this Comment On November 10, 2013, at 1:41 PM, altha2008 wrote:

    older people have to work because their kids are too sorry to even look for a job.

    Most of the older people now have grown kids and almost grown grandkids still living at home.

    I got tired of it one day. my wife and I are retired. we have 3 grown kids with grand kids living at home. all they want to do is watch TV, stay on the computer, and eat.

    I cut off the cable except in our room, change the internet to work in only our room.

    I mad each of them go and stand in food lines for their food or they was going to be limited to one meal a day.

    I told them within 4 weeks to get a job or else. They asked if I was going to kick them out. I said I was but not like you thank.

    At the 4 weeks none of them got a job. told them all to be up and ready by 6:00 am the next morning.

    had them make a bag lunch the night before.

    They got up and I told them I have gotten them jobs that I will be taking them to it each morning at 6;00 am and I will pick you up that afternoon at 6;00 pm.

    I took them to HOME DEPOT. They asked where are the jobs. I pointed out to the day labors who where standing out there. Told them their. Now get out and get a job.

    They all started fusing. I told them that these Mexicans here are making more money then you are. NOW GET THE F OUT. or the police will be at the house to make you leave.

    First, day 2 of them got construction jobs,

    the other one got a cleaning job.

    within 2 weeks two of them got jobs, the other one went back to school to be a CPA

    I took 25% of their money each time they got paid for their portion of the bills of the house.

    now one is thanking about moving out.

  • Report this Comment On November 10, 2013, at 1:46 PM, syzygysyzygy wrote:

    dont make any mistake about it illegal age discrimination is rampant and feds do nothing to enforce it

    Its a capitalist society and feds are owned by capitalists

  • Report this Comment On November 10, 2013, at 2:05 PM, Grathan wrote:

    Each generation has had to do with less and less as the world populates more and more. It's unfortunate that so much is required of the baby boomers.

    I used to look at them with envy. %30 annual stock market returns, cheap gasoline and food. But really they've had to watch the world slip away as it peaked the generation before. Jobs we're shipped overseas, pensions disappeared. Sure a couple got lucky, but how secure do you feel with "yours" when so many around you have none?

  • Report this Comment On November 10, 2013, at 2:06 PM, blindfaith415 wrote:

    @LovelyRN

    My sister in law is also a nurse. She spent much time researching the field before enrolling in school and knew she would need experience before getting a hospital RN job post graduation. She began volunteering at the local children's hospital 4 hours a week. This way she got to know the staff and how the hospital operated. When a paying job for a part time nurses aide came up, still just 4-8 hours per week, she got the job. This is while going to nursing school full time and working full time at a grocery store. After she took her nursing boards, it took all of 60 days for her to get a full time nursing job in the ICU step down unit at another local hospital...why? Because she had 4 years of experience! She is 23 and has been a full time working nurse for just over a year.

    Here is the problem...people want these great jobs without really being qualified for them. Just because someone has a degree doesn't mean they are prepared to enter that field at the top rung of the ladder. Go work in a nursing home for a year or go volunteer at your own local hospital. It's called starting at the bottom and working your way up.

    I am sorry that you had to move back home and are now struggling to feed your child. Question: where is your husband during all this? Let me guess...you were not married to baby daddy and now is he barely in the picture if at all. You had a child, even though you had no sustainable way of caring for it financially. You are the one who made a poor life choice. Now you are trying to blame an outside party because you can't find sufficient employment and leaching off the government teat no less.

  • Report this Comment On November 10, 2013, at 2:07 PM, swami01 wrote:

    older workers are hired by companies because they are on medicare and do not need medical insurance and will work for less because they have a pension and social security with no kids in the house that they paid nothing for back in the 60's . congress needs to change the social security laws if you collect ssi then you must not work or own a business. most old people are greedy.

  • Report this Comment On November 10, 2013, at 2:38 PM, luckyagain wrote:

    "For example, while people born in 1937 or earlier may retire and collect their full allowance at age 65, those born in 1960 or later will have to wait a full two years more for the same benefit."

    So a government policy meant to make Social Security more solvent, is having unintended consequences. When Social Security was started during the Great Depression, one of the prime reasons to free up jobs for younger workers. Every raise in the age of full benefits, makes it harder for people to retire. So many are staying in their jobs as long as they can. Of course many get to "retire" early due to lay offs, so it probably balances out. The early retirees are doing it because they have no choice and need the money. So keep raising the age and people will get to work till they die.

  • Report this Comment On November 10, 2013, at 2:47 PM, ShannonNealey wrote:

    @blindfaith415 Not everyone can afford to work for free. It's easy to tell people to volunteer when you have income and a roof over your head and food in the pantry, but working for free only works in select situations. I know the employers I applied with were clear that the only applicable experience was paid experience, so volunteering would have been a waste of time, not to mention I had mouths to feed, bodies to clothe and bills to pay. I needed a paying job. I totally get where LovelyRN is coming from; I too went to school and earned a degree and then went back and earned a master's degree and still can't find an acceptable job. I'm still working jobs for which I am extremely overqualified, jobs that don't require a degree. Since I don't have experience, I can't get the jobs I went to school to get degrees for and I have to admit I'm very bitter about it. Just because things fell into place and worked out for your sister-in-law doesn't mean we can all do the same thing and it will work out for us. Her situation may be different, especially if she can afford to volunteer. I for one will not work for anyone unless I am being paid to do so. What do I look like, spending my time and using my skill and expertise to benefit someone else while I still have to go home to scape up food, gas and rent money. Those employers will learn and it will be too late. They will have to spend copious amounts of time and money to train new nurses when the older ones retire or die off and it will serve them right.

  • Report this Comment On November 10, 2013, at 3:12 PM, Chevy145 wrote:

    There was a recent story of how robots were replacing retiring workers. Each robot took the place of 1.5 workers, no benefits, no attendance problem, no texting or tweeting, no drama. Probably not the kind of work you were talking about but fewer workers, fewer mgt personnel. I am a yr from retiring, however, I will need a part-time job to get by, unfortunately those taking my place will only get paid half my salary. Seems like most jobs require you to work your way up not start where the retiree left off. While at first my employer thought the younger work force would be great, they have found them to spend time on the phone, texting, etc and not paying much attention to details. They are always turning to the older worker to get things cleaned up. They are now regretting the loss of the older workers.

  • Report this Comment On November 10, 2013, at 3:21 PM, justbrowsing wrote:

    oh here's an idea, how about we get rid of all the illegal immigrants out of the country that will create more jobs, but those employers will have to pay the people more money cause American's won't work for pennies because we have familys to feed and we don't stock pile our familes 20 in a home at a time.

    you want to blame older American's for holding on to the jobs, how about ask why they are still working instead of retiring?? Maybe it's the 20 med's they are on cause the doctors seem to think it's necessary to counteract all the side effects and lets see i seriously doubt that medicare costs nearly half of the cost of those meds.

    but yeah lets blame the older adults for holding on to their jobs while the younger adults wont stop partying or texting while driving enough to seriously look for a good stable job. i bet if they could they'd text during the interview.

    it's pretty sad when a single mom of one teenage daughter who works for a major health insurance company can't afford the copays for the doctor's visits because everything i pay for comes out of pocket and i get no welfare assistance at all because my gross pay is over the limit but my net pay is way under the limit. how's that gonna feed my child? So yeah i'll be one of those older adults that'll be working till i'm 75 cause i can't afford to take the early penalty and cut less on my medicare.

    hopefully by then my plan will be implemented enough to be well on my way to be self sustaining enough that the medicare payments will be a blessing and not a necessity. we shall see!

  • Report this Comment On November 10, 2013, at 4:21 PM, chevy wrote:

    No , not the best jobs but their forced to hog the worst jobs to make a living on. They are hogging the low wage part time jobs just 4 years ago were taken by teenagers living at home with mom and dad for spending money. As long as the bogus economy shrinking QE is allowed to continue the private sector job market will continue to deteriorate.

  • Report this Comment On November 10, 2013, at 4:23 PM, carolg10000 wrote:

    I really love hearing that i've stolen some kid's job, because I won't give mine to them. i'm 62 and handicapped.

    I work with a lot of beneficiaries of social services. one girl told me I should quit and allow someone younger to have my work. 1. with very few exceptions, my supervision wants the older worker because we're not begging for more...more...more. and our work ethic is better. 2. this girl had 2 desireable training programs. was offered a job in it and REFUSED it because she didn't like the schedule. she got a job as cna and forced a firing because it was too hard

    and this is what's following us and demanding what we've earned.

  • Report this Comment On November 10, 2013, at 4:28 PM, Dynalee10 wrote:

    Perhaps we would be better served looking at WHY the older workers are staying on the job instead of pointing fingers that them for being greedy . I am 50 and after going to Tech college for 3 years while working I got an associate degree in "1984" and it has served me well for all these years . I have the chance to retire early but a reduction in my pension will greatly affect that . The root cause of all this is in my opinion simple corporate greed the fat cats at the top have taken all the profits and sold out to over seas companies for the cheap labor and not used the profits to train or reinvest in the future of the company . The birds are coming to roost now for the past 25 years of companies sending all good paying jobs to China and other places . I truly feel bad for the next generations it will take some huge shifts in the way we do business and there will be many that fight it because they don't want change we are rapidly heading for the top 10% having 90% of the money and those with the money make the rules and they do NOT share , thats how they get the money . I truly hate to see the demise of the middle class but its an undeniable fact iv'e witnessed in just a few generations .

  • Report this Comment On November 10, 2013, at 4:43 PM, gmfod wrote:

    stagnating wages, no pensions, and no ability to save because of poor wages..... another problem caused by being anti-union.

  • Report this Comment On November 10, 2013, at 4:51 PM, whippoboy wrote:

    I recognize this line of 'reasoning' from an article claiming that an 'entire generation of investors Is being ruined.' The 'logic' implied is that the young should be working and saving and the old should be retired and spending (the life-cycle model). So, in order to boost savings (and therefore investment) the young need to be the workers. Hence, based on the self-interest of the Motley Fools and others that rely on large amounts of investable money in need of advice, the old workers need to be pushed out and replaced by the young and naïve, willing to believe that the stock market is a great place.

    Thanks so much, MF. This is one of the reasons I do not buy your services any more.

    And by the way, I am a 59 yr old Phd with about 50 publications, experience at the Fed, the IMF, teaching and consulting and I have been unemployed for almost one year.

  • Report this Comment On November 10, 2013, at 5:07 PM, vasilikikefala wrote:

    I was forced to retire from Houston ISD because it was cheaper for them to bring 2 teachers from the Philippines than to pay me. Check out Houston ISD Personnel manager goes all over the world. In my school we had 2 teachers from Mexico that did not speak a word of English.

    Check out Spring Branch ISD off I10 they do not hire anyone with more than 10 years experience.

    Then They wander why American kids test so low.

  • Report this Comment On November 10, 2013, at 5:07 PM, Guest1256 wrote:

    Boy are there a lot of griping old people on this comment board. Nobody expects you to retire if you can't afford to - do what you have to do to pay your bills. But there are people out there like my aunt, who refuses to retire even though she would make full pension (equal to her current salary) and benefits until she dies if she retired. I think someone would be right to call her selfish for not retiring.

    Also, it is oddly childish to see so many people blast younger people in response to this article, many of whom have suffered and will continue to suffer thanks to poor decisions made by people older than them. Of course there are younger people who are lazy, but there are also a lot of smart and hard working ones who would take an entry level job on the drop of a dime if it existed. And it should be noted that there are also a lot of older people with skills and experience, who nevertheless eat up half the day surfing the web.

  • Report this Comment On November 10, 2013, at 5:26 PM, jdmeth123 wrote:

    My 40 year old daughter has had her PhD for years yet she couldn't get a full time teaching position. At the college where she teaches an 86 year old teacher decided to retire so everyone under him could move up one position. She has a full time position for now, at least until May.

    Most academics, such as my daughter, totally enjoy the college experience and never want to leave. Farming is another occupation that no one wants to leave. Most farm owners are in their sixty's and few of them plan on dieing. If I hadn't lost mine I'd still be out there plowing away.

  • Report this Comment On November 10, 2013, at 5:30 PM, beachbumct wrote:

    "Young people are immature and cause too much drama."..."pit one generation against each other"....I don't buy either. I reiterate, it's economics and a corporate-govt drive towards feudalism. I've seen some great kids kept out of the job market, and vice versa..as awell as some pretty crappy kids..AND old folks. EACH has it's ups and downs, and it's OWN SET of circumstances. One things IS for sure. If the KIDS don't get jobs,...there WON'T be ANYONE to pay for your social security benefits...so you'll HAVE to work till you drop. It's all designed beautifully...as older generations retire..and that's what they should be able to do..the younger ones take those jobs..I suggest we stop property taxes on all seniors so they can actually afford to stop working,..rather then forcing them to workl to "augment" their sosec ...then readjust when they pass it on to heirs.

  • Report this Comment On November 10, 2013, at 5:32 PM, beachbumct wrote:

    ps..there should be a "stupid rule"...if you win the lottery for *big bucks*..and STILL want to retain your job..you should lose a portion of it to the social security people to augment those that HAVE to retire..

  • Report this Comment On November 10, 2013, at 6:01 PM, Total06110 wrote:

    Well, to begin with, the older employees have more experience so they probably add more value.

    Second, look at the TRUE statistics. The E6 unemployment is 14.7%. Social security doesn't pay enough to live on, the stock market is at 110% of what it was back in 1998, and 30 year-old "kids" are still living at home.

  • Report this Comment On November 10, 2013, at 6:01 PM, magicaltravels wrote:

    Enforce immigration laws and there will be "millions" of job openings. Our government sold us out. All these posts and I might have seen 1 that addresses why we are REALLY having a problem with jobs. Millions upon millions of illegal immigrants. Anyone who doesn't think this invasion has put millions of Americans out of work is deaf/dumb and blind. Greed got us where we are today.

  • Report this Comment On November 10, 2013, at 6:02 PM, Total06110 wrote:

    Hey BeachBumCT: Are you saying then that SS truly IS a Ponzi Scheme like the (R) said it was?

  • Report this Comment On November 10, 2013, at 6:05 PM, Total06110 wrote:

    MagicTravels-A bigger problem is that since the late 1960's, Americans have sought more stuff at lower prices regardless of where it was made. Electronics, shoes, clothing, automobiles, and every other industry left because Americans (even Union Members) would not pay more money to help fellow Americans.

  • Report this Comment On November 10, 2013, at 6:08 PM, Total06110 wrote:

    jdmet123: If we stop Farm Subsidies, a lot of farmers will leave. Get them off the taxpayer's teat.

  • Report this Comment On November 10, 2013, at 6:51 PM, Mathman6577 wrote:

    It is not the fault of older workers that young people can't get good jobs. The person they elected president and his cronies in government and industry are to blame.

  • Report this Comment On November 10, 2013, at 8:29 PM, dwduke wrote:

    I'm 64 and still working. I will for the rest of my life to pay bills and taxes. The libs will make sure that us who work, fund those that are lazy. There are all kinds of help wanted signs out there. The slacker generation just has to take on 2 jobs like I did when I was young.

  • Report this Comment On November 10, 2013, at 8:45 PM, ceh4702 wrote:

    It is congress that raised the retirement age so I cant retire early at 55 or 60. Every article is always trying to say we need to raise the retirement age for Social Security. Now you want old people to retire early. Make up your mind. You are sending mixed signals. Often one spouse does not work or cant for some reason and the other spouse is working mostly just for the medical insurance. Times are getting tough and now is not the time to retire. It is congress that is not creating a stable environment making people unsure if they can afford to retire. Now they are holding Obama care over everyone's head. No one knows what will happen because the democrats are making things up as they go along and issuing waivers to all of their friends and people that work for the government. It is getting to the point that people fear the government more than corporations.

  • Report this Comment On November 10, 2013, at 8:52 PM, lindalcapps wrote:

    Are you kidding me?!?!? My husband is now 57 and was laid off in 2008 and has not had a steady job since. He was a loyal, hardworking, honest, giving above and beyond employee and now he can't pay someone to hire him.

    Seriously, that is the most messed article question ever!

  • Report this Comment On November 10, 2013, at 8:55 PM, thiscantbetrue wrote:

    @Lovely nurse...you seem to whine better than you do anything else. Why would anyone in a hospital WANT an inexperienced nurse taking care of their health just because you want a nicer house? Why should nurses with more experience give up their jobs just because you want to stomp your feet and cry? Grow up! Work in a nursing home for a while...get some lesser paid experience before you expect to step into the highest paid job out there and DON'T expect an older person to reduce the quality of THEIR life so YOU can improve your own, you crybaby.

  • Report this Comment On November 10, 2013, at 9:12 PM, ceh4702 wrote:

    As soon as a younger worker gets a job they will be telling lies and going to interviews for a better higher paying job.

  • Report this Comment On November 10, 2013, at 9:24 PM, busseja wrote:

    This is really a PU article. Think about it. people are healthier now. Most don't retire if they don't want to, are still healthy, and whose wife doesn't want them home all the time (or they don't want to be home all the time). As to the claim that many youngsters are working jobs they are grossly overqualified for....Think about that too. A degree in art history is not overqualified for a barristia position. It is probably in spite of the degree the person was hired to begin with. Young people with useful degrees have no problem finding work and young people with useless degrees are not qualified for much of anything. To be employed you have to be able to do something. The preference to eliminate the older higher paid workers is high and it is a testament to their ability compared to the miseducated youngsters that they still are sought after. BTW I have been retired for 7 years now and it is great.

  • Report this Comment On November 10, 2013, at 9:33 PM, 2smartforlibs wrote:

    Yea that's got to be it all us older higher paid close to retirement people keeping all the energetic young new idea people out of the work force. NO wonder this country's in the crapper. Either that or the younger generation on the whole is pretty self centered and useless.

  • Report this Comment On November 10, 2013, at 9:44 PM, fredjohnson55343 wrote:

    ASININE STORY. Old or not, they are trying to survive just like anybody else. Who are these pathetic people writing stories these days?

  • Report this Comment On November 10, 2013, at 9:59 PM, HairyGuy1 wrote:

    if i had a daughter and she was ugly and stupid, i would advocate her to become a welfare queen. i actually know a woman with 9 kids, all on welfare. why not? if she is hot, then i would tell her to become a sugar baby. if she is smart, then i'd tell her to go into banking and steal as much as possible, all legally too. now if i had a son...well it's much tougher. personally speaking, i am NOT a part of the rat race. i work for one full year, save tons of money, then take off the next year, enjoying my life. i try to keep work to a minimum while actually "living" my life. many activities are low cost and free. my only cost is rent as well as healthy food (mostly fresh fruits, veggies). outside of that, nearly all entertainment is free online for now. i don;t know see why people look forward to "golden" years. there's no such thing. your bones are weak, you can't have sex anymore with that shriveled up private area (disgusting) as it doesn't work, you are on many medications, you are an ugly prune, etc. etc. use your YOUTH while you have it. WHY would you give it away to your employer? and you may not even live to your "golden years." death comes at anytime for any reason. so yes, the older people keeping their jobs...they are wasting their lives away. literally. you can't take your money with you, and each year you become more and more senile.

  • Report this Comment On November 11, 2013, at 12:10 AM, millewk wrote:

    If texting, tweeting and staring at your I-phone for 5 hours a day were qualifications for a high paying job then young people would all be gainfully employed. Let's just look at highly skilled jobs like Tool Makers, welders, robot and CNC machine operators for a moment. Just try to hire a someone under 30 who can read metric tools or a blue print. Just try and hire someone who can apply trigonometry and basic algebraic equations to their work. Just put 10 people through an employment process and you will find 3 will not pass a drug test; 4 cannot read or do basic math at the ninth grade level and you expect a good paying job.....so entitled aren't we!

  • Report this Comment On November 11, 2013, at 4:36 AM, dueman3 wrote:

    i'm 77. i retired at 62 because my job went south of the border. i would have worked till at least 65 but its gone an those good jobs will never return. YOUR BROTHER OBOMMO said we're creating lots of jobs. lol. 10.00 an hour. so suck them up baby you wanted him.

  • Report this Comment On November 11, 2013, at 7:09 AM, rafterman wrote:

    There are far more women working jobs that only men use to work at. Heavy equipment operators, police and fire men and women. Thirty years ago women never work jobs like that before. Look when you watch a football game on tv and who does most of the reporting on the field, women. That never use to be. It's a two person working household now with prices and gas being what they are so both people in the home work. The only problem I see with that is when there are young children involved they are the ones that suffer because when a child is sick, for example,who do they want, mom.

  • Report this Comment On November 11, 2013, at 7:27 AM, leckbug wrote:

    Older workers are in demand because they are better workers, more reliable, and have a better work ethic compared to the younger crowd.In my experience as a business owner, I have found out that young single mothers are the worst people to hire.They expect you to work around "their" schedules in regards to issues concerning their children.As a business owner, you expect a days work for a days pay, and from my experience, the younger applicants are not willing to give you that.

  • Report this Comment On November 11, 2013, at 8:35 AM, SleeplessinChcgo wrote:

    "Older" people need to survive, too. They are not "occupying" the jobs just to annoy the younger generation. Economics dictate the need to work longer. Being recently fired due to reduction in force at the age of 55, made me think really hard if I wanted to join the work force again. Believe me, going though the job hunting process was not something I enjoyed in the past and not something I planned on doing again. My husband is still employed but having to help our daughter financially to finish her college studies does not leave any space for luxurious vacations or shopping sprees. I am not sure if I find another job, but living below the means will be the skill I will be mastering to perfection from now on.

  • Report this Comment On November 11, 2013, at 9:21 AM, pat wrote:

    So tell our government not to allow any more immigrants into our country.With mass unemployment the last thing we need ie13,million more people looking for work or signing up for some sort of government handout.

  • Report this Comment On November 11, 2013, at 9:51 AM, retired2013 wrote:

    Hey, Kids! Maybe you should be asking yourself why you were just disinterested & bored with the constant conversation with your "elders" about how devastating it would be for all working people when, at last, they had succeeded in eliminating unions and collective bargaining rights.

    Well, the younger generation, who apparently believe they should be the

    "favored ones" are the ones who are looking for work. Please...blame yourselves for your lack of interest in your future. Good luck to you in your quest for that perfect job.

  • Report this Comment On November 11, 2013, at 10:07 AM, Fizics wrote:

    I'm from Generation X and I can agree that older workers are squatting in their jobs. A great many of them lived beyond their means in the boom years and have made little to no preparation for retirement, hence them having to work longer.

    They dismantled all of the benefits they created behind them, the same ones young families need to survive in these days of lowered wages. Many of the older workers are distrustful of technology and fear showing their weaknesses in it and so will deride the younger, more savvy workers by complaining that they "play on the internet" when in fact, they have completed their tasks far ahead of their less-knowledgeable seniors.

    The fact is that for the money, many Baby Boomers are worthless, don't know what they are doing and will be an incredible burden because of their lack of preparation for retirement. I guess all they can do in their defense is try to complain about the younger workers as being somehow inferior when in fact, the opposite is true.

    "Sour Grapes" I guess...

  • Report this Comment On November 11, 2013, at 10:25 AM, dakotadellfarms wrote:

    If companies weren't so cheap in providing pensions and liveable wages to begin with, then older workers could retire on time. As for me, any youngster that wants my job is welcome to it!

  • Report this Comment On November 11, 2013, at 10:42 AM, atlmichelle wrote:

    I think they are in certain fields. My husband is a probation officer and should be a manager by this point in his career, but several of the older workers who should have retired by now are still working. Some are even double dipping and have retried, but then were rehired on a "contractors". Not only is this morally wrong, but its hurting all the young and middle aged workers because they have been stuck in dead end jobs for years and years without even getting any kind of a raise for the past four years. I know of many teachers in the same position as well. I know these companies/organizations want to save money, but allowing someone to retire and then hiring them as a contractor should be against the rules. I also have a MAJOR problem with corporations these days. There is ZERO loyalty towards workers that stay at the same company for many years. It used to be that you were promoted and rewarded if you were a valuable team player, now the only way to get a real raise is to job jump. I just found out that a co-worker hired early this year had a starting salary of 10K more than I do now, and I've put my blood sweat and tears into this company for 7 years already......once again, I know companies want to save money, but they are hurting the wrong people.

  • Report this Comment On November 11, 2013, at 11:02 AM, politicianslie wrote:

    Wow Fizics..you are one clueless crybaby. Most "boomers" are hit with helping their kids in a rough economy, helping aging parents from the "greatest" generation who never saved for retirement, and our government who is hurting us all. But you can keep on blaming people you don't know....Take your "sour grapes and shove em. I doubt if you know what work is, other than to cry and BS.

  • Report this Comment On November 11, 2013, at 11:07 AM, ArtieJ wrote:

    I'm a manager in the biotech industry and I can tell you from hard experience that I will hire an older worker over a young worker any day.

    The older workers hatend to have a good work ethic, while the kids right out of college think their degree entitles them to a cushy job right out of school. They want to start at the top - they don't understand that all the degree does is get you in the door.

  • Report this Comment On November 11, 2013, at 11:14 AM, ArtieJ wrote:

    As a middle manager and a stepfather to two recent college graduates, all I can say is...young people, a lot of them anyway, are clueless.

    Sorry if that sounds harsh, but in my experience it's true.

    For example, both of my stepsons, against my wife and my wishes, went to expensive private colleges and majored in fields that in no way prepared them to enter the workforce (one majored in English, the other in Journalism).

    Now they've both graduated and are saddled with a ton of student loan debt and are working at low paying jobs that they could have done right out of high school.

  • Report this Comment On November 11, 2013, at 11:25 AM, ashes wrote:

    The person who wrote this article did so just to piss people off. Instead of pointing the finger at each other people should be sticking together and rallying against our "so called" elected officials. They are the reason the country is in the position its in. Problem #1 is, All the jobs been lost to other countries who work for $2/hr. We cannot compete with that and we have continuous inflation. Problem#2 We continue to cater to immigrants, and we do nothing about fixing it. Problem #3 Why do we continue to fight foreign wars? Isn't our military supposed to be for our defense. We continue to play offense. Stop voting Democrat and Republican! It don't work anymore! The criminals are not just out on the street, they are elected officials too.

  • Report this Comment On November 11, 2013, at 11:53 AM, mdschayoko wrote:

    Yes...Yes I am!

  • Report this Comment On November 11, 2013, at 12:58 PM, jrgreenejr wrote:

    How about we require government employees to be retired upon reaching 66 or 30 yrs service, then we make the job temporary with a 5 yr limit, this opens the door for college students or older people who become unemployed.

    This would not apply to the private side, since they generally require their employees to perform or get replaced!

  • Report this Comment On November 11, 2013, at 1:16 PM, kidnurse wrote:

    Thanks for everybody's comments. I really enjoy hearing real people's personal stories as opposed to the mostly rich "talking heads" on TV who discuss the economy, unemployment, etc.

    The whole work landscape has changed drastically during my lifetime. I grew up in a middle-class neighborhood where none of the mothers worked. This just was the norm and nobody questioned it. I remember when someone told me one of my friend's mothers was going to start a job as a cafeteria lady, I literally asked "why?" and was mystified. It didn't occur to me that a father's wages wouldn't cover expenses. Boy, have times changed!

    I myself am unemployed right now because I lost my position while on leave taking care of my mother who was dying. I have been living on inheritance/credit cards for the better part of a year but it has been a struggle. I have grown kids with me who work low-paying jobs and pay off college loans so they each pay one decent-sized bill per month and occasionally contribute small amounts of food to the household but don't help with the rent. I haven't actually applied for any jobs yet due to issues I have suffered with in 2013. I will have to either apply for disability or find some kind of job I can do. I lost my health insurance (which my kids were on too). Nursing has changed and the job I did in the eighties, I couldn't even get hired for in most places because I don't have recent experience in that area. Most specialties are like that. It seems the only jobs that aren't too picky, ie you just have to be an RN not specifying recent experience in the area or other degrees/credentials, is in the nursing home/"sub-acute" areas. I mention this because others on here discussed nursing. I too worked as an unpaid candystriper from the youngest possible age, about 14, eventually managing to get into the pediatric unit, because I wanted to work with babies or kids, and one summer worked as a nurse's aide and part of that time was in a newborn nursery. I parlayed that experience into getting a newborn nursery job as a new grad, then parlayed that into working in a NICU. But now I do not have recent NICU experience so I could probably only work in one if I moved. I have worked in the psych area as well but never med-surg, because I didn't want to. I probably should have at some point because that really puts you in a better position to get many jobs. I mention all this in case my experiences could benefit anyone in nursing school or considering nursing, or a new grad who is jobless.

    I do think it may be harmful to American's job prospects when we have uncontrolled illegal immigration. It would be nice if we could have a temporary moratorium on all immigration, with possible exceptions made for areas where employers truly cannot find the necessary workers, perhaps they should be made to try first, and then provide proof that they cannot.

  • Report this Comment On November 11, 2013, at 2:11 PM, linmc wrote:

    Of course we are still working. Who do you think is paying for all the student loans for degrees from expensive universities in degrees that do not have a career path?

  • Report this Comment On November 11, 2013, at 5:32 PM, Bidnow73 wrote:

    Learning anything from these comments, Amanda?

    I looked forward to more jobs opening up as well as the Baby Boomers began to retire. Then I did the research and discovered that the 3 million people turning age 65 this year are being replaced by 4 million people turning age 23.

  • Report this Comment On November 11, 2013, at 6:51 PM, Fizics wrote:

    Wow "politicianslie" so easy for you to pontificate while sitting safely in retirement. You give so little after taking so much from future generations that it is sickening.

    Easy for you to complain when you have robbed so many young families of their future. I can only hope that you will suffer in the nursing home when you are abandoned and wonder why no one cares.

    You will be beaten mercilessly while every one else proceeds with their lives as carelessly as you have acted. It is only what you deserve.

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