November 4, 2012
In the aftermath of yesterday’s better than expected jobs number there have been many analyses in the media on both sides of the aisle, either attacking or defending Obama’s track record in creating jobs. All have come up with arguments which according to their authors, are solid and defensible. There is one analysis, however, which is missing, and that is a follow up of what we showed yesterday in “Chart Of The Day: America’s Geriatric Work F(a)rce.” In it we demonstrated the very much “under the radar” schism of America’s workforce since the NBER-defined official end of the recession in June 2009 into the “haves“, or those above 55, who have been able to get a job since the end of the recession, and the “have nots“, or all those in the labor force who have not been able to find a job. So how does this data look when extended to the beginning of Obama’s term, or the 46 full months starting with his inauguration in January 2009, and continuing through the latest, October 2012 data point. The chart is presented below; you decide.
And for those wanting a more granular breakdown, here it is by all the age categories tracked by the BLS.
In summary: while those in the 55-69 age group have gained nearly 4 million jobs under President Obama, everyone else has lost just over 2.5 million.
In other words, those aged 55 and over should be scrambling for “4 more years.” Everyone esle… perhaps not so much.