It’s got a little bit more punch because I’m going to give you something with a little bit more punch.
This is 10 Barrel Brewing, by the way.
I hope this is really good.
I don’t know if I’ve ever had a margarita from a can before.
If you see my other video, when I drank the banana smoothie beer, this already is looking like it’s going to be better than that.
They kind of put the salt in it.
Like it says, Tequila and Triple sec, with natural flavors.
The natural flavor is salt.
Hello, I’m Ron Hetrick.
And today we’re going to discuss the disappearance of prime-age men from the labor force.
Hey, where’s my margarita?
This plunging trend line represents the loss of 3 million men aged 25 to 54, who are no longer looking for work.
They are neither employed or unemployed.
They are just gone.
Where did they go?
There are three primary reasons that are driving the disappearance of prime-age men from the labor force.
First one, boomer wealth and delayed responsibility.
Thanks to the entrance of women into the workforce, during the age of the Baby Boomers.
Two-income boomer households generated record wealth for 30 to 40 years.
Unlike all generations before them, Gen X and Millennial children simply don’t need to work as much because of so much accumulated wealth Edit Gwen out.
In fact, millennials are expected to inherit an estimated $68 trillion from their boomer parents by 2030 which will make them the wealthiest generation in history.
And now a stat to blow your mind.
In 2014, for the first time since 1880, more men 25 to 34 years old were living with their parents than with a spouse.
For 25 to 29-year-olds, that was an astounding one in four.
Can I drink again?
Because I actually am thirsty.
Even for salt You kind of get used to it.
Number two, the opioid epidemic has stolen prime-age men from the market.
The US has been overrun with addiction.
Now the consequences of opioid abuse aren’t just hospitalizations and tragic deaths but also a huge decline in labor force participation particularly among prime-age men.
A 2019 study estimated that in certain US Counties, solving the opioid epidemic would increase labor force participation for prime-age males by over four percentage points.
Lastly, our third point the attitude shift towards part-time work.
The great recession erased 4.5 million largely full-time jobs from the male dominant construction and manufacturing industries.
Many of the only available jobs were in restaurants or retail.
Where the average week (Ron gabbling)
Many of the only available jobs were in restaurants or retail where average weekly hours are typically part-time, thus, huge numbers of prime-age men opted for these 20 to 30 hour work week jobs because simply there was nothing else at the time.
But even as the US recovered from the recession, prime-age men didn’t race to return to full-time work.
One short and surprising answer is, are you ready for this? video games.
According to NBER research, the decrease in hours worked for men ages 21 to 30 exactly mirrored the increase in video game hours played.
In fact, many of these men would go without work for weeks on end or hadn’t worked at all the prior year.
I’ll have another.
I don’t know what to think, it’s really salty.
I don’t care if you don’t want the salt, I’m putting it in there.
Why are these stats so important?
Because the disappearance of prime-age men from the labor force is just one element of a much bigger problem.
The approaching sansdemic, the lack of people to do all the work that needs to be done.
Read our report to learn more.
You just cut it right off.
Read our report to learn more and know that we’re not trying to depress you but we want you to start to think differently about labor.