Making America Great Again is difficult when more Americans are leaving the labor force and collecting Social Security.
Two related stories at CNS News show that making America great again will be truly difficult. Both stories relate to long term demographic trends that are extremely difficult to reverse. Lots of older adults are going on Social Security and leaving the labor force. In fact, the number of people on Social Security is greater than the population of Italy!
CNS News reports, “Social Security Beneficiaries Top 62,000,000 for First Time.”
In the first quarter of 2018, the number of Social Security beneficiaries topped 62,000,000 for the first time, according to data released by the Social Security Administration.
Social Security ended the fourth quarter of 2017 with 61,903,360 beneficiaries. By the end of the first quarter of this year, that had risen to 62,233,678—an increase of 330,318 in three months.
According to the CIA’s World Factbook, the population of Italy was 62,137,802 as of July 2017.
That made Italy the 23rd most populous nation on Earth […].
In March (the last month of the first quarter), according to the Bureau of Labor Statistics, there were 127,434,000 full-time workers in the United States. That means there were approximately 2.05 full-time workers in this country for every person receiving Social Security […].
CNS News also reported, “95,745,000: Record Number Not in Labor Force as Boomers Retire.”
The number of employed Americans has broken eight records since President Trump took office, but on the not-so-sunny side, the number of Americans not in the labor force also keeps increasing, breaking six records since Trump took office in January 2017.
Last month, a record 95,745,000 Americans were counted as “not in the labor force,” meaning they are not employed and are not seeking a job, according to the Labor Department’s Bureau of Labor Statics. “This category includes retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work,” BLS said.
With record numbers of people not in the labor force, the labor force participation rate has remained stubbornly low in recent years.
In April, only 62.8 percent of the non-institutionalized, civilian population over the age of 16 was either working or actively looking for work. This compares with an all-time high of 67.3 percent in the first four months of 2000.
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