Jobs: While the Fed and government policymakers fret over "full employment," ... ...t we are in the midst of a full-blown unemployment crisis — one that remains, in his words, "hidden."
This Friday, a new jobs report will come out. If the Wall Street consensus is correct, it will show the unemployment rate continuing to hover...
...a new book... ...nearly one out of six working-age men have no job and are no longer looking for one. A release for his book calls this "a hidden time bomb with far-reaching economic, social and political consequences." With 10 million fewer male workers in the labor force...
Men age 25 to 54 now have a lower labor participation rate than they did in 1940, as the Great Depression was winding down...
...one in six men today have no job and most have given up looking. At current trends, one in five will be out of the labor force in a generation.
African-American men are twice as likely...
Many of these nonworking men support themselves by government disability benefits...
...the collapse of male work may be a result of our soaring prison population and the "prevalence of non-institutionalized felons and ex-prisoners,...
..an entire generation of men with only a tenuous connection to the discipline and rewards of work...
...In other words, in every important category men are losing ground...
...young men "born into low-income, single-parent-headed households — which, in the vast majority of cases are female-headed households — appear to fare particularly poorly...
..."We keep hearing we are 'at or near full employment.' ... This, frankly, is nonsense...
...a long-term trend, but by far most of those who have left the labor force have been men...
This is indeed a silent time bomb ticking...
(Excerpt) Read more at investors.com ...
