2.7 C
New York

Why Are Middle-Aged Men Missing From the Labor Market?

Published:

Some economists speculate that the disproportionate decline could possibly be since the age group has been buffeted by repeated crises, making their labor market footing fragile. They lost work early of their careers in 2008, faced a slow recovery after and located their jobs in danger again amid 2020 layoffs and an ongoing shift toward automation.

“This group has been hit by automation, by globalization,” said David Dorn, a Swiss economist who studies labor markets.

That fragility theory is sensible to Mr. Rizzo.

He had seen the Navy as his ticket out of poverty in Louisiana and had expected to have a profession within the service until he broke his back during basic training. He retired from the military after just a few years. Then he pivoted, earning a two-year degree in Georgia and starting a bachelor’s degree at Arizona State University — with dreams of in the future working to cure cancer.

Then the Great Recession hit. Mr. Rizzo had been working nights in a laboratory to afford rent and tuition, however the job ended abruptly in 2009. Phoenix was ground zero for the financial implosion’s fallout.

Frantic job applications yielded nothing, and Mr. Rizzo needed to drop out of college. Worse, he found himself staring down imminent homelessness. His tax refund saved him by allowing him and his wife to maneuver back to Louisiana, where jobs were more plentiful. But after they divorced, he hit a low point.

“I had nothing to indicate for my life after my 20s,” he explained.

Mr. Rizzo spent the subsequent decade rebuilding. He worked his way through various corporate positions where he taught himself skills in Excel and Microsoft SharePoint, married again, had two sons and purchased a house.

Yet he was usually vulnerable to losing work to downsizing or technology — including late last yr. The corporate he worked for wanted him to maneuver right into a recent role, perhaps as a traveling salesperson, when his desk job disappeared. But his sons have special needs and that was not an option.

sportinbits@gmail.com
sportinbits@gmail.comhttps://sportinbits.com
Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles

spot_img

Recent articles

spot_img