U.S. Businesses Struggle to Hire New Employees as ‘Baby Boomers’ Retire

Tags: Currents, Baby Boomers, Economy, Job Numbers, Media, National News

Currents News Staff

According to June data from the Bureau of Labor Statistics, in 39 states more jobs exist than there are people looking for work. 

Economists say the shortage is due in large part to the baby boomer generation retiring by the millions. 

David Kelly, the chief global strategist with JPMorgan Chase, argues that increasing legal immigration could help replace America’s aging workforce. 

“Because of that, the working age population in America is growing much more slowly. Only about two tenths of a percent per year this decade,” said Kelly.

The labor shortage is being felt in all sectors, but especially in education.

According to September Federal Labor statistics, there is currently a 307,000 job shortfall in public education that can’t keep up with growing student enrollment. 

Recent teacher strikes in several states reveal the reason many applicants are staying away: low pay and lack of resources. 

“What you need to do, in fact, over the next decade, is increase immigration maybe from one million a year to two million a year. If you did that, you could actually grow the working age population,” Kelly suggests. 

Making three-year college degrees more available, and even delaying eligibility for Medicare benefits to retirees by one year until the age of 66 could also be solutions, according to Kelly.