Even with declining numbers of young Americans entering the job market and the Trump administration’s crackdown on immigration, U.S. employers were able to count on the last of the baby boomers to prevent labor shortages and soaring wages.
But the COVID-19 pandemic has hit that long-standing reality like a hand grenade.
And the effects will likely be felt throughout the economy for years to come, in recurrent labor shortages, pressure for higher pay, problems for Social Security and private pension funds, and a host of other areas.
When the health crisis struck early last year, workers of all ages were laid off by the tens of millions. But the result of the pandemic-induced recession is turning out to be vastly different for older workers than for their younger counterparts.
Younger workers — regardless of the fattened jobless benefits provided by Washington on a temporary basis — now face strong pressure to resume their interrupted careers relatively quickly. And recent jobs numbers reflect that pressure to get back to work.