32% of American men age 20+ without paid work says WSJ article.

October 12, 2016

According to an article in the Wall Street Journal, 32% of American men age 20 and older qualify as 'without paid work'...the highest percentage since the Great Depression.



To quote the article directly, "In 2015 the work rate (the ratio of employment to population) for American males age 25 to 54 was 84.4%. That’s slightly lower than it had been in 1940, 86.4%, at the tail end of the Great Depression. Benchmarked against 1965, when American men were at genuine full employment, the “male jobs deficit” in 2015 would be nearly 10 million, even after taking into account an older population and more adults in college.Or look at the fraction of American men age 20 and older without paid work. In the past 50 years it rose to 32% from 19%, and not mainly because of population aging. For prime working-age men, the jobless rate jumped to 15% from 6%. Most of the postwar surge involved voluntary departure from the labor force.Until roughly the outbreak of World War II, working-age American men fell into basically two categories: either holding a paid job or unemployed. There was no “third way” for able-bodied males. Today there is one: neither working nor seeking work—that is, men who are outside the labor force altogether." 


Despite the rosy headlines featured often in the news suggesting the labor market is 'at or near full employment', the details of this article (click here to read full article) proves there is a hidden segment of the population struggling to find, can't, or flat out gave up looking for work. 


It is understandable that a number of Tennessee residents are struggling with their bills. If you have found yourself in that situation and are seeking help, we have several legal options that could provide relief. Contact us at the law office of T. Verner Smith for information about our debt resolution and/or bankruptcy options. These laws are in place to help Tennessee residents who are struggling in order to protect them from even more dire circumstances. Don't hesitate to contact us. This first step could get you on the pathway to getting your life back. Call our offices at (731) 423-1888, (901) 730-4567, or (615) 371-6136.  


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