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A shrinking labor force that's paying less into Social Security and more - a breakdown of the new unemployment rate
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Amber's but now here's what you have not heard the shrinking job market means trouble for social security and Medicare big -- and Dennis -- co anchor the noon hour markets now.
I'm fox news network a brand new show they can't mess joins -- nice to see Dennis good to see you got up.
Yeah right so and so wants something for idea also a rainy eight point 1% -- a lot people say put the brakes on line.
Hard so unemployment is down from nine point one to eight point 1% in the past year right but one economist points out that 80% of that decline.
It's not because more jobs are being created it's because more people are dropping out of looking they're just giving up and going home and stopping.
For now at a thirty year low in the percentage of adult Americans ages sixteen to 65.
Who are willing to work or are working it's down to 63 point 6% or so.
And that is the -- -- thirty years so what is happening where these people going that's a big mystery.
What the other server they're two -- one is that they're gonna.
-- -- unemployment there is some of them who are eligible.
But the other impromptu visit debt is that what we have all Laura workforce he means less people are paying into social security and Medicare to the extent that their pain to offset the F future expenses.
And I just read -- senator Tom Coburn spoken -- some like fifteen.
For people are working for every recipient 1950 we're now down to about three yeah I'm so it if the workforce shrinks -- you know weren't deep travel.
Exactly that that that is a big problem.
Because the fact is we're down to about three or four or less than three workers now and if you think that you pay in three or 4000 dollars per year to social security and we have.
Close to fourteen million unemployed.
And we have another ten or eleven million underemployed meaning they're not paying as much as they would've paid.
You do start you'll get it financial crisis there.
And in terms of what to do about it you know congress figures -- got to raise tax rates.
To bring in more revenue you know work where we've collected over decades 18% of GDP would collect in tax revenue but the last couple years only 14%.
What can you do get the tax revenue both -- of security and the general fund.
Well you know other people say got to cut tax -- disturbed business which way Diego -- where these people dropping out do you really think read up.
That people heard of.
-- other look at for Joba can't find one well I'm just going to starve and Nadia I'm gonna stop looking I find that hard to believe something else is going on here.
What if -- ever did if the boss of people you know are dropping out of the I doubt got another workforce -- don't have jobs and they go ahead raising taxes all they want them that I can raise on those people just give Barkley -- and -- so that people are working got a bigger problems --
