ONE OF THE "CURES" FOR THE CURRENT DEPRESSION IS OFTEN TOUTED AS...."RAISING THE RETIREMENT AGE."
WHAT THIS NOTION IGNORES IS THAT THE REASON FOR RETIRING OLDER WORKERS IN THE PAST...WAS SIMPLY TO "MAKE ROOM" FOR YOUNGER WORKERS...
KEEPING OLDER, LESS PRODUCTIVE AND MORE EXPENSIVE OLDER WORKERS IN THE WORKFORCE .... WILL BE OFFSET BY HIGHER UNDER- AND UN-EMPLOYMENT OF YOUNGER WORKERS...WHO ARE CHEAPER TO HIRE...AND WILLING TO WORK HARDER AND LONGER... THAN THEIR OLDER MORE "JOB SECURE" COUNTERPARTS...
ANY ATTEMPT TO SOLVE THE JOBS DEPRESSION...BY RAISING THE RETIREMENT AGE WILL HAVE UNINTENDED CONSEQUENCES ALMOST IMMEDIATELY...
THE FACTS ARE THAT THE WESTERN ECONOMIES HAVE BEEN REPLACED BY THE "CHEAP LABOR" ECONOMIES OF ASIA...
SIMPLY PUT....THE LACK OF HIGH VALUE ADDED JOBS IN THE WESTERN ECONOMIES WILL PROLONG THIS DEPRESSION FAR INTO THE DISTANT FUTURE...
WHAT IS NEEDED IS AN ENTIRE "RE-THINK" OF THE NOTIONS OF GLOBALISM AND FREE TRADE...
IN SHORT A "NEW KEYNES" MUST ARISE TO EXPLAIN THIS ...BRAVE NEW WORLD OF CHEAP LABOR...AND TELL US HOW IT ALL WORKS OUT IN THE END...
RIGHT NOW...THAT ANSWER IS "CHINA OWNS THE WORLD...!"
AND SOMEHOW I DON'T THINK THAT IS A VIABLE ANSWER FOR MOST PEOPLE IN THE WESTERN ECONOMIES....
