“While the overall labor participation rate has slid in recent years, senior citizens are increasingly returning to the labor force, thanks to losses in their investment portfolios and financial uncertainty, says economist and author Mark Skousen.
The labor force participation rate for those 65 and older rose to 24.4 percent in May from 21.6 percent in June 2008, government statistics show.
“Retirees that used to be the idol class, if you will, are now the new working class,” Skousen tells Newsmax TV in an exclusive interview. “They’re continuing to work.”
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