Wow, ramifications that I never even thought of. Younger workers being squeezed out of the work force by people who should be retired but can't afford to thanks to their pensions being taken away.

Retirement has taken a back seat to corporate profitability for more than 40 years as the United States has embraced the reduction of pensions, and now the U.S. economy is paying the price with lowered productivity.

Without pensions, older workers are being forced to work longer hours and stay in the workforce longer, and that means they're squeezing out some of the most productive workers of all, known as core workers, according to a study by the University of Paris-Sorbonne.

The study compared workers in three different age groups: younger workers (ages 15-24), core workers (ages 25-54) and older workers (ages 55-64). The percentage of those in the older group who are currently working widened to 61% in 2014, up from 60% in 2004, while the percentage of those in the core group currently working has shrunk to 77% in 2014 from 79% in 2004, according to the Organization for Economic Cooperation and Development (OECD).
Disappearing pensions hurt U.S. economy as well as workers |