We Had an Economic Crisis in Which Americans Couldn't Spend It All

While the unemployment rate ticked up slightly to 3.7% in August from a low of 3.5% in July, job growth still remained well above the pre-covid trend. There are over 11 million job openings – that’s more than twice the number of unemployed people. But according to a growing body of economics and social science research, the headline jobs numbers that we all track conceals a much bigger problem – the hidden crisis of able-bodied workers in their prime working age (25-54 years old), actually choosing to completely withdraw from the labor force. This has been a growing trend since the 1960s, but the pandemic accelerated it. One of these experts is Nicholas Eberstadt, who wrote a book in 2016 called “Men Without Work: America’s Invisible Crisis”. He’s re-releasing the book this week, updated as the Post-Pandemic Edition. Eberstadt is at the American Enterprise Institute (AEI), where he researches and writes extensively on demographics and economic development generally. He has written numerous books. He earned his PhD and masters degree in political economy from Harvard, and a Master of Science from the London School of Economics.