The mediocre men problem
As of August, 89% of this cohort of men were employed or looking for work, more than 700,000 fewer than if the current labor-force participation rate was at 2004 levels, according to an analysis of Bureau of Labor Statistics data by Aspen Economic Strategy Group policy director Luke Pardue. Women’s participation is up 6 percentage points in just the past 10 years, to 79%. A fifth of men in this same age range still lived with their parents as of 2023, according to the Census, compared with 12% of
I call it the mediocre men problem. 30+ years ago, men of mediocre abilities or talent could find reliable, long-term employment, such as at a factory or a union job. But today those men are dropping out of the labor force. The poor career prospects and low pay creates an incentive to not work and live with friends or parents, if the option exists. As I discuss in the post The End of Work, enormous wealth from baby boomers, as much as $50 trillion that stands to be bequeathed to their heirs, has led to a trickle-down effect which can support the low-cost lifestyles of unemployed adult children.
The men who thrive in today’s economy tend to be agreeable or people-pleasers, as this is necessary to pass the pre-employment screening. But also have to be smart enough to justify the economic cost from the perspective of the employer. A high minimum wage combined with lots of applicants creates an incentive to choose smarter employees over merely mediocre ones, even for low-skilled work. Despite headlines about labor shortages and low unemployment, employers are choosier than ever, even for the simplest of jobs.
