Millions Giving Up On Work | Nicholas Eberstadt

Over 10 million prime-aged US men & women are checking out

While the official unemployment rate remains at a low 3.9%, there is an epidemic in the US and other Western countries of men -- and now increasingly women -- without work.

These are currently 10 million of otherwise able-bodied working age US adults who have given up on finding work, often driven to do so out of frustration and despair.

It's gotten to the point where 1 in 6 prime working age men has no paid work at all.

What is causing this?

And what can be done about it?

Because when an increasing percentage of our prime working age population stops contributing to economic productivity, not only do they suffer the consequences of diminished prosperity -- we all do.

For a deep dive into this pressing crisis, we're fortunate to speak today with Nicholas Eberstadt, the Henry Wendt Chair in Political Economy at the American Enterprise Institute and author of the book Men Without Work: America's Invisible Crisis.

This is an important discussion, folks, about an issue society can’t afford to ignore.

To hear it, click here or on the image below:

---

I’m so grateful to everyone who has kindly supported me by becoming a premium subscriber to this Substack. It’s making an important difference in helping me afford the substantial startup costs of running Thoughtful Money.

Premium supporters receive my “Adam’s Notes” summaries to the interviews I do, the new MacroPass rotation of reports from esteemed experts, plus periodic advance-viewing/exclusive content. My Adam’s Notes for this discussion with Nicholas are available to them below.

If you, too, would like to become a premium subscriber to this Substack (it’s only $15/mo, less than $0.50/day), then sign up now below.

---

Adam’s Notes: Nicholas Eberstadt (recorded 5.7.24)

EXECUTIVE SUMMARY:

• Nicholas agrees with Prof Scott Galloway's insights on the economic struggles of the younger generations compared to older ones. He sees a global epidemic of loneliness and misery, particularly among Gen Z, contributing to declining birth rates and family formation. The U.S. has seen a significant slowdown in per capita economic growth over the past 50 years, leading to diminished prospects for younger generations.

• Nicholas stresses the dangers of declining public trust in the U.S. government and major institutions. High levels of trust are essential for a healthy society and functioning democracy. Current distrust and low optimism are undermining social cohesion and problem-solving.

• The U.S. has become less religious, optimistic, and proud over the past generation, contributing to a lack of social “glue” and purpose, leading to a rise in societal unhappiness.

• Significant labor market shifts have led to wealth accumulation disparities. Many in the bottom half of the U.S. population have not seen real gains in wealth while those at the top end are receiving a disproportionate amount of the spoils. Workforce participation has declined among prime-age men and women, and single-parent households face significant financial challenges.

• Men are retreating from the workforce due to complex factors, including