Jul 21, 2018

Youth support for elders is faltering

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Data: United Nations World Population Prospects 2017; Chart: Harry Stevens and Chris Canipe/Axios

In 2010, the number of American workers for every recipient of Social Security fell below three for the first time. In Japan, the ratio has fallen to just two workers per retiree. Globally, the figure is expected to fall to four by 2050.

Why it matters: Societies typically leverage the labor and taxes of their working-age population to support their aged through pension and health programs. But as populations age and the number of workers shrink, governments will have to increase taxes, retirement ages, or both — or services will have to be cut.

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U.S. companies are forcing workers to train their own foreign replacements

Illustration: Sarah Grillo/Axios

Opponents of job outsourcing are making a holiday-season appeal to President Trump: Stop U.S. companies from forcing American workers to train the very same cheaper foreign laborers who will soon replace them.

Why it matters: Trump promised voters he'd end abuses of worker visa programs and save U.S. jobs — but as he campaigns for re-election, advocates say he hasn't done enough.

Unemployment fell to 50-year low in 2019 but wages stagnated

Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

Friday's jobs report missed expectations, but still delivered solid numbers, showing the U.S. economy added well over 100,000 jobs and the unemployment rate remained near a 50-year low.

The big picture: BLS reported that the number of people who were employed part time but would rather be full-time employees declined by 507,000 over the year.

1.3 million more workers will be eligible for overtime pay in 2020

Illustration: Eniola Odetunde/Axios

More workers will be eligible for overtime pay when a federal law kicks in on Jan. 1.

Why it matters: The law will give a raise to some 1.3 million employees when they work more than 40 hours a week. That's short of the 4 million who would have gotten overtime pay had a more aggressive Obama-era law gone into effect.

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