Top Economist Predicts Labor Shortage in U.S. by 2018 [View All]

http://www.allvoices.com/contributed-news/5461744-top-economist-predicts-labor-shortage-in-us-by-2018

By Mary Elizabeth Dallas Washington : DC : USA | Mar 23, 2010

In the wake of the worst slump since the Great Depression, Treasury Secretary Timothy Geithner said Monday the U.S. economy is expanding and jobs will be created, reports Bloomberg. While that may be great news for Americans who have long anticipated signs of recovery in the labor market, a leading economist is now predicting a labor shortage by 2018.

It may sound surprising given the recession, but Barry Bluestone, Dean of the School of Public Policy and Urban Affairs at Northeastern University projects there will be at least 5 million potential job vacancies in the U.S. and not enough people to fill them within eight years.

"If the baby boom generation retires from the labor force at the same rate and age as current older workers, the baby bust generation that follows will likely be too small to fill many of the projected new jobs," states Bluestone's report, After the Recovery: Help Needed - The Coming Labor Shortage and How People in Encore Careers Can Help Solve It. snip

Workers over 55 will be key to closing the labor gap, notes Bluestone. "Not only will there be jobs for these experienced workers to fill," Bluestone writes, "but the nation will absolutely need older workers to step up and take them."