When retirees who can afford to leave the workforc…

Transcript

I've been asked by a few people, what can we do as retirees to sort of pay it forward for that younger generation that's struggling? And I've really had a hard time coming up with a good answer to this, so I'm just going to do it as it comes to me. So I had another idea today, which I think would really, really help. And that is, if you can afford to, get out of the workforce. And there are so many of us that can't afford to exit the workforce at retirement age. I get that. And for those people, I'm sorry. Yes, you're going to stay in the workforce, and there's nothing you could do about it. But those of us who are of retirement age and who need to stay in the workforce, we're going to do so at a prevailing wage, because we have to be competitive to stay in the workforce. And that's fine. The problem that I see happen is, a lot of the people that these folks will re-enter the workforce out of boredom, or just to keep themselves stimulated. And oftentimes, they enter the workforce at a discount. And they're actually competing with young people who could be doing that work. And I'll tell you how I know that. There was a huge series of studies done on what happened in the 70s that caused compensation to just flatline. And what happened in the 70s is that, you're not going to get back into the workforce. And that's because you're not going to get back into the workforce. And that's what I'm talking about. What happened was there were tons of new workers introduced to the workforce. And you can look it up. I don't want to get into the details of it because it'll cause everybody to go off the rails. But the point is the workforce expanded greatly. So as supply increases, price goes down. And when we as retirees, and if we can afford to, if we stay out of the workforce, we're reducing supply for really experienced, smart, talented people. And that keeps the price up for everybody else. So one way we can pay it forward as retirees is to get out of the workforce. Or if we stay in the workforce, work at such a premium price that it's not competing with those. And that's why we have so many younger people who need to get in there and do those jobs that we did for so many years.