Living With Covid-19 (4)
Some industries are seeing higher rates of quitting than others. Resignations are highest among workers in the retail, food-service and hospitality industries.
I’m more concerned with the nearly three million people aged 55 to 70 who have left their jobs since March 202. Far more older employees have retired during the pandemic than in other recessions. And unfortunately, many of them were financially unprepared.
Public health officials warn that the risk of severe illness from Covid-19 increases with age. The percentage of older workers in the labor force is at its lowest level since the pandemic began. This raises the prospect that many of them may have permanently left the workforce. That could have a negative effect on economic growth.
Older employees bring experience and expertise gained over many years. If you push older people out of the labor force before they’re ready, society loses a valuable resource.
Something else worries me. U.S. college enrollment dropped by one million last fall to the lowest it’s been in 50 years. Even before the pandemic, college enrollment was declining nationally as the number of college-age students leveled off. High tuition costs also discouraged prospective students.
Wow, I must have missed that news. I did hear that international student enrollment in the U.S. fell 15% during the 2020-21 school year.
