Job seekers aged 60-78 increase in US labor market over past year as election looms: LinkedIn

The result has been a 23 percent increase from last year in job applications from Americans aged 60 to 78 on LinkedIn. Karin Kimbrough, LinkedIn’s chief economist, said the surge is attributable to people who are forced to “unretire” because inflation has devoured their savings and high interest rates have made borrowing so costly. “Central banks raised rates and that probably raised their cost of living, so I think that probably ate into their savings more than they were anticipating. In the US older workers are resuming these really aggressive job searches. They had retired, and now they’re unretiring,” Kimbrough told The Telegraph.

That uncertainty has not been helped by Kamala Harris’ vague economic plans that consist of massive spending on housing and a promise to stop “price gouging” in the grocery stores. Her tie-breaking vote in the Senate occasionally advanced inflationary legislation, such as the 'Inflation Reduction Act (IRA).

Although the Biden-Harris administration is fond of telling Americans the country has rebounded faster and better from the economic malaise of the Covid pandemic than any other G7 nation, most Americans are not getting any fiscal satisfaction from the data and are feeling left behind. While the Biden-Harris administration promised an abundance of green economy jobs, 40 percent of the programs are currently on hold due to inflation and a waning interest in electric vehicles by the automobile industry.

Heather Boushey, an economic adviser to Joe Biden and a key architect of “Bidenomics,” told The Telegraph that the stimulus has yet to help a large swath of average Americans. “When you are trying to really make big shifts in an economy, that takes time. A lot of it is still in the getting started phase. The investments are coming, maybe the new manufacturing facility is being built and the construction workers are hired, but it isn’t a part of the community yet.”

Harris is not convincing Americans that she is better suited to handle the US economy than her Republican challenger, former President Donald Trump, who consistently rates higher when voters are asked who they trust to manage the economy.