The U.S. labor participation rate has dropped to just 59%. Compare that to the low rate of 62% in 1978. In 2015 when Bloomberg published the article below the U.S. labor participation rate was 62%. According to government labor statistics the participation rate has dropped since. Without good jobs people are retiring, going on disability and/or signing up for federal means tested work programs.
In some respects the U.S. A.is evolving non-profit status except for the upper 5% or even 1%.
http://www.bls.gov/news.release/empsit.nr0.htm
http://prospect.org/article/40-year-slump
The employment-population is at or near a 40-year low while government debt is up.
http://data.bls.gov/timeseries/LNS12300000 emplopyment-population ratio 2006-2016
Garrison Gibson: books and blog 