Oldest Baby Boomers Face Jobs Bust

Jan 8, 2012


"Oldest Baby Boomers Face Jobs Bust"

  • by E.S. Browning

  • The Wall Street Journal

  • December 19, 2011


  • "Many older Americans fear they will be working well into their 60s because they didn't save enough to retire. Millions more wish they were that lucky: Without full-time jobs, they are short of money and afraid of what lies ahead." Complete article.


  • This article looks at the plight of American's aged 55 to 64 and the impact it has on the overall economy. As one reads this article, keep in mind the micro-economic impact it has on the arts sector.


      • Arts leaders, who are lucky enough to have jobs, are likely to stay in their jobs longer, reducing promotion opportunities of the generation-in-waiting.


Budget cutbacks are impacting salaries of senior management and organizational pension contributions at a time when these professionals should be "generating peak incomes and savings."


  • Established arts professionals are losing jobs to recent graduates for lowers salaries. While companies gain youthful energy and enthusiasm, life experience with social media and technology, it comes at the cost of experience and expertise.

  •  

  • Established arts professionals who are jobless are looking anywhere for work. The exodus of seasoned arts professionals potentially creates a leadership hole in the arts.


  • Complete article.