Age Bias and Recessions

While I maintain that the current downturn will end up being the worst since the Depression, it is worth reminding yourself what your personal recession data set is. Because there are immense availability/recency biases in play here, and they don't get driven home very well.

The following table shows ages, recession dates, and peak unemployment. In short, the average current employee has no working memory of a severe recession. Someone aged 45 today was 19 during the 1982 recession, so likely not even in the workforce. And they were 10 in 1973.

Ageism is clearly at play during this recession and appears to be ingrained in our economy and job market. Seniority is probably frowned upon (unless productivity is attached to it) more than it is rewarded. And probably rightfully so, because most 25 year-olds can do the same information and technology job as a 40 year-old these days for less pay. It seems that in our "information age", a life-time of continuing education is a requisite to stay a ahead of the ever advancing information and technology curve, and remain employable.

(Via Infectious Greed)