The U.S. Economy Would be Better Off If More Seniors Had Jobs

A study by AARP and the Economist Intelligence Unit evaluated the effect of ageism on the U.S. economy, estimating that blocking seniors from the workforce adds up to $850 billion in lost productivity each year, reports MarketWatch . Analysis indicated that the 50-plus populace contributed 40 percent of the U.S. gross domestic product in 2018, and supported 88.6 million jobs and $5.7 trillion in wages and salaries. Older employees made $8.3 trillion in 2018, and their economic contribution should triple to $28.2 trillion by 2050. AARP suggested the elimination of age discrimination would bring their contribution to $32.1 trillion in 2050. The bipartisan Protecting Older Workers Against Discrimination Act would overturn a 2009 Supreme Court ruling that made it harder to claim age bias for a layoff or demotion. The law currently requires older workers to prove age discrimination as the reason for their dismissal or demotion, whereas employers previously had to provide a legitimate reason for firing or demoting the individual.