[posted on behalf of Dave Grubb who was having technical problems starting a new thread. This was to see if it was a global problem.]
Often mentioned here, for various reasons, has been the large numbers of people who simply are not participating in the workforce. While the general claim as to that cause has been routed in politics (right/left) it has become abundantly clear there is a real---identifiable cause---opioids.
Executive Summary
This study examines the labor market and economic consequences of the opioid crisis. While previous studies have estimated economic costs of the opioid epidemic, none has taken into account the most significant way opioid dependency is likely impacting the U.S. economy: its impact on labor force participation. This study measures the direct cost on the economy of opioids leading workers out of the labor force. Specifically, it estimates the number of workers who are absent from the labor force due to opioids, the loss of hours at work, and the resulting decline in real output. It finds:
In 2015, 919,400 prime-age individuals were not in the labor force due to opioids;
Between 1999 and 2015, the decline in labor force participation cumulatively cost the economy 12.1 billion work hours; and
During that period, the reduction in work hours slowed the real annual economic growth rate by 0.2 percentage points, cumulatively costing $702.1 billion in real output.
If you don’t like this source, there are many more from which you can choose, all with the same story.
This is particularly hard hitting in the 25 to 35 year old age group that should be going into the skilled trades---they simply are not there.