from Stock Board Asset:
America’s opioid crisis is accelerating and could kill nearly ‘half a million people’ over the next decade. The epidemic is now killing 100 people every day, fueling a public-health crisis draining the resources of the economy. Overdoes and deaths have been on the rise for decades, but in most recent times American’s prime working age males (25-54) have been ravaged by the crisis. This is a cause for concern…
Princeton professor and former Obama White House economist Alan Krueger is out with a Bookings paper titled: Where Have All the Workers Gone? An Inquiry Into The Decline Of The U.S. Labor Force Participation Rate. In the report, Krueger gives it his best to correlate the “mushrooming opioid crisis in the U.S. since the early 2000’s” in connection between the use of “pain medication and opioid prescription rates” with the declining labor force of prime age males.
According to the author's calculations... 47% of men age 25-54 take pain medication.
In a classic ‘bait and switch’ marketing tactic, the Federal Reserve’s transitory narrative is running out of time. To be safe, Fed officials have started countering their narrative of ‘rainbows and unicorns’ with talk of an existential threat called the opioid crisis.
“We are seeing, as I mentioned, an increase in death rates — which is extremely unusual,” Yellen said last week. That trend is “partly reflecting opioid use, and it is obviously a very serious and heartbreaking problem.”
On a per annum basis, opioid deaths are forecasted to increase 21% from 2015 33,091 to 2027 40,000. The forecast in deaths indicate the crisis is only accelerating. Should we say the blowoff top phase has started?
There are much larger trends at play and the opioid crisis is just a symptom of extreme wealth inequality in the United States.