“The opioid crisis has hit many communities hard, leading to untimely deaths, higher health care spending and personal tragedies.
But the crisis may also be rippling into the economy in complex ways. Goldman Sachs (GS) economist David Mericle said in a research note earlier this month that the opioid epidemic “is intertwined with the story of declining prime-age participation, especially for men.”
The declining labor force participation rate is something of an economic puzzle because the stronger economy should be convincing more Americans to return to the workforce. Instead, the share of American adults with jobs has dwindled by almost 3 percentage points since the recession ended.
Economists have posited causes ranging from weak demand for less-skilled workers to rising disability rates, but as Mericle points out, the trend has also coincided with the opioid crisis.”
Source: CBSNews.com – July 11, 2017