"But recent research by Fed economists finds that the participation gap is now mostly due to excess retirements—that is, retirements in excess of what would hav

"But recent research by Fed economists finds that the participation gap is now mostly due to excess retirements—that is, retirements in excess of what would have been expected from population aging alone. These excess retirements might now account for more than 2 million of the 3‑1/2 million shortfall in the labor force. What explains these excess retirements? Health issues have surely played a role, as COVID has posed a particularly large threat to the lives and health of the elderly. In addition, many older workers lost their jobs in the early stages of the pandemic, when layoffs were historically high. The cost of finding new employment may have appeared particularly large for these workers, given pandemic-related disruptions to the work environment and health concerns. Also, gains in the stock market and rising house prices in the first two years of the pandemic contributed to an increase in wealth that likely facilitated early retirement for some people." Kind of amusing that to certain extent the true cause of the labor shortage runs perhaps contrary to the common narrative of "entitled millennials unwilling to work hard" but perhaps the truth is more along the lines of being due to "enjoying the fruits of early retirement" boomers and FIRE practitioners?