This weekend we were told by Argentine friends that only 30% of the people here are gainfully employed. This means that 70% are either younger than working age, retired, infirm, unpaid caregivers or parents, between jobs, working en negro, etc.
Unemployment, defined as those actively seeking jobs but unable to find them, is now relatively low. But given the more complete picture that includes all the people who are not looking for work for various reasons, the unemployment numbers become almost meaningless.
How can it be sustainable for 30% of a country to support the pensions / unemployment / welfare / other social systems, infrastructure, govt, healthcare, schools, etc. for 100% of the people?