For John, BLUF: Th economy is definitely changing and I suspect we don't have a clue. Nothing to see here; just move along.
From Quartz (A subsidiary of Atlantic Magazine's parent company) we have a short article arguing that US Labor Force Participation Rate is going to be going down. The author, Mr Tim Fernholz, argues that it isn't just the PP&ACA (Obamacare) that is reducing work hours in our economy and overall labor participation rate. Mr Fernholz has a chart from the Bureau of Labor of Statistics (BLS) that shows the percent of our population involved in the work force going steadily up from about 58% before 1950, peaking at 68% in the late 1990s and then slopping down to under 62% by 2020. The sub-headline:— "It’s not just Obamacare. In the future, we’ll all work less".
There is a lot of experimentation going on with our economy and we are not thinking about the fact that we are out there sailing in uncharted waters.
Regards — Cliff