As of March 2013, the percentage of working-age adults in the labor force -known as the participation rate- fell to 63.3%, the lowest since May 1979. Since unemployed people who stop looking for work are not counted as unemployed, the official unemployment rate is grossly understated. Part of the trend can be explained by the baby boom generation’s gradual retirement, but that does not consider the fact that many boomers who need to work, can’t; they simply  retire to a life of abject poverty. One reason so many people -of all ages, not just boomers- can’t find well-paying jobs is because manufacturing wages have declined over time.