Yellen Says Opioid Use Is Tied to Declining Labor Participation
- Fed chair says she’s unsure whether opioids are symptom, cause
- Yellen notes that mortality issues tied to opioid crisis
A homeless heroin addict shows her kit of clean needles, mixing cap and tourniquet in Philadelphia on April 14, 2017.
Photographer: DOMINICK REUTER/AFP/Getty ImagesFederal Reserve Chair Janet Yellen, making her most expansive remarks on an opioid epidemic that’s ravaging American communities, indicated the problem is so pervasive it is holding back the nation’s labor market.
“I do think it is related to declining labor force participation among prime-age workers,” Yellen said of the opioid epidemic while answering questions during testimony before the Senate Banking Committee on Thursday. “I don’t know if it’s causal or if it’s a symptom of long-running economic maladies that have affected these communities and particularly affected workers who have seen their job opportunities decline.”