Opioid epidemic, not banking system, to blame for falling US labour participation – Fed chief Yellen

‘Opioid abuse in the US is linked to a decline in labor participation rates claims Federal Reserve Chair Janet Yellen.
Speaking at the Senate Banking Committee on Thursday, as part of her bi-annual testimony, Yellen said opioid abuse is related to declining labor force participation for prime-age workers, CNBC reports.
“Many individuals with less education are finding it difficult to be placed in jobs that are middle income jobs,” Yellen said. “And so this perhaps intensified during the recession, but it is a much longer lasting trend. We’ve seen now unfortunately this is likely tied to the opioid crisis.”
Opioids include prescription painkillers such as oxycodone and fentanyl, as well as heroin. About 91 Americans die from opioid overdoses every day, the National Institute on Drug Abuse reports, while prescription drug abuse costs $78.5 billion per year, according to the Center for Disease Control (CDC).’
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