The difference between the 25-54 and civilian participation rates are largely attributable to retiring boomers. Participation rates depend heavily on demographics. They matter for things like dependency ratios. But quoting them without the context of a large generation retiring and increasing time spent getting educated hides the full picture. That said, the 3 percentage point drop in 25-54 participation is largely attributable to the opioid crisis—that’s a disturbing start to a trend.