Last Friday's dismal jobs report (where 23K jobs were lost) had a silver lining: the unemployment rate dropped to 4.1%, the lowest since June 2025, dinging expectations that the AI revolution would lead to a spike in unemployment. However, in a novel spin this morning, Bank of America - seemingly convinced that the US is now enjoying a new Golden Age - published a report titled "A stock-fueled retirement party" in which it makes the modest proposal that the US unemployment rate is shrinking because Americans are simply too rich. More broadly as well, the economist notes that there appears to be a modest negative relationship between equity gains and older workers’ participation. Is BofA right? We don't know, but if they are it would be ironic that while we wait for the unemployment rate explosion as a result of chatbot agents taking millions of white collar data-heavy jobs, the unemployment rate would actually drop thanks to all those who were long AI stocks.