Randolph Kinney
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Weak Pay Growth Puzzles Fed Chief, Just Like Everyone Else
- Thread starter ucbruin
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Joe Flacco
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They must be concentrated in certain regions. I don't think I know any millennials that are unemployed.
Joe Flacco
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Anyways, those that want to work will be working soon. Period of prosperity coming.
ucbruin
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Something must have happened between your father and brother when he turned 32....
What happened???
Personal question, I know....
I'll share mine...
My dad kicked me out when I was 17 because I lipped off to him in front of my uncle (his younger brother)...
I remember telling my dad that once I got a promotion at work (on campus job) that I would have enough money to rent an apartment...
His response back to me...
"Why wait"!!! (I didn't see that coming)...
Moved in with a friend who already had an apartment....
A couple of months later we made up and every few years I moved back home for a few months between roommates....
I'm the original "boomerang" kid.....
Meandering
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Jobs on the way sooner than you think.
Trump's trade war heats up: President approves tariffs on $50billion worth of Chinese imports that could come into force TODAY as world's second largest economy promises swift retaliation
President Trump has approved tariffs on a list of 800 Chinese products targeting technologies where Beijing hopes to become a world leader, with an official announcement due today.
When tariffs start to mitigate the cost savings of outsourcing a
wages will rise here slightly,
until more regulations and taxes push the costs of manufacturing here, higher
yet again..
.
Randolph Kinney
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Why Aren’t More Men Working?
With unemployment at 3.8 percent, its lowest level in many years, the labor market seems healthy.
But that number hides a perplexing anomaly: The percentage of men who are neither working nor looking for work has risen substantially over the past several decades.
The issue, in economist’s jargon, is labor force participation. When the Bureau of Labor Statistics surveys households, every adult is put into one of three categories. Those who have a job are employed. Those who are not working but are searching for a job are unemployed. Those who are neither working nor looking for work are counted as out of the labor force.
The data show some striking changes over time. Among women, the share out of the labor force has fallen from 66 percent in 1950 to 43 percent today. That is not surprising in light of changing social norms and the greater career opportunities now open to women.
Men, however, exhibit the opposite long-term trend. In 1950, 14 percent of men were out of the labor force. Today, that figure stands at 31 percent.
As life expectancy rises, people have longer retirements. A man retiring at age 65 in 1950 could expect to live another 13 years. Today, a man retiring at that age has an average retirement of 18 years.
One might wonder how these less educated, prime-age men support themselves after leaving the labor force. The social safety net plays a role. In a study for the Mercatus Center of George Mason University, Scott Winship reports that “75 percent of inactive prime-age men are in a household that received some form of government transfer payment.” Mr. Winship believes that government disability benefits in particular are one reason for the lack of interest in work.
Moreover, the social safety net extends beyond government aid. For many young adults, living with their parents is a viable option, even if not an attractive one for all participants. The recent court case brought by a couple to evict their 30-year-old son from the family home is just one facet of a broader social trend.
John Coglianese documented the rise of what he calls “in-and-outs” — prime-age men who temporarily leave the labor force. While not working, these men live off their savings or the income of their spouse or cohabiting partner.
https://www.nytimes.com/2018/06/15/...h_180617&nl=todaysheadlines&nlid=503291100617
Unless the statistics change for whatever reasons, I would not look for increased wages. Government has used the minimum wage to force increases but that has not yielded the expected results. Unless the alternatives to working are reduced, low unemployment rates will not produce increased wages.
With unemployment at 3.8 percent, its lowest level in many years, the labor market seems healthy.
But that number hides a perplexing anomaly: The percentage of men who are neither working nor looking for work has risen substantially over the past several decades.
The issue, in economist’s jargon, is labor force participation. When the Bureau of Labor Statistics surveys households, every adult is put into one of three categories. Those who have a job are employed. Those who are not working but are searching for a job are unemployed. Those who are neither working nor looking for work are counted as out of the labor force.
The data show some striking changes over time. Among women, the share out of the labor force has fallen from 66 percent in 1950 to 43 percent today. That is not surprising in light of changing social norms and the greater career opportunities now open to women.
Men, however, exhibit the opposite long-term trend. In 1950, 14 percent of men were out of the labor force. Today, that figure stands at 31 percent.
As life expectancy rises, people have longer retirements. A man retiring at age 65 in 1950 could expect to live another 13 years. Today, a man retiring at that age has an average retirement of 18 years.
One might wonder how these less educated, prime-age men support themselves after leaving the labor force. The social safety net plays a role. In a study for the Mercatus Center of George Mason University, Scott Winship reports that “75 percent of inactive prime-age men are in a household that received some form of government transfer payment.” Mr. Winship believes that government disability benefits in particular are one reason for the lack of interest in work.
Moreover, the social safety net extends beyond government aid. For many young adults, living with their parents is a viable option, even if not an attractive one for all participants. The recent court case brought by a couple to evict their 30-year-old son from the family home is just one facet of a broader social trend.
John Coglianese documented the rise of what he calls “in-and-outs” — prime-age men who temporarily leave the labor force. While not working, these men live off their savings or the income of their spouse or cohabiting partner.
https://www.nytimes.com/2018/06/15/...h_180617&nl=todaysheadlines&nlid=503291100617
Unless the statistics change for whatever reasons, I would not look for increased wages. Government has used the minimum wage to force increases but that has not yielded the expected results. Unless the alternatives to working are reduced, low unemployment rates will not produce increased wages.
Meandering
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Randolph Kinney
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Good old Friedrich A. Hayek – depicted above – once coined the term “scientism” to describe the futile attempts of assorted social engineers and their academic advisors to express human action in the form of barren mathematical equations and statistics. Let us look at something one of his followers, the late Professor Austin L. Hughes, wrote in an article published in the autumn 2012 issue of “The New Atlantis” journal: “The fundamental problem raised by the identification of “good science” with “institutional science” is that it assumes the practitioners of science to be inherently exempt, at least in the long term, from the corrupting influences that affect all other human practices and institutions.
Meandering
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That works for "lending" too.
J Grant
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Bottom like is that nobody wants to talk about it, but the key is over population (relative to labor or professional skill need), and people need to limit reproduction ...and that includes the middle class and professional class who are losing economic ground along with their fellow blue collar and service workers...
The USA has fewer social benefits programs except for the poorest compared to other developed nations so yeah, those homeless people we've been driving past for decades were the canary in the coal mine. Why is China a rising dominant world power ? Besides their emerging from subsistence economy toward a production and now tech/energy power economically, part of their present success was their one child policy....criticize it but helped the generation be in position for jobs and $, imagine 3x as many Chinese they'd still be getting low pay simply too many. All over the world including here its the same story but nobody wants to talk about it. Supply and demand,- stop supplying so many people that nobody needs for labor or professional skills either as AI gets more developed.
China 's leaders are not looking to past glory, trying to make China great AGAIN, because "again" is past looking, they are future forward looking,forming trade partnerships and alliances while USA become isolated .
Add in corporate interests are now global, not national . Unless US corporations or businesses see more priority in paying workers well rather than the main $ going to CEO's and shareholders, wages will be flat/low for most . Even if it means their market shrinks in America because less USA workers can afford to buy what they produce their market is global so ...
Tear down our empty shopping malls and decaying inner cities restore land homestead a small plot of land if people can grow food, make things, barter etc better than broke/unemployed living in a car.
The USA has fewer social benefits programs except for the poorest compared to other developed nations so yeah, those homeless people we've been driving past for decades were the canary in the coal mine. Why is China a rising dominant world power ? Besides their emerging from subsistence economy toward a production and now tech/energy power economically, part of their present success was their one child policy....criticize it but helped the generation be in position for jobs and $, imagine 3x as many Chinese they'd still be getting low pay simply too many. All over the world including here its the same story but nobody wants to talk about it. Supply and demand,- stop supplying so many people that nobody needs for labor or professional skills either as AI gets more developed.
China 's leaders are not looking to past glory, trying to make China great AGAIN, because "again" is past looking, they are future forward looking,forming trade partnerships and alliances while USA become isolated .
Add in corporate interests are now global, not national . Unless US corporations or businesses see more priority in paying workers well rather than the main $ going to CEO's and shareholders, wages will be flat/low for most . Even if it means their market shrinks in America because less USA workers can afford to buy what they produce their market is global so ...
Tear down our empty shopping malls and decaying inner cities restore land homestead a small plot of land if people can grow food, make things, barter etc better than broke/unemployed living in a car.
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