We're also 9 years away from the end of the last recession. The longest we've gone without a recession in the past 100 years is 10 years.
Goes to show that Obama did much better than he was often given credit for. While Obamacare fell fall short of the medicare for all that is needed by business - imagine not having to worry about covering healthcare for employees for your startup - his overall job of captaining the ship through incredibly hard times was very successful.
Say Hello to Full Employment
151–160 of 348 posts
Re: Say Hello to Full Employment
#152Earlier quoted context omitted.
True. They're not. Neither are employees entitled to high wages.
Yet, we're in an economy where employers are constantly complaining they can't find workers.
Re: Say Hello to Full Employment
#153Earlier quoted context omitted.
Past performance is no guarantee of future results.
Yup, you also want to look at macroeconomic conditions around the world, tech trends, demographics, etc. For example, 10 years ago we had quantitative easing done by US/Europe, which led to subprime loans. Now, all of the major economies around the world is tapped out with QE, so deflation is the theme going forward Also, 10 years ago the dollar prime rate was 0%. Now it's close to 2%. That drives the emerging market…
Re: Say Hello to Full Employment
#154Earlier quoted context omitted.
How much of underemployment is caused by people not willing to move? For instance, I can almost guarantee you that if you’re a good Node developer you could find a job in less than a month in my market.
Where? Not being sarcastic or anything... really want to know.
Re: Say Hello to Full Employment
#155Earlier quoted context omitted.
Does that take into account the incarcerated? From Wikipedia: > In total, 6,899,000 adults were under correctional supervision (probation, parole, jail, or prison) in 2013 – about 2.8% of adults (1 in 35) in the U.S. resident population. It's very difficult to find work with a criminal record in the US.
And yet, without enough legitimate work opportunities, those with criminal records are strongly incentivized to resort to grey and black markets (or theft) to make a living. A vicious cycle. We've got to get rid of the mindset that we need to "protect ourselves", both corporately and individually, from "dangerous people" (i.e. former criminals) by excluding them from our lives and our companies. "Love your neighbor a…
Re: Say Hello to Full Employment
#156Earlier quoted context omitted.
The first sentence in the article implies the second sentence in your comment. This morning, the Labor Department announced that the national unemployment rate ticked up to 4 percent in June for good reasons, as hundreds of thousands more Americans sought work.
If they this is true, this will be amazing. For too long we have sold out the American worker to unfair trade and offshoring. It’s great to see our workers in neglected sectors of the economy have a chance to get back in.
Sure some workers of neglected sectors got a boost (coal), but at what cost? Funny how there is little talk of the solar workers that got laid off following those change in policies.. https://www.cnbc.com/2018/02/07/us-solar-industry-lost-nearl...
Re: Say Hello to Full Employment
#157Earlier quoted context omitted.
If they this is true, this will be amazing. For too long we have sold out the American worker to unfair trade and offshoring. It’s great to see our workers in neglected sectors of the economy have a chance to get back in.
Economy has been on the same direction for many many many years, that was before the trade wars started. If anything, the trade wars might stop this whole movement. Sure some workers of neglected sectors got a boost (coal), but at what cost? Funny how there is little talk of the solar workers that got laid off following those change in policies.. https://www.cnbc.com/2018/02/07/us-solar-industry-lost-nearl...
Re: Say Hello to Full Employment
#158Earlier quoted context omitted.
The openings seem to be largely in trades or nonskilled labor: > Competition for workers has gone crazy, Joe McConville, who co-owns a popular chain of made-from-scratch pizza restaurants, told me. “At almost every restaurant that I’ve worked at, you always had a stack of applications waiting,” he said. “You’d call somebody up and half the time they're still looking for an extra job. That’s not happening anymore.” >…
The trucking industry is instructive here: Trade groups have argued that it is facing a shortfall of 51,000 workers, yet businesses have not yet shown much willingness to cut hours, boost pay, and improve conditions to lure workers in. Now that's a good point. The job could be much better if the employers were better organized. Employers want to send someone out on the road for weeks at a time. With better scheduling…
Re: Say Hello to Full Employment
#159Earlier quoted context omitted.
Does that take into account the incarcerated? From Wikipedia: > In total, 6,899,000 adults were under correctional supervision (probation, parole, jail, or prison) in 2013 – about 2.8% of adults (1 in 35) in the U.S. resident population. It's very difficult to find work with a criminal record in the US.
And yet, without enough legitimate work opportunities, those with criminal records are strongly incentivized to resort to grey and black markets (or theft) to make a living. A vicious cycle. We've got to get rid of the mindset that we need to "protect ourselves", both corporately and individually, from "dangerous people" (i.e. former criminals) by excluding them from our lives and our companies. "Love your neighbor a…
However, if you got caught stealing a bunch of electronics from a past employer, you'll have a seriously hard time find a job anywhere where they have to trust you with money or property.
Honestly, people who commit crimes against their employers do this to themselves. How could you ever be trusted again when your strategy at the beginning was to shit where you sleep?
Re: Say Hello to Full Employment
#160The national unemployment rate has always been political fodder and not a good indicator to the heath of people employed. Statistical smoke and mirrors considering they do not count people who've stopped looking for work because they cannot find it, those who are under-employed, or those who are earning less this year compared to last due to inflation and wage stagnation.
There's no single, simple metric that can fully encompass everything when it comes to unemployment. So they rely on six different metrics, which tend to correlate closely. When they don't, it's obvious in the alternative measures . When politicians talk about U-3, they're comparing it to the same measure in previous periods. Politically, the trend is the focus. In no way is this a case of "statistical smoke and mirrors." Brightlines have to be drawn, and U-3 does just that in way that's fairly straightforward and usable by the public at large.
More importantly, trying to focus on U-6 (for example) as your main unemployment rate has significant drawbacks. While these different cases are all related to one another, the economic policy proscriptions for targeting general unemployment aren't necessarily the same as trying to ameliorate involuntary part-time workers (U-6) who want to work full-time and would if the opportunity presented itself.
Finally, BLS also collects wage data by area and occupation[3] that addresses your final concern. It just doesn't get mentioned as much in the press, or by politicians, because wage data isn't easily boiled down into a single number; it's a bit more involved to deal with. It's still used in econometric modeling and to inform fiscal and monetary policy. It's not something that's ignored.
0. https://www.bls.gov/news.release/empsit.t15.htm
1. https://www.bls.gov/lau/stalt.htm