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1 in 4 Americans are jobless or earning poverty-level wages, new study finds
71–80 of 186 posts
Re: 1 in 4 Americans are jobless or earning poverty-level wages, new study finds
#72There's been a growing number of voices[0][1][2] speaking to not only inequality but also the meritocratic system that seems to have positive feedback loops that worsens inequality by precluding opportunities for those who don't fit the mold of the college education track. I think it's only a matter of time (within the next decade?) where this comes to a head and results in some shock to the system that forces a corr…
I just listened to a great interview with Joel Greenblatt[0] on the subject of education. It's really worth a listen. I think the solutions are within our reach with just a little political will.
[0] https://podcasts.apple.com/us/podcast/the-economics-of-commo...
Re: 1 in 4 Americans are jobless or earning poverty-level wages, new study finds
#73"By comparison, the October jobless rate stood at 6.9%, down from 14.7% in April as workers regained jobs or gave up searching for work." I love how the hopeless are not counted as jobless.
Consistency in how statistics are measured is important. You can rag on the methods but without consistency it’d be meaningless. The majority of what you term as “hopeless” is seniors that are let go and eventually decide to retire rather than entering the work force at wages less than they earned previously. It’s not a bunch of disillusioned 20 somethings giving up on life.
> Consistency in how statistics are measured is important. You can rag on the methods but without consistency it’d be meaningless.
Is it meaningless? Isn't it important to get as accurate an assessment as possible of the current situation? Arguably that's even more important than historical comparisons.
> The majority of what you term as “hopeless” is seniors that are let go and eventually decide to retire rather than entering the work force at wages less than they earned previously.
Is there a citation for this? Millions of people are newly out of work now as a result of pandemic-related shutdowns, so it seems highly unlikely that primarily seniors are affected by an inability to find work.
Re: 1 in 4 Americans are jobless or earning poverty-level wages, new study finds
#74Regulate universities to reduce what they can charge for education. Federally kill teachers unions that have caused rot in public education. Do NOT forgive student loan debt as more than 50% of the debt is held by "high net worth" [0] individuals and graduate degree seekers [1]. Bailing out student loan debt without regulating what colleges can charge will only make current issues in education worse.
Smart people command more value than dumb people - it's a sad but true reality. Educate your kids!
[0] - https://www.urban.org/urban-wire/which-households-hold-most-...
[1] - https://www.businessinsider.com/graduate-student-loan-debt-n...
Re: 1 in 4 Americans are jobless or earning poverty-level wages, new study finds
#75Some things are already starting to give way pretty loudly, and others are yet to come. You simply cannot maintain a democratic society (for whatever nominal value of democracy you want) with these levels on inequality and non-shared misery.
I’m not sure what the next decade holds for the US, but it’s either gonna be some major-scale reinvestment and redistribution or it’s gonna get pretty damn unstable.
Re: 1 in 4 Americans are jobless or earning poverty-level wages, new study finds
#76Earlier quoted context omitted.
I really don't believe people think that way, unfortunately. Many people see this as the "natural order of things". The idea that a significant percentage of the population should be in debt, jobless or lacking healthcare coverage has been normalized and institutionalized in the US. Anyone who wants to change this will be fighting an uphill battle against cultural norms, vested business interests and ideological posi…
They do? Who are these people?
Well yeah, animals that can't hunt or fend for themselves are killed by predators or starve to death. Humans are animals. If I have a family, I will care for my kin before strangers who don't know any better or are too stupid to help themselves. At a certain scale, helping hopeless people starts to harm society.
This is true regardless of your political persuasion. Republicans point to never ending handouts and democrats point to "deplorables". Both are disgusting, however it's ironic what those in the west consider "suffering" in one of the most wealthy nations on earth. Laziness and self pity will kill a man faster than simply being disadvantaged.
Re: 1 in 4 Americans are jobless or earning poverty-level wages, new study finds
#77"By comparison, the October jobless rate stood at 6.9%, down from 14.7% in April as workers regained jobs or gave up searching for work." I love how the hopeless are not counted as jobless.
The BLS should be using U-6, but I don't an administration would do that because it will make things look worse. https://www.bls.gov/news.release/empsit.t15.htm
They do use U6. They use hundreds of data points. U3 is "headline unemployment" because it's a middle ground indicator that has a consistent meaning. It's not possible to summarize the employment landscape in a single number.
Re: 1 in 4 Americans are jobless or earning poverty-level wages, new study finds
#78"By comparison, the October jobless rate stood at 6.9%, down from 14.7% in April as workers regained jobs or gave up searching for work." I love how the hopeless are not counted as jobless.
What’s with the lumping of different categories together?
“Regained jobs” or “gave up searching”.
One of those is good, one of those is bad. Seems like lazy reporting to just say “meh, one of those two”.
Re: 1 in 4 Americans are jobless or earning poverty-level wages, new study finds
#79Earlier quoted context omitted.
These statistics are hard to calculate. Defining “actively searching for work” is one way. You have to draw a line in the sand somewhere. For example, say I’m the primary breadwinner and my wife works part time at a restaurant and cares for our daughter in the remaining time. Work goes slow and she gets laid off. She could actively try to find another job but decides to spend full time with our daughter instead. I do…
It is difficult to define "actively searching for work" with a consistent baseline across the decades, but it is not all that difficult to arrive at a definition that is valid for any given point of time. Simply consider the social norms for the era. If it is considered normal to have two income households at any given point of time, then it is legitimate to include an unemployed spouse. Another route, similar to the…
normal to have two income households
The country is not monolithic. It could be considered typical, yet you might still have only 70% being two income households.
It would be silly to include the other 30% as unemployed.
Re: 1 in 4 Americans are jobless or earning poverty-level wages, new study finds
#80"By comparison, the October jobless rate stood at 6.9%, down from 14.7% in April as workers regained jobs or gave up searching for work." I love how the hopeless are not counted as jobless.
The BLS should be using U-6, but I don't an administration would do that because it will make things look worse. https://www.bls.gov/news.release/empsit.t15.htm
Why do you think the BLS goes to the trouble of calculating and publishing U6? Because they want it to be ignored?
The people in power always use the most optimistic measures and the people who want power always use the most pessimistic measures. I'd personally argue the more pessimistic measures are closer to reality, as would many others. BLS found a way to serve us and the people in power, simultaneously, without getting themselves replaced. They didn't just do an ultra-important, thankless job, they also found a way to square a political circle in order to do it. I have nothing but respect for them.