Rick Snyder Advocates Government Planning to Fix the Labor Market

In recent posts here, here, and here, I've been discussing structural vs. cyclical unemployment.  In particular I've observed how those who are opposed to government stimulus efforts, either broad-based tax cuts or spending, are desperate to assert that our unemployment is a structural problem and not cyclical.  Yesterday's post about a story in the Wall … Continue reading Rick Snyder Advocates Government Planning to Fix the Labor Market

Below Market Wages Belies Claims of Structural Unemployment

Continuing what has turned into a short series on unemployment and structural unemployment in particular (see Monday and yesterday's posts), let us look at some of the claims that structural unemployment. First up, Brad Delong points us to Kevin Drum who tells the following story: Kevin Drum: Skilled Jobs Go Begging? Not Quite: The Wall … Continue reading Below Market Wages Belies Claims of Structural Unemployment

Fixes for Unemployment Depend on Whether It’s Cyclical (It Is) or Structural (It Isn’t)

Yesterday I recapped the November employment report. The employment picture remains grim.  The workers depression continues. As my favorite graph from Calculated Risk shows here, regardless of what happens to the unemployment rate, our recovery from the jobs lost in the recession is incredibly slow.  At the pace we have been on for the last … Continue reading Fixes for Unemployment Depend on Whether It’s Cyclical (It Is) or Structural (It Isn’t)

November Employment and Revised 3rd Qtr 2011 GDP

I'm a few days late but I wanted to note the latest employment (jobs) report and the first revision to 3rd quarter GDP.  There's really not much news here - it's the same old story. The economy continues to move along somewhat like  a zombie.  Not really dead, but definitely not anything you could call … Continue reading November Employment and Revised 3rd Qtr 2011 GDP

Occupy Wall Street Meets Fahrenheit 451 – Whose Property Rights?

I'm not the most regular blogger.  I really do strive to post daily, it often doesn't work out. Sometimes my schedule pinched.  Other times, health issues get in the way (ever try to write with a toothache?).  But then there are times when the news makes me so angry I can't find civil words that … Continue reading Occupy Wall Street Meets Fahrenheit 451 – Whose Property Rights?

The Top 0.1% Vs. Rest of Us Throughout the 20th Century

Following up on yesterday's post about the Global Top Incomes Database, I thought I'd give an example.  Here's what I created: So what are we looking at?  The blue line shows almost a century of the average income of the bottom 90% of American earners (in constant, real 2008 dollars - scale on right side). … Continue reading The Top 0.1% Vs. Rest of Us Throughout the 20th Century

Rhetoric Is A Powerful Tool To Advance Moneyed Interests

Money is essential to a successful economy.  But it's money in circulation that's useful.  Money that's locked up in storage in vaults and savings doesn't help.  The early economists understood this well and often used the analogy of money-is-to-economy as blood-is-to-human-body.  Circulating money, money that is used to buy things is as important to the … Continue reading Rhetoric Is A Powerful Tool To Advance Moneyed Interests

Income Inequality Does Matter And It Makes Us Worse Off

There is viewpoint that asserts that income inequality and wealth inequality are necessary, that they are the differences that motivate people to work and get ahead.  This viewpoint often implies that without wide income disparities that our economy's growth would slow.  Supporters of such a viewpoint seem to suggest that the only choices we have … Continue reading Income Inequality Does Matter And It Makes Us Worse Off

Update on Current Situation – October Jobs Report and 3rd Qtr GDP

Two of the more important (U.S.) economic measures were reported in last week and half.  Yesterday the October jobs report came in.  The week before we got the flash report on 3rd quarter GDP.  Both measures were better than feared, not quite as good as consensus expectations of many forecasters, and overall still a disappointment. … Continue reading Update on Current Situation – October Jobs Report and 3rd Qtr GDP