Posts Tagged ‘ecomonics’

The Real Unemployment Rate.

October 21, 2020

The Real Unemployment Rate.

The U.S. Unemployment Rate is measured by the Bureau of Labor Statistics, an arm of the U.S. Deparment of Labor, but BLS recognizes several joblessness measures. The one you read in the media is called U3, the percentage of unemployed civilian adults actively seeking fulltime nonfarm employment. Right now, the U3 rate is 7.9%. A broader measure, U6, includes those working part-time because they can’t find full-time jobs and people who want to work and have looked for jobs anytime in the past year. The latest U6 jobless rate is 12.8%.

But those aren’t the only — or most realistic — measures of unemployment. The Ludwig Institute for Shared Economic Prosperity, founded by Gene Ludwig, former U.S. Comptroller of the Currency, has a yardstick for U.S. functional unemployment, and it’s unnerving:

“A person who is looking for a full-time job that pays a living wage — but who can’t find one — is unemployed. If you accept that definition, the true unemployment rate in the U.S. is a stunning 26.1% ….”

“If you measure the unemployed as anybody over 16 years old who isn’t earning a living wage, the rate rises even further, to 54.6%. For Black Americans, it’s 59.2%.”

“Only 46.1% of white Americans over the age of 16 — and a mere 40.8% of Black Americans — now have a full-time job paying more than $20,000 per year.”

— “America’s true unemployment rate,” Felix Salmon, Axios

More:

Ludwig Institute for Shared Economic Prosperity (LISEP) website

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Cabbage and the Russian Economy

October 30, 2019

Finalcial Times Moscow bureau chief Henry Foy explains the Russians’ cabbage obsession and how the staple’s price affects Russians.

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Short link: https://wp.me/p6sb6-tOm

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American Inequality

July 26, 2013

“Inequality is real, personal, expensive, created, fixable.”  Inequality.is, an initative of the Economic Policy Institute.

Animation of Robert Reich by Periscopic.

Related:

“Yes, Virginia, the Rich Continue to Get Richer: the Top 1% Got 121% of Income Gains Since 2009,” Yves Smith, Naked Capalism

“Wealth of most Americans down 55% since recession,” Constantine van Hoffman, CBS Money Watch

“Fixing a Hole: How the Tax Code for Executive Pay Distorts Economic Incentives and Burdens Taxpayers”, Susan R. Holmberg and Lydia Austin, Roosevelt Institute White Paper

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Short link: http://wp.me/p6sb6-h4e

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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Paul Ryan, Republican Intellectual

September 24, 2012

Paul Ryan, Repblican Intellectual

Paul Ryan is today’s leading Republican intellectual because he’s read 4 books. Well 3, actually, but he read Atlas Shrugged twice..  Alec MacGillis has a thorough examination of this in The New Republic:

“It wasn’t clear at first that he even wanted to be in D.C. Offered a position on Senator Bob Kasten’s committee right after college, Ryan took awhile to respond because he was trying to find work as a ski instructor in Colorado instead.”

“Ryan was inquisitive during his early days on the Hill, but in a way that was hard to distinguish from mere favor-currying. (He had been named the ‘biggest brown noser’ of his high school class.) He nagged [Cesar] Conda … so often with questions about supply-side economics that Conda lent him two books to keep him busy—Jude Wanniski’s The Way the World Worksand George Gilder’s Wealth and Poverty, both foundational tracts for trickle-down Reaganomics.”

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