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Old 08-30-2019, 07:44 AM
 
Location: Between Heaven And Hell.
11,280 posts, read 7,584,147 times
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Two words; Quantitative Easing. (You could call it inflation, that's made prices and pay go up, but you'd be kidding yourself.)
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Old 08-30-2019, 07:58 AM
 
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I think in reality the recession timeframe hurt millennials that were:

1. In small towns with struggling economies in the first place.
2. Uneducated or educated in fields with low demand from mediocre to poor schools (English, History, Psychology, Sociology, etc.).
3. Not interested in blue-collar work.

Which is probably a large portion of millennials, but I don't think that was because of the recession, I think it's like was mentioned earlier most positions that were staffed by someone with a basic college degree and a limited skillset have been automated, but I think that was coming whether the recession hit or not.

As an example, we used to pay a consulting firm $20k/yr to hand-code some 20-30k survey responses a year. They would read the responses and then code them into a specific set of categories. I took that data from the past 3 years and in one afternoon built a machine learning algorithm that was 99.1% accurate on a 20% holdout set. So, now in a matter of milliseconds, we can run a script that does what would take 2-3 people 3-4 days to do each month.
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Old 08-30-2019, 08:21 AM
 
2,623 posts, read 690,722 times
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Quote:
Originally Posted by Cabound1 View Post
I retired in 2004 at 42. Iím now 57 and enjoy the highest net worth Iíve ever had. And I donít miss the rat race.
I semi-retired at about the same age, and fully retired a few years after that (once our daughter went off to college). I'm now a few years older than you, and I also have the highest net worth I've ever had.

After 20+ years nose-to-the-grindstone in high tech in Silicon Valley, I can honestly say that working for a living is highly over-rated.
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Old 08-30-2019, 08:23 AM
 
8,506 posts, read 9,254,220 times
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Quote:
Originally Posted by BECLAZONE View Post
Two words; Quantitative Easing. (You could call it inflation, that's made prices and pay go up, but you'd be kidding yourself.)
Please explain. Or better yet come back and delete this when you can't.
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Old 08-30-2019, 09:01 AM
 
2,623 posts, read 690,722 times
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Quote:
Originally Posted by vision33r View Post
The problem with the recovery since 2008 is that most of the jobs created today are very expendable. Companies outsource heavily and built so many automation today that in the event they need to go lean they can operate without much business interruption.

A lot of hires or jobs today are non-essential, jobs where people perform something redundant or unnecessary workflows for the sake of creating jobs. These jobs can easily disappear when a company needs to slim down in a recession.

I'm often confronted by execs and managers at technology meetings how the automation would work in place of people today.

More reasons to expect in the future automation will end a lot of jobs and careers when the recession comes.
While that narrative is embedded in progressive tropes of the political class, it doesn't describe the real world. But then again, they've never been accused of economic literacy.
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Old 08-30-2019, 09:48 AM
 
Location: Between Heaven And Hell.
11,280 posts, read 7,584,147 times
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Originally Posted by EDS_ View Post
Please explain. Or better yet come back and delete this when you can't.
We're all living in a fool's paradise, believing an illusion of wealth, based on inflated numbers. Sooner or later, that bubble is going to burst.

Sorry, if you can't quite grasp the gist, but I for one, am not going to trouble myself with elongated explanations, especially if they are likely to go clean over the heads of many.
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Old 08-30-2019, 10:10 AM
 
73,113 posts, read 72,932,364 times
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Quote:
Originally Posted by BECLAZONE View Post
Two words; Quantitative Easing. (You could call it inflation, that's made prices and pay go up, but you'd be kidding yourself.)
not quite ! i suggest you learn the different reasons as to why prices go up and how much is really attributed to monetary inflation .. it has been a very small part ..

what increases we see are mostly demand and shortage driven ....stop increasing demand or over using and the prices go back down .. oil is cheaper today than 12 years ago
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Old 08-30-2019, 10:53 AM
 
8,506 posts, read 9,254,220 times
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Quote:
Originally Posted by BECLAZONE View Post
We're all living in a fool's paradise, believing an illusion of wealth, based on inflated numbers. Sooner or later, that bubble is going to burst.

Sorry, if you can't quite grasp the gist, but I for one, am not going to trouble myself with elongated explanations, especially if they are likely to go clean over the heads of many.

I get the arguments. I've heard them from someone almost everyday since the early 1980s.


And just to be clear you are not capable of making a legitimate economic argument that I wouldn't understand.
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Old 08-30-2019, 12:03 PM
 
Location: Between Heaven And Hell.
11,280 posts, read 7,584,147 times
Reputation: 14522
Quote:
Originally Posted by EDS_ View Post
I get the arguments. I've heard them from someone almost everyday since the early 1980s.


And just to be clear you are not capable of making a legitimate economic argument that I wouldn't understand.
I would have to ask now, what is your reason for taunting, and do you, above others, have a right to expect members to delete posts that you don't like?

So, you're some kind of supremacist, and I'm a lesser being, maybe viewed as dirt. I get you, I know where you are coming from, I've seen it too many times before.

Now go off and report me, like a good little teacher's pet.


Well, it seems the Economics forum is off the list of places to post.
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Old 08-30-2019, 01:28 PM
 
1,202 posts, read 553,274 times
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Quote:
Originally Posted by BECLAZONE View Post
Well, it seems the Economics forum is off the list of places to post.
If you posted something of value you might get a different response. All you've posted is everything sucks, I know why but I'm not going to explain it because you are all too stupid to understand the explanation.

If that's your idea of posting, Economics forum never should have been on your list.
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