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This article from March should probably go in economy, but I like that it touched on how employment issues influence the population's view of the nation's economy overall, that people still feel things aren't "good" if they can't find work or are trapped at lower wages and that rut is enough of a "recession" for them in spite of technical data indicating improvements.
Quote:
The United States economy emerged from recession in June 2009 and has been growing for nearly five years. Yet this week, an NBC News/Wall Street Journal poll of American adults found that 57 percent still think the economy is in recession.
It’s not hard to see why. People don’t take this as a technical economic research question; they take it to mean, “Is the economy good?” And for much of America, despite years of modest gross domestic product growth and strong stock market gains, the economy isn’t good.
Two trends are responsible. The labor market is still slack, meaning millions who would like to work can’t, and those who do work have limited ability to demand higher wages...
The econmy is very good for execs and stockholders, but for most working or want to be working Americans getting a good job is a nightmare and once one get it one is in little position to negotiate so companies can do anything to you as they have your nuts in a vice. They can offer you janitor wages, make you work temp, make you work 80 hours/week on salary etc.
The problem is that the definition of "Recession" has almost nothing to do with the condition of the actual economy for the general public. While the public usually hurts while in a Recession, a nation can clearly have a growing economy while life is still bad for the general public. In this case, corporations are raking in record profits off the broken dreams of the American working class, so it is no surprise that "the economy" is doing better, but life still stinks for most citizens.
The U3 unemployment number is also not a very accurate measurement of the real unemployment problems in the nation. The U6 number, which is stuck at well over 10%, is more accurate, and even it doesn't factor in everything, such as: forced early retirement, people hiding out in school to avoid the terrible labor market, people who are "self-employed" but effectively broke, etc. Shadowstats offers a more grim but probably even more telling view, with a real unemployment and gross underemployment rate of about 20%.
Another way to look at things is the dismally low work force participation numbers, which is also a sign of just how bad things really are. Top that off with the shrinking value of minimum wage - for which far too many Americans are stuck working in our new "poverty wage economy" - and you have a host of serious issues eating out the foundations of this nation. But, corporate profits will be up again this quarter, so give a big round of bonuses to the guys at the top, layoff more people, and keep the good times rolling.
If we would stop outsourcing it would get better for us.A few companies got on the bandwagon of being American made.Huge investors of companies don't want to pay workers here.Instead find cheap or no labor.
If one worker can do the work of 3 people why hire more.Then putting stress on that worker.
Yes there are abundence of crappy jobs hence the reason to rise minimum wage.I do know companies are changing the criteria that they were originally looking for.Opening different branch levels which the company can mold you and hire from within.
Agreed all. There's a disconnect between the way the economy is weighed by corporations and government and the way it actually impacts the average citizen and their individual economy and quality of life, which is so largely tied to the employment issues you mentioned.
The problem is that the definition of "Recession" has almost nothing to do with the condition of the actual economy for the general public. While the public usually hurts while in a Recession, a nation can clearly have a growing economy while life is still bad for the general public. In this case, corporations are raking in record profits off the broken dreams of the American working class, so it is no surprise that "the economy" is doing better, but life still stinks for most citizens.
The U3 unemployment number is also not a very accurate measurement of the real unemployment problems in the nation. The U6 number, which is stuck at well over 10%, is more accurate, and even it doesn't factor in everything, such as: forced early retirement, people hiding out in school to avoid the terrible labor market, people who are "self-employed" but effectively broke, etc. Shadowstats offers a more grim but probably even more telling view, with a real unemployment and gross underemployment rate of about 20%.
Another way to look at things is the dismally low work force participation numbers, which is also a sign of just how bad things really are. Top that off with the shrinking value of minimum wage - for which far too many Americans are stuck working in our new "poverty wage economy" - and you have a host of serious issues eating out the foundations of this nation. But, corporate profits will be up again this quarter, so give a big round of bonuses to the guys at the top, layoff more people, and keep the good times rolling.
In other words, the U3 number has to be taken in greater context and realized for what it actually is - the number of people that want to work but are not employed, even for an hour a week. The only reason the U3 number is going down is people are dropping out of the workforce all together or are taking part time work just because it is better than no work.
If one looks at wages, the U6 number, labor force participation, etc. you get a more grim outlook. I believe we are still down about a million jobs from 2007-2008, and the current hiring rate does not even cover population growth or replacements for retiring/aging workers.
The problem is that the media, politicians and the low information voter wants one number to determine how well the economy is doing. Unfortunately, it isn't that simple.
In other words, the U3 number has to be taken in greater context and realized for what it actually is - the number of people that want to work but are not employed, even for an hour a week. The only reason the U3 number is going down is people are dropping out of the workforce all together or are taking part time work just because it is better than no work.
If one looks at wages, the U6 number, labor force participation, etc. you get a more grim outlook. I believe we are still down about a million jobs from 2007-2008, and the current hiring rate does not even cover population growth or replacements for retiring/aging workers.
The problem is that the media, politicians and the low information voter wants one number to determine how well the economy is doing. Unfortunately, it isn't that simple.
Lies, damned lies and statistics.
U6 always looks more grim than U3. There is a certain shock value associated with U6. The numbers aren't ideal, but they are a far improvement from where we were 5 years ago. And while media puppets are selling a brand of B.S., the doom and gloom pundits are doing the same thing. How's your gold been doing lately? Everyone has a motive.
As far as I'm concerned, you can either surround yourself with the positive, or the negative. I've noticed that the people with the most negative attitudes are the least likely to break out of their rut. My glass is half full, in case you were wondering...
Quote:
Originally Posted by Raena77
If we would stop outsourcing it would get better for us.A few companies got on the bandwagon of being American made.Huge investors of companies don't want to pay workers here.Instead find cheap or no labor.
If one worker can do the work of 3 people why hire more.Then putting stress on that worker.
Yes there are abundence of crappy jobs hence the reason to rise minimum wage.I do know companies are changing the criteria that they were originally looking for.Opening different branch levels which the company can mold you and hire from within.
Umm... I've had several good paying jobs that were the result of outsourcing. That is to say, a company decided to no longer do the work in house, so my employer got the work. I suspect that you are referring to "offshoring". A different matter entirely. Even still, there are some things that are better left to developing nations, freeing up capacity for American companies to take on the more challenging and demanding work.
If we would stop outsourcing it would get better for us.A few companies got on the bandwagon of being American made.Huge investors of companies don't want to pay workers here.Instead find cheap or no labor.
If one worker can do the work of 3 people why hire more.Then putting stress on that worker.
Yes there are abundence of crappy jobs hence the reason to rise minimum wage.I do know companies are changing the criteria that they were originally looking for.Opening different branch levels which the company can mold you and hire from within.
In some places there isn't an abundance of crappy jobs. I know this because I've been applying to many of them over the years and still haven't been able to get hired. How many applications these places are getting is a mystery to me.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Quote:
Originally Posted by cyberphonics
Agreed all. There's a disconnect between the way the economy is weighed by corporations and government and the way it actually impacts the average citizen and their individual economy and quality of life, which is so largely tied to the employment issues you mentioned.
While I agree with you, lets remember, it is neither the government nor employers that define what a recession is nor state that we're in one or not.
In some places there isn't an abundance of crappy jobs. I know this because I've been applying to many of them over the years and still haven't been able to get hired. How many applications these places are getting is a mystery to me.
Try linkin, put resume on job sites, never stop applying. I applied to over 200 jobs.
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