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63% Labor Force Participation Rate is still a very, very low number.
If you had researched that, you probably would not be making that claim. Only a very small number of people have quit looking for work because they are discouraged
The rest are either self sufficient, disabled, stay at home parents or over 55.
"But, with the passage of every year after 2000, a segment of the baby-boomer population passes into the 55-years-and-older age group, thus moving from a group with a high participation rate in the labor force to an age category with a much lower participation rate, causing the overall participation rate to decrease, BLS explained."
If minimum wage has no effect upon things like our economy etc, then why does the left whine so much about outsourcing jobs to save money? Clearly outsourcing jobs hurts us due to a lack of jobs, correct? And you'd probably also admit the greedy rich corporate aholes outsource jobs to make more money from greed, right? To pretend they dont push jobs overseas to avoid labor costs and thus hurts us overall is just silly.
Are you claiming that the left supports outsourcing jobs
This is what I and anyone who has a reasonable IQ has been saying for a couple of years. This round will be much worse. The Central Banks and the Fed have nothing left that will even begin to help. The people who suffer the least will be the rich made filthy stinking rich by Obama.
"The minimum went to $2.65 an hour in January 1978, $2.90 in January 1979, $3.10 in January 1980"
Recession...
"and $3.35 in January 1981."
Recession...
"The minimum wage was raised to $3.80 an hour beginning April 1, 1990, and to $4.25 an hour beginning April 1, 1991."
Recession...
"The 2007 amendments increased the minimum wage to $5.85 per hour effective July 24, 2007; $6.55 per hour effective July 24, 2008; and $7.25 per hour effective July 24, 2009."
Recession...
Only once in the past 35 years did a recession not follow minimum wage increase and that was in 96' and 97' and that was mainly due to irrational exuberance and ridiculously huge sums of money being spent to fix Y2K bugs.
That's a good analysis. Both the Labor Force Participation Rate and the E-Pop Ratio support your claim.
Quote:
Originally Posted by LeaderOCola
Correlation =/= Causation
It does in this instance, when your export manufacturing market was annihilated.
Quote:
Originally Posted by LeaderOCola
It's pretty bold to attribute the 2008 crash to the minimum wage.
Uh-huh, and people stopped paying their mortgages because, why, exactly?
Are you claiming foreclosures were a matter of civil disobedience?
People lost their jobs, and that is what triggered the "Crisis" in the mortgage industry.
The crisis in the mortgage/finance markets was a symptom of the Recession, not the cause of the Recession.
The cause of the Recession was Labor Capital fleeing the US to other Markets, especially Markets in Southeast Asia (China), and the trigger was the increase in the federal minimum wage.
You ought to consider that Southwest Asia (mainly India and Bangladesh) are poised to move into the 2nd Level Economy, and that a raise in the federal minimum wage could trigger Labor Capital flight to those States, leading to another Recession.
With China slowing down its infrastructure building, it be very smart for America to ramp upgrading and repairing it's infrastructure. Several trillions pumped into our infrastructure over the next decade or two would be help the globe and America.
If you had researched that, you probably would not be making that claim. Only a very small number of people have quit looking for work because they are discouraged
The rest are either self sufficient, disabled, stay at home parents or over 55.
"But, with the passage of every year after 2000, a segment of the baby-boomer population passes into the 55-years-and-older age group, thus moving from a group with a high participation rate in the labor force to an age category with a much lower participation rate, causing the overall participation rate to decrease, BLS explained."
And this says what?
I live in the Rust Belt. The number of people who claim to be "disabled" has skyrocketed. Going on disability seems to be a major alternative to working nowadays. I know a lot of people who are quite open about the fact that they have given up. And these people COULD work.
Since when is "over 55" to old to work?
Many people go back to school or are force to take care of family precisely BECAUSE of the lack of opportunities in the economy.
Your chart does nothing but prove what I am saying.
In a faster growing economy, a lot of these people would be working because opportunities would be encouraging people to make money.
This is a "slow growth" economy. Apparently Obama likes it that way. But it leaves a lot of people behind and it encourages inequality.
And this says what? I live in the Rust Belt. The number of people who claim to be "disabled" has skyrocketed. Going on disability seemed to be a major alternative to working nowadays. I know a lot of people who are quite open about the fact that they have given up. And these people COULD work. Since when is "over 55" to old to work?
Many people go back to school or are force to take care of family precisely BECAUSE of the lack of opportunities in the economy. Your chart does nothing but prove what I am saying. In a faster growing economy, a lot of these people would be working because opportunities would be encouraging people to make money. This is a "slow growth" economy. Apparently Obama likes it that way. But it leaves a lot of people behind and it encourages inequality.
slow growth economy?
Under Obama, the economy has added 7.2 million jobs, and the unemployment rate is now lower than the historical median.
The number of job openings is up to its highest point in 14 years, and the number of long-term jobless has now dropped below where it was when Obama took office.
A person who is 55 or older is usually considered too old for a physically demanding job and too old to be considered a candidate for a career position, so where should they work, McDonalds? I retired at 50 and started a new career, I was laid off at 63 and couldn't find a job that paid enough to make it worthwhile for me to work, I had plenty of money and was drawing a pension from my first job so I quit looking and started doing volunteer work. I bet if you talked to people over 55 who are not looking for work you would find plenty of similar stories.
You know what encourages inequality? shipping jobs overseas, socking profits away offshore rather than re-investing them and creating new job opportunities, and paying employees as little as possible and working them part time. It's not just by happenstance that the richest 62 people in the world have as much wealth as 1/2 of the world's population.
Uh-huh, and people stopped paying their mortgages because, why, exactly?
Are you claiming foreclosures were a matter of civil disobedience?
People lost their jobs, and that is what triggered the "Crisis" in the mortgage industry.
The crisis in the mortgage/finance markets was a symptom of the Recession, not the cause of the Recession.
The cause of the Recession was Labor Capital fleeing the US to other Markets, especially Markets in Southeast Asia (China), and the trigger was the increase in the federal minimum wage.
You ought to consider that Southwest Asia (mainly India and Bangladesh) are poised to move into the 2nd Level Economy, and that a raise in the federal minimum wage could trigger Labor Capital flight to those States, leading to another Recession.
The cause of the crisis in the mortgage industry was making little to no down payment loans to people who couldn't pay, the bubble burst, leaving the lenders with "negative" equity. No loans, no boom and bust.
slow growth economy?
A person who is 55 or older is usually considered too old for a physically demanding job and too old to be considered a candidate for a career position, so where should they work, McDonalds? I retired at 50 and started a new career, I was laid off at 63 and couldn't find a job that paid enough to make it worthwhile for me to work, I had plenty of money and was drawing a pension from my first job so I quit looking and started doing volunteer work. I bet if you talked to people over 55 who are not looking for work you would find plenty of similar stories.
You know what encourages inequality? shipping jobs overseas, socking profits away offshore rather than re-investing them and creating new job opportunities, and paying employees as little as possible and working them part time. It's not just by happenstance that the richest 62 people in the world have as much wealth as 1/2 of the world's population.
I will concede that age may be a bigger portion of the problem than I had anticipated.
However, we must look into the role unions have played in driving companies overseas as well as the government's policy of encouraging overseas investment.
Companies can do whatever they want with their money--they are not employment agencies. But we should also not be creating an environment where the biggest companies have a monopoly over the labor force. There needs to be more competition--more opportunities for small business. And most of all--a better business climate.
The rich are getting richer under Obama--it's all about being connected when you have a feudalized form of capitalism.
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