Dismal news about the American "jobless recovery" in yesterday's NYT
. I've always thought the phrase "jobless recovery" illustrates the perfectly idiotic cognitive dissonance at play in financial thinking. If the thing you use to measure the health of your economy has gone up, but no one has a job, then surely you are measuring the wrong thing to gauge the health of your nation.
The outlook this time is not so clear. Starved for jobs at adequate pay, the millennials tend to seek refuge in college and in the military and to put off marriage and child-bearing. Those who are working often stay with the jobs they have rather than jump to better paying but less secure ones, as young people seeking advancement normally do. And they are increasingly willing to forgo raises, or to settle for small ones.
American Dream Is Elusive for New Generation
"They are definitely more risk-averse," said Lisa B. Kahn, an economist at the Yale School of Management, "and more likely to fall behind."
In a recent study, she found that those who graduated from college during the severe early '80s recession earned up to 30 percent less in their first three years than new graduates who landed their first jobs in a strong economy. Even 15 years later, their annual pay was 8 to 10 percent less.
(via Jon Taplin
James Cawley is a 50 year old Elvis impersonator from Ticonderoga, NY; his friend William Ware Theiss was costume-designer for the original Star Trek series, and left Cawley the blueprints for the original Star Trek Enterprise sets in his will — so Cawley rented out a 13,000 sqft shuttered supermarket and built an exquisite replica […]
For the past week, Naked Capitalism has run a series of articles by transportation industry expert Hubert Horan on the economic shenanigans of Uber, which cooks the numbers it shows investors, drivers and the press to make it seem like something other than a black box that uses arrogance and lawlessness to make a bet […]
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