Comments on: Unemployment chart of the day A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: DanHess Wed, 21 Jul 2010 15:58:33 +0000 From my econ 101 class 14 years ago:

Perhaps Keynes’ biggest insight was regarding ‘sticky’ wages. Employers and workers are both reluctant for any reduction in nominal wages. As a result unemployment can get stuck at a high level instead of a market-clearing level.

With some inflation, wages could reset at a full-employment level without nominal wages going down.

With inflation at zero or less, high unemployment is with us to stay.

By: TFF Wed, 21 Jul 2010 13:49:58 +0000 If you look at the 2Q corporate earnings reports, you see a hint of how the economy stands right now. Revenues from the developed economies are flat or down. Revenues from emerging economies are up sharply. Costs are down, most significantly from the round of job cuts in 2009 but with continuing cost-control measures. Loan losses remain high but appear to have peaked.

It is a pretty good time to be a multinational corporation, a pretty bad time to be tied to the US and/or Europe GDP. There is definitely money flowing through the system, but there is no hint of that money reaching the labor market.

Of course employment tends to be a lagging indicator…

By: McGriffen Wed, 21 Jul 2010 13:40:32 +0000 I’m standing on my previous comment, that companies / employers aren’t budging. Potential employers are convinced a qualified candidate will leave in short order, even more than the candidate himself. Applying and submitting resumes, and any possible rejection: that’s bearable, quite understandable. Not every single position applied for is going to be a precise fit.

By: Potatoe1 Wed, 21 Jul 2010 10:36:09 +0000 I am sure that many of the people with “unpleasant personalities” were much more pleasant when they had jobs.

By: Pangaea7 Wed, 21 Jul 2010 04:53:25 +0000 Welcome to the World of “Just in time EMPLOYMENT” Just in Time Manufactuering was WHEN the U.S.A. produced a Physical “product” but since we have gone from a Manufactuering base to a Services Base. Just in Time Employment is the new Paradigm. Ben You Really need to Study UNIONS and their Modern Grip on Employers before you blame the Laggards. Unions Have a Major Role in this Problem as well.( Typical example: The U.S Postal Systems Union and Pension program) You will Not get another Job until you Have a Marketable Skill that is NEEDED.Corps are sitting on Billions and just working the current “STAFF” to the bone and not interested in Hiring.the Solution is when America Wakes up and starts Making Products and or Services the WORLD wants. And where Quality of Product is the Companies’ Heart and Soul “Motto”

By: Woltmann Wed, 21 Jul 2010 04:22:12 +0000 Unemployment, and food stamps, has become an invisible, horribly expensive price support system to ward off that dreaded demon deflation. It is fairly efficient though at getting “pseudo-stimulus” money where it needs to be. The fact that some spare change and groceries end up in the hands of some people desperately needing them is of secondary consequence. Think of where the retail and services industries would be today without these programs chugging along full speed over the last two years. We can’t afford expensive price support systems very long with the true unemployment rate at roughly 20%.

By: hsvkitty Wed, 21 Jul 2010 03:42:41 +0000 He is an elitist snot who actually thinks he is better and smarter then most people. Why would anyone give him credence? (or think he is amusing)

Dan Hess, what would have occur for you to take the back breaking job that doesn’t pay minimum wage, is seasonal, nomadic and has no benefits?

By: txgadfly Wed, 21 Jul 2010 01:59:56 +0000 Hey, bet he does not have the cojones to make such generalizations about black people or hispanics. At least openly. Or women. Everyone knows who he hates and that hating them is “OK”.

He is tolerated in this country because the people enjoy what he is doing, and to whom. Same old game. Just different color of skin and different ethnicity.


By: DanHess Tue, 20 Jul 2010 21:54:58 +0000 Felix — Ben Stein is an actor and his character is an uppity grouch who is unimpressed with people and begs to be proven wrong. Have you ever seen “Win Ben Steins Money”? He sure has managed to get your goat!

The job market is rotten but it has been worse.

The United Farm Workers have just demonstrated that the overwhelming majority of the unemployed would rather remain unemployed than work on a farm.

“Farm workers: Take our jobs, please!” nomy/farm_worker_jobs/index.htm

Among thousands of inquiries, “Only a few dozen have really followed through with the process”

This is no Great Depression. This is not even a little depression. But Paul Krugman is going through a depression because his party might lose the House.

By: CDNrebel Tue, 20 Jul 2010 20:25:56 +0000 It’s funny how he characterizes unemployed people as generally being unemployable and not deserving of work. Then why kick up dust at all over unemployment numbers when it’s the people’s own fault? The other thing that struck me is that the people in his periphery all bought homes they couldn’t afford while in their 50s and 60s and have basically flushed their lives down the toilet in speculation. That’s sad, but what a tool to dump on his friends when, as a paid advisor, he could’ve suggested that that is not a reasonable means of investment – especially when they would still be working paycheque to paycheque seemingly. If I did that to clients I’d have been fired and probably sued endlessly the last two years.

I’ve ragged on you Felix for dumping on Ben too much in the past, but I’ve gotta say in hindsight he deserved every last bit of it. Would love to kick a big four-letter British expression at him, starts with C, ends with T and filled with the United Nations.