So it turns out the United States is not, in fact, the educational wasteland tech industry lobbyists would have you think.
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The economic fundamentals that drive hiring, and careers
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Bob Corlett
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".. there’s no clear evidence that lower tax burdens have helped the United States grow faster than other advanced industrial nations with higher tax rates and much heavier tax burdens. Economic growth per person in the United States was a little faster than in France or Australia over the last 40 years. But it was a little slower than in Austria, Germany and the Netherlands, according to data from the Organization for Economic Cooperation and Development, a research organization for the world’s richest countries. While high taxes do have an effect on variables that affect growth, many other factors are much more significant and overshadow whatever taxes do." Delete the scoop?
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The U.S. is taking a big risk, to say the least, by turning to austerity policies, and for what end? Contrary to popular belief, the country is not facing an immediate fiscal crisis. Delete the scoop?
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A new study shows that college graduates didn’t lose as much ground as their less-educated peers during the recession and its aftermath.
Bob Corlett's insight:
Getting a degree is expensive, and it's not a guarantee of anything, but there is clear evidence of it's benefit during this recession. Delete the scoop?
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"At least since the followers of Ned Ludd smashed mechanized looms in 1811, workers have worried about automation destroying jobs. Economists have reassured them that new jobs would be created even as old ones were eliminated. For over 200 years, the economists were right." ...but according to this article, that is no guarantee it will continue...
Bob Corlett's insight:
As technology continues taking on jobs and tasks that used to belong only to human workers, more jobs are more cheaply done by machines than humans. The wages of unskilled workers have trended downward for over 30 years, at least in the United States. There are underlying forces that explain why High Skill Workers and Superstars are winning at the expense of everyone else. Delete the scoop?
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Like the hiring paradox we covered in the first installment of this series, some of what is experienced as a gap is really a matter of perspective. In a world dominated by gut hunches, perception is reality. The reason we want to dig a little deeper is that when you solve a problem of perception as if it were a problem of supply, the wrong decisions get made. Delete the scoop?
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The financial crisis has made firms more skittish about relying on banks or securities markets for funds, so companies around the world are are stockpiling cash. "Dead money" is how Mark Carney, the Bank of Canada’s governor, has described the nearly $300 billion in cash Canadian companies now hold, 25% more than in 2008. Mr Carney admonished them to “put money to work and if they can’t think of what to do with it, they should give it back to their shareholders.” Delete the scoop?
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Here is the economic history of the world going back to Year 1 showing the major powers' share of world GDP, from a research letter written by Michael Cembalest, chairman of market and investment strategy at JP Morgan. Delete the scoop?
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It’s a wonder of modern America that its citizens have the right to vote but don’t have to take a class in economics or finance. How, then, can most hope to have meaningful opinions on national issues like tax policy, banking regulation and the federal debt—let alone cast an informed vote for the next President? Here’s a quick cheat sheet with 10 topics to ponder before hitting the polls. Delete the scoop?
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Can technology set off a new boom in job creation? . Four prominent economists assembled for a recent panel discussion to explore the link between technology and job creation were, in large part, bearish in their outlook. Some went so far as to suggest that technology actually increases unemployment and adds to other problems in the U.S. economy, notably the growing wage disparities between an extremely elite group of earners and everyone else. Delete the scoop?
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If the debt debate still seems too abstract to follow, maybe that's because it's a debate over what we don't know about the economy Delete the scoop?
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" ...the economy is still generating work mostly at the high and low end of the pay spectrum, without a ton of opportunities in the middle. Much of the growth in business services, for instance, came from temp workers, followed by professionals in IT, management consulting, and architecture and engineering." Delete the scoop?
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If you were in charge of the economy, you’d probably care that it could produce a lot, that it had high productivity, that it provided lots of jobs, and that these jobs offered decent pay on average.
Bob Corlett's insight:
Long held economic beliefs like "a rising tide lifts all boats" are coming into question. The national economy can grow without creating great jobs for everyone. If you want to build a geat career, you need to understand the underlying forces at work. Delete the scoop?
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With growth in the American labor force slowing, in part because of demographic changes, the usual measures may not give an accurate picture of the economy's health.
Bob Corlett's insight:
I've always heard that the economy had to add 150,000 jobs per month to "break even" with population growth. Turns out, that may not be true. About 93,000 jobs will do the trick. Delete the scoop?
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$16.2 trillion. As the high-stakes wrangling over the fiscal cliff gets underway, we thought it might be the proper moment to remind everybody just how the United States managed to become the world's biggest debtor. Delete the scoop?
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Jobs are gradually coming back, but that doesn’t mean that they’re equal to the ones that have been lost. A new working paper from the National Bureau of Economic Research confirms what many have suggested for some time: While high- and low-skill jobs tend to rebound quickly after a recession is over, many middle-wage jobs simply disappear, while low-skilled jobs make a much bigger proportion of the labor force. Delete the scoop?
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When the economic statistics are reported each month, it’s easy to forget that they are just averages. Economic growth, unemployment, home prices and even inflation vary enormously from one place to another and from one part of the population to another. As a result, changes in the national numbers can create a false impression. The averages may be improving because some groups of Americans are faring a whole lot better, while other groups in the population may not be benefiting at all.
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This is not political, you can make your own conclusions. The biggest issue in this year's election is the economy. So the question members of both political teams keep asking Americans is, "Are you better off than you were four years ago?" Many Americans certainly aren't better off than they were four years ago, because they don't have jobs. But are average Americans better off than they were four years ago? And are things getting better or worse?
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