Political Economy category archive
Solidarity Reimagined 0
One day those who have been seduced by the snaring economy will realize that they have been duped.
While they work for pittances, Silicon Valley reaps the premium and sucks them dry. It’s bubblelicious.
I carried a union card for 24 years.
Shortly after I started at my first employer, my job became a union job and my pay went up because I was no longer without protection. (I won’t go into the technical details of why this happened–it had to do with “deferred agreements” and stuff like that there).
When I got promoted into a non-union job, I continued to pay my union dues and maintained my seniority as a fall-back. When the time came that I needed a fall-back (my whole office and all the persons in it in Wilmington, Delaware, got offed), it turned out that I didn’t need to exercise my seniority rights, as I fell back into another industry. Nevertheless, those rights were there and I could have used them to put bread on the table had the other opportunity not come along all on its ownsome.
I never had to avail myself directly of the union’s services, because the union had already fought to protect me; I benefited from the sacrifices of persons who were willing to die for workers’ rights. I appreciated those protections, and, the more I learned about labor law, the more I appreciated them. I appreciate them still.
The union made my life better.
“Right to work” laws are in truth “right not to get paid fairly” laws and are one of the most successful cons in American political and labor history.
Image via Juanita Jean.
Afterthought:
In the phrase, “everyone is an entrepreneur,” methinks “entrepreneur” is “exploited” misplet.
Nothing To Do, Nowhere To Go 0
Still under 300k.
(snip)
The four-week moving average, a less volatile measure than the weekly claims numbers, decreased to 265,000 last week from 266,500.
The number of people continuing to receive jobless benefits fell by 18,000 to 2.17 million in the week ended April 2, the lowest since the period ended Oct. 17. The unemployment rate among people eligible for benefits held at 1.6 percent. These data are reported with a one-week lag.
The four-week average of continuing claims dropped to 2.18 million, the lowest since November 2000.
Nothing To Do, Nowhere To Go 0
Not much change, but still under 300k.
(snip)
Economists’ estimates in the Bloomberg survey ranged from 261,000 to 290,000. Applications in the prior week were unrevised at 276,000.
The four-week average, a less volatile measure than the weekly claims numbers, increased to 266,750 last week from 263,250.
Society Is Social 1
In the Minneapolis Star-Tribune, Bruce Peterson, taking issue with a previous column (linked in his article), explains that a civilized society is, indeed, social.
No summary or excerpt can do his article justice. Just read it.
Economics of Fail 0
At The Roanoke Times, John Winfrey, Emeritus {rofessor of Economics and Public Policy, dissects Tea Bag economic mythology reasoning and exposes its internal contradictions. A snippet:
Unfortunately the Tea Party Ideologues seem oblivious that every Eco 101 text also has a Chapter Two.
Nothing To Do, Nowhere To Go 0
For all practical purposes, status quo ante.
(snip)
Jobless claims have been below 300,000, a level economists associate with a healthy labor market, for 56 consecutive weeks. That’s the longest since 1973. . . .
The four-week moving average of claims, a less volatile measure than the weekly figures, increased to 263,250 from 259,750.
The number of people continuing to receive jobless benefits fell 7,000 in the week ended March 19 to 2.17 million, the lowest level since mid-October.
Nothing To Do, Nowhere To Go 0
Still not bad; it would be better if the jobs were better jobs (emphasis added):
(snip)
Initial filings have been below 300,000 for 55 weeks, the longest stretch since 1973 and a level economists say is consistent with a healthy labor market.
The four-week average of claims, a less-volatile measure than the weekly figure, was little changed at 259,750 compared with 259,500 in the prior week. . . .
The number of people continuing to receive jobless benefits declined by 39,000 to 2.18 million in the week ended March 12. The unemployment rate among people eligible for benefits held at 1.6 percent. These data are reported with a one-week lag.
English is a language of word order. The order of words matters.
Bloomberg’s headline emphasizes that the rise was less than forecast. Why does it not say that their forecasts were higher than the reality?
Nothing To Do, Nowhere To Go 0
Still under 300k, still not terrible.
(snip)
The four-week moving average of claims, a less volatile measure than the weekly figures, rose to 268,000 from 267,250. . . .
The number of people continuing to receive jobless benefits rose by 8,000 to 2.24 million in the week ended March 5.
Bloomberg’s headline asserts that Jobless Claims in U.S. Climbed Less Than Forecast Last Week. A more accurate rendition would be Jobless Claims in U.S. Climbed Less Than Bloomberg Forecast Last Week.
In reference to Bloomberg’s forecasts of the unemployment rate, if Bloomberg tells you to bet on Teabiscuit in the ninth at Belmont, don’t be surprised if Teabiscuit comes in seventh in a field of five.
Babbling Brooks 0
At MarketWatch, Darrell Delamaide skewers David Brooks’s fantastickal ramblings about the American Dream.
It defies excerpt or summary. Just read it.
Nothing To Do, Nowhere To Go 0
Still not terrible.
(snip)
The four-week average of claims, a less-volatile measure than the weekly figure, declined to 267,500 from 270,000 in the prior week.
The number of people continuing to receive jobless benefits dropped by 32,000 to 2.23 million in the week ended Feb. 27.
How Stuff Works: The Self-Fulfilling Prophecy Con 0
Chris Busby gives an example:
Of course, the pier wouldn’t have been in bad shape to begin with had those same city officials done their jobs and maintained the waterfront infrastructure for which they are responsible.
Follow the link for more.
Nothing To Do, Nowhere To Go 0
Still not bad.
(snip)
The four-week moving average, a less volatile measure than the weekly claims numbers, decreased to 272,000 last week, the lowest since mid-December, from 273,250.
The number of people continuing to receive jobless benefits fell by 19,000 to 2.25 million in the week ended Feb. 13. The unemployment rate among people eligible for benefits held at 1.7 percent. These data are reported with a one-week lag.
Peas in a Pod? 0
The Local finds eerie similarities between Donald Trump and Silvio Berlusconi. A snippet:
“The vulgarity, the megalomania, the implausible ‘hair’ styles and of course, the cash. Lots of it, . . . .”
“Do Do That Voodoo That You Do So Well” 0
Paul Krugman points out that the Republicans are not the only party capable of falling under the spell of voodoo economics.
He believes that some Sanders supporters are sprinkling fairy dust on the figures. Note that the figures in question did not originate from the Sanders campaign, but the campaign is not contesting them.
As economic policy is the linchpin of Sanders’s quest, I commend this article as an important read.
Afterthought:
In case you wondered, no, I’m not feeling the Bern.
I respect Sanders and agree with many of his positions, but my gut tells me that he is Nader v. 2016.
Do I find Hillary Clinton likable? Not particularly, but I never expect to sit across a bridge table from her. Likability is not a criteria for president. Competence is.
Think how many persons voted for President George the Worst because they thought they would like to have a beer with him . . . .
I also must ask myself how many of my questions about Hillary are the result of the two-and-a-half-decade-long Republican vendetta against the Clintons and how many are founded in reality. I think that the vendetta outweighs reality in this case.
Come the Virginia primary next week, for what it’s worth, which is not much, I shall vote Clinton. Her reconciliation with President Obama after the 2008 election and her conduct as Secretary of State shows me that she is capable and competent.
Do I think Bernie is qualified? Yes. Do I think he is capable? Yes. Do I think he is electable? No. His samba has only one note and the electorate wants more, a quartet at least, if not a concerto or even a symphony.
Nothing To Do, Nowhere To Go 1
Not at all bad. In fact, a little better.
(snip)
The four-week average of claims, a less volatile measure than the weekly figures, decreased to 273,250, the lowest since Dec. 19, from 281,250. The latest figure compares with an average of 285,250 during the comparable employment survey period for January. The economy added 151,000 workers in January, the fewest in four months.
The number of people continuing to receive jobless benefits rose by 30,000 to 2.27 million in the week ended Feb. 6. The unemployment rate among people eligible for benefits climbed to 1.7 percent from 1.6 percent. These data are reported with a one-week lag.
Nothing To Do, Nowhere To Go 0
A bit better:
(snip)
The four-week average of claims, a less-volatile measure than the weekly figure, fell to 281,250 from 284,750 in the prior week.
The number of people continuing to receive jobless benefits dropped by 21,000 to 2.24 million in the week ended Jan. 30. The unemployment rate among people eligible for benefits fell to 1.6 percent from 1.7 percent.
Still unanswered is the question, in what flea market does Bloomberg find its “experts”?
The Privatization Scam 0
The con rises to new heights.