Jobs

Remember the old quip about economists? “That’s all very in practice,” they say, “but how does it work out in theory?” Nobel laureate Paul Krugman of the New York Times is a splendid example of that sort of folly. On the evening of November 9, 2016, Krugman skirled that the election of Donald Trump would precipitate economic Armageddon. “If the question is when markets will recover,” he said, “a first-pass answer is never.” How could they recover since the nation had just elected an “irresponsible, ignorant man who takes his advice from all the wrong people,” that is to say, he didn’t take advice from people like Paul Krugman.Reality check: the day Krugman wrote that, the market closed at 18,589. In the last few days the Dow broke 50,000.

“This is the easiest speech to make,” President Trump was saying. “We have great people. And all I’m doing is spewing off what the hell we’ve done.”No speech is particularly hard to make for this President. He loves speaking. He would speak to an empty room, a kindergarten class, or a blank wall. In this case, he was speaking to the Detroit Economic Club after a nice tour of a Ford F-150 plant. During the tour, a Ford worker – who almost certainly no longer has a job – yelled "pedophile protector" at Trump, who yelled back "f--- you" twice and flipped the guy the bird.  After that, Trump, who, after all, is just like us, headed off to talk to the swells. "Isn't it nice to have a President who can go off teleprompter?

Labour: the clue should be in the name. In March, Keir Starmer branded Labour the ‘party of work’. If ‘you want to work’, he declared, ‘the government should support you, not stop you’. Even as his premiership staggers from crisis to crisis, that mission remains. If Labour doesn’t stand for ‘working people’ – however nebulously defined – it stands for nothing. As such, this week’s unemployment figures are more than just embarrassing for Starmer; they are a betrayal of his party’s founding purpose. Unemployment has risen to 5 per cent – its highest rate since February 2021, in the middle of the third lockdown.

The Trump White House took a victory lap on Monday, declaring in its newsletter that the American economy is back – back bigger and better than ever. Core inflation is down. Industrial production is up. Claims for unemployment dropped. Tariff revenue rose. The newsletter even cites the Wall Street Journal—otherwise in bad odor in the Trump White House – for decreeing that the American economy is “regaining its swagger.” Is it time to splurge on a fancy vacation? As it happens, I’m currently visiting Vermont where the number of tourists is distinctly lower than in previous years.

Controlled immigration was once a left-wing cause. It was a basic tenet of trade unionism – not to mention economics – that the number of workers in a labour market dictates the rate of pay. When more and more people compete for the same jobs, employers can cut wages. Those who care about profits rather than wages tend to be in favour of more migration. The capitalist will always dream of importing huge numbers of workers from countries with much lower wages, knowing they can be used to drive down rates of pay and improve profits. The rules of labour supply and demand remain just as true today, but it is no longer a prominent part of Labour thinking.

President Joe Biden’s son Hunter Biden pleaded guilty in federal court Thursday to tax charges in a last-minute reversal of his previous not guilty plea. The younger Biden was accused of failing to pay taxes on his lucrative business — often foreign — ventures and accepted guilt on all nine charges. There was no deal with prosecutors; Biden will not receive a reduced fine or sentence for his change of hear, instead explaining that he merely wanted to avoid putting his family through additional scrutiny like that of his Delaware gun trial.  “I will not subject my family to more pain, more invasions of privacy and needless embarrassment,” Biden said in a statement. Biden’s lawyers acknowledged that there was enough evidence to convict him in a trial.

The Spectator is growing fast. In the last few years, our sales have doubled and are now over 100,000. Most of our readers now turn to our website regularly, some several times a day, for analysis of the day’s events. What started out as a blog has now become a seven-day live digital comment operation and we’re recruiting accordingly. We have come far with a three-person digital team. We’re now looking for a fourth, full-time assistant online editor (to work with us here in 22 Old Queen Street) and also experienced journalists who may be available for shift work, either in the office or remotely.