Jobs

Inside the real jobs crisis

After much talk of an economic slowdown, February brought reassuring headlines. The official unemployment rate had fallen as another 130,000 jobs were added to the US economy, according to the Bureau of Labor Statistics. That is good news, but it is not the whole story. The official unemployment rate counts only people actively looking for work – it does not capture those who would like a job but have stopped searching. The official unemployment rate is so narrow that it hides long-term changes in the economy. In fact, things are far worse than the official figures suggest. This matters for more than just economists. We tend to treat employment statistics

jobs labor

Trumponomics is working

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

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Trump flips off Ford worker – and boasts about revving the US economy

“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,

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