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Thread: The Paradigm Has Shifted – Employment Rebound Led By Low Quality Jobs

  1. #11
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    The level of wages in the US for some categories of workers puzzles me...... If people when working have salaries which do not cover the minimum necessary to cover their basic needs, is it worth accepting that companies which hired them remain in activity, because if anyway these people need social benefits to survive, it is indirectly the tax payer who subsidizes these company but for which prospects or future ? Better train workers for other jobs which offer real opportunities and least give an opportunity to people to be paid normally and be independant of social benefits....
    Thanks from labrea, Babba, Æthelfrith and 1 others

  2. #12
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    Quote Originally Posted by galatin View Post
    The level of wages in the US for some categories of workers puzzles me...... If people when working have salaries which do not cover the minimum necessary to cover their basic needs, is it worth accepting that companies which hired them remain in activity, because if anyway these people need social benefits to survive, it is indirectly the tax payer who subsidizes these company but for which prospects or future ? Better train workers for other jobs which offer real opportunities and least give an opportunity to people to be paid normally and be independant of social benefits....
    exactly!

  3. #13
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    Quote Originally Posted by OldGaffer View Post
    With no increase in minimum wage, no job growth in high paying industries and continuing importation of cheaper labor in the tech industries from Asia we are on a long glide path to 3rd world hell hole status. Especially after Congress puts healthcare on a pay or die basis, and destroys the social safety net.
    The "social saftey net" was destroyed decades ago during the Clinton administration when the Democrats and Republicans allowed American Corporations to chase cheap labor in China.

    This from "actual" socialists, not the Corporatists of the present Democratic party.

    ...Despite off-the-charts wealth inequality, Democratic Party liberals have been concerned not with an egalitarian reckoning to unite the have-nots against the haves but with inclusion: bringing different “interest groups” into the professional class while managing everyone else’s expectations downward.

    This kind of “inclusion” politics — the chance at climbing one of a tiny handful of rickety ladders to the top — is the only economic program the Democratic Party mainstream is selling to those not already in the upper tiers. Sure, this politics is better than nothing. But as Ralph Miliband put it, “access to positions of power by members of the subordinate classes does not change the fact of domination: it only changes its personnel.”

    Standing outside of this shift, unmoved and — as the Democratic Party sees it — ungrateful, is the white working class. Not just those silver-haired remnants from the unionized, manufacturing heyday whose jobs have been offshored or, more likely, de-unionized, but the vast swath who’ve been forced to adjust to the new norm of low-wage, flexible, service-sector hell. Even with the college degree and boatload of debt needed to obtain it...

  4. #14
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    Quote Originally Posted by galatin View Post
    The level of wages in the US for some categories of workers puzzles me...... If people when working have salaries which do not cover the minimum necessary to cover their basic needs, is it worth accepting that companies which hired them remain in activity, because if anyway these people need social benefits to survive, it is indirectly the tax payer who subsidizes these company but for which prospects or future ? Better train workers for other jobs which offer real opportunities and least give an opportunity to people to be paid normally and be independant of social benefits....
    The problem is it isn't supply side orientated. They can be easier to cure: typically whinge about work ethic and offer subsidies for self improvement. This is demand led and understood within the general literature on the low skilled equilibrium. It informs how the public and private sector distinction is often illusionary, with government participation needed to maintain profits despite structural deficiencies. Eliminating these issues would need the end of Anglo Saxon capitalism
    Thanks from galatin

  5. #15
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    Quote Originally Posted by DebateDrone View Post
    Two reasons the change is happening.

    A] Chinese Labor costs are rising

    B] Shipping costs are not the sole reasoning...time leads are to. Items from China take months ...Brick and motars are not carrying the inventory as before and consumers do not want to wait long lead times for products.
    This change is muted and the reason its muted is because of the Sword of Damocles the Chinese government hangs over the head of potential American entrants. Today, I can make many things at a lower cost than the Chinese but won't do it because I'm not going to compete with the Chinese and their large government guarantor.

  6. #16
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    We reached time times when the difference between left and right is often illusory. What is more real, is the opposition between openeness and closeness..... Do we accept the mutations on the go and are we ready to adjust to them keeping in mind that people must do more than survive, or no ?
    Thanks from BigLeRoy

  7. #17
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    Quote Originally Posted by publius3 View Post
    This change is muted and the reason its muted is because of the Sword of Damocles the Chinese government hangs over the head of potential American entrants. Today, I can make many things at a lower cost than the Chinese but won't do it because I'm not going to compete with the Chinese and their large government guarantor.
    Even if the Chinese government is autocratic, it cannot afford to subsidise everything and the USD is rather cheap actualyl compared to the past...

  8. #18
    Veteran Member cpicturetaker12's Avatar
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    Quote Originally Posted by labrea View Post
    By 1291americas on June 17, 2017 10:43 pm

    Alice…where are you?

    It seems that Alice in Wonderland may be the only one in a position to understand what’s happening with interest rates, unemployment and the overall U.S. economy in light of the Fed Meeting on Wednesday and recent data.

    Much like in Lewis Carroll’s Through the Looking Glass, where the clock runs backwards and memories flow in reverse, things in the U.S. economy may not be quite what they seem. While the equity market seems to have fallen down the rabbit hole, we have been busy looking for the source of this distortion. Perhaps we have found it…

    snip

    But, with unemployment rates so low that even ex-convicts and high school drop outs are getting job offers, inflation is still under 2%. The Consumer Price Index (CPI), which is the standard used to measure inflation, has remained nearly flat over the past three months. Something has changed.

    The Paradigm Has Shifted

    The Fed acted to raise rates based on what it believes full employment should means to the overall economy, yet, raising inflation is nowhere to be found. The question we must answer is why. To do that we have to look much deeper than the pandering news headlines that shout about the lowest unemployment rate in 16 years.

    snip

    “Since the 1970s, steady work that pays a predictable and living wage has become increasingly difficult to find,” said Jonathan Morduch, a director of the U.S. Financial Diaries project, an in-depth study of 235 low- and moderate-income households. “This shift has left many more families vulnerable to income volatility.”

    The May jobs report showed that areas with the largest growth were professional and business services, education and health services, and leisure and hospitality. Together these three sectors make up 40% of the job market. While these sectors showed the largest gain in jobs, the average income these new jobs provide are below or deeply below the national median household income of $56,000 per year.

    New jobs Being Created Now Are Mostly Low Paying, Low Quality
    No surprise here!

  9. #19
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    Quote Originally Posted by galatin View Post
    Probably also the need of cheap products in the USA comes from the lowlevel of wages for an important part of the workers. They probably cannot afford to pay more, which makes difficult to producelocally, even though the costs of transport from Chima to the US is one element in the price of Chinese product....... it is why the Chinese are promoting the new railroad on the Silk Road. 12 days from Chinato Europe..... instead of 22 to 30 days by sea.
    Lower cost products are relative, if you specialize in one thing and can get more widgets in excjange for you, your wage, in widgets, has increased.

  10. #20
    Master political analyst Dittohead not!'s Avatar
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    Quote Originally Posted by labrea View Post
    By 1291americas on June 17, 2017 10:43 pm

    Alice…where are you?

    It seems that Alice in Wonderland may be the only one in a position to understand what’s happening with interest rates, unemployment and the overall U.S. economy in light of the Fed Meeting on Wednesday and recent data.

    Much like in Lewis Carroll’s Through the Looking Glass, where the clock runs backwards and memories flow in reverse, things in the U.S. economy may not be quite what they seem. While the equity market seems to have fallen down the rabbit hole, we have been busy looking for the source of this distortion. Perhaps we have found it…

    snip

    But, with unemployment rates so low that even ex-convicts and high school drop outs are getting job offers, inflation is still under 2%. The Consumer Price Index (CPI), which is the standard used to measure inflation, has remained nearly flat over the past three months. Something has changed.

    The Paradigm Has Shifted

    The Fed acted to raise rates based on what it believes full employment should means to the overall economy, yet, raising inflation is nowhere to be found. The question we must answer is why. To do that we have to look much deeper than the pandering news headlines that shout about the lowest unemployment rate in 16 years.

    snip

    “Since the 1970s, steady work that pays a predictable and living wage has become increasingly difficult to find,” said Jonathan Morduch, a director of the U.S. Financial Diaries project, an in-depth study of 235 low- and moderate-income households. “This shift has left many more families vulnerable to income volatility.”

    The May jobs report showed that areas with the largest growth were professional and business services, education and health services, and leisure and hospitality. Together these three sectors make up 40% of the job market. While these sectors showed the largest gain in jobs, the average income these new jobs provide are below or deeply below the national median household income of $56,000 per year.

    New jobs Being Created Now Are Mostly Low Paying, Low Quality
    That paradigm shifted a long time ago, and has continued despite which party was in control.

    Neither major party is really interested in helping working people attain middle class status. What they're really interested in is getting reelected and making the other party look as bad as possible.

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