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The US unemployment rate is plummeting (now 6.6%!)
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07-02-2014 6:16pm#1http://www.theguardian.com/business/2014/feb/07/us-economy-jobs-unemployment-rate
Ok lets get the bad news out the way, it was another poor jobs report for the US with only 113,000 jobs (expected to be 200,000, and the US would require that keep up with the pace of the population), the month before proved to only add an even more dismal 75,000 jobs.
Regardless the Unemployment rate in America is plummenting very fast. In decemeber it was 7%, then it declined sharply to 6.7% (by only adding 75,000 jobs?
) and today it has fallen to 6.6%. In all its fallen nearly 1.5% over the past year alone.
However the participation rate in the labor force is at its lowest since 1978. A shocking 62.8%. For example 347,000 people left the labor force in the month of december alone (if you give up looking for work you are not counted in the Unemployment statistics).
Regardless most ordinary Americans don't understand what the participation rate is, all they will see is the unemployment rate falling, which good news for the democrats for this years mid terms and thus should be shoo in.
If this keeps up Obama will go down as this generations FDR without a doubt. Mount rushmore beckons lol, if he can get the unemployment rate down to something like 3% (because thats the rate at which it is going by the time his term ends!), he'll probably go down as America's greatest president ever!2
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ThomasFlynn wrote: »http://www.theguardian.com/business/2014/feb/07/us-economy-jobs-unemployment-rate
Ok lets get the bad news out the way, it was another poor jobs report for the US with only 113,000 jobs (expected to be 200,000, and the US would require that keep up with the pace of the population), the month before proved to only add an even more dismal 75,000 jobs.
Regardless the Unemployment rate in America is plummenting very fast. In decemeber it was 7%, then it declined sharply to 6.7% (by only adding 75,000 jobs?) and today it has fallen to 6.6%. In all its fallen nearly 1.5% over the past year alone.
However the participation rate in the labor force is at its lowest since 1978. A shocking 62.8%. For example 347,000 people left the labor force in the month of december alone (if you give up looking for work you are not counted in the Unemployment statistics).
Regardless most ordinary Americans don't understand what the participation rate is, all they will see is the unemployment rate falling, which good news for the democrats for this years mid terms and thus should be shoo in.
If this keeps up Obama will go down as this generations FDR without a doubt. Mount rushmore beckons lol, if he can get the unemployment rate down to something like 3% (because thats the rate at which it is going by the time his term ends!), he'll probably go down as America's greatest president ever!
lmao at how most people so far are ignoring the bolded bit.0 -
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ThomasFlynn wrote: »http://www.theguardian.com/business/2014/feb/07/us-economy-jobs-unemployment-rate
Ok lets get the bad news out the way, it was another poor jobs report for the US with only 113,000 jobs (expected to be 200,000, and the US would require that keep up with the pace of the population), the month before proved to only add an even more dismal 75,000 jobs.
Regardless the Unemployment rate in America is plummenting very fast. In decemeber it was 7%, then it declined sharply to 6.7% (by only adding 75,000 jobs?) and today it has fallen to 6.6%. In all its fallen nearly 1.5% over the past year alone.
However the participation rate in the labor force is at its lowest since 1978. A shocking 62.8%. For example 347,000 people left the labor force in the month of december alone (if you give up looking for work you are not counted in the Unemployment statistics).
Regardless most ordinary Americans don't understand what the participation rate is, all they will see is the unemployment rate falling, which good news for the democrats for this years mid terms and thus should be shoo in.
If this keeps up Obama will go down as this generations FDR without a doubt. Mount rushmore beckons lol, if he can get the unemployment rate down to something like 3% (because thats the rate at which it is going by the time his term ends!), he'll probably go down as America's greatest president ever!
Yeah, another excuse to to rant at the GOP…0 -
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ThomasFlynn wrote: »http://www.theguardian.com/business/2014/feb/07/us-economy-jobs-unemployment-rate
Ok lets get the bad news out the way, it was another poor jobs report for the US with only 113,000 jobs (expected to be 200,000, and the US would require that keep up with the pace of the population), the month before proved to only add an even more dismal 75,000 jobs.
Regardless the Unemployment rate in America is plummenting very fast. In decemeber it was 7%, then it declined sharply to 6.7% (by only adding 75,000 jobs?) and today it has fallen to 6.6%. In all its fallen nearly 1.5% over the past year alone.
However the participation rate in the labor force is at its lowest since 1978. A shocking 62.8%. For example 347,000 people left the labor force in the month of december alone (if you give up looking for work you are not counted in the Unemployment statistics).
Regardless most ordinary Americans don't understand what the participation rate is, all they will see is the unemployment rate falling, which good news for the democrats for this years mid terms and thus should be shoo in.
If this keeps up Obama will go down as this generations FDR without a doubt. Mount rushmore beckons lol, if he can get the unemployment rate down to something like 3% (because thats the rate at which it is going by the time his term ends!), he'll probably go down as America's greatest president ever!
The real rate of unemployment in the US is somewhere near the 17 to 18% level. That 6 or 7% figure is a complete farce. It doesn't take into account those who've given up looking for a job or those who are underemployed, i.e. are in part-time work but are looking for fulltime. That coupled with the fact that jobs in fast food joints have been reclassified as "manufacturing jobs" :pac: and you can see just how much of a joke the employment figures are.0 -
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There's a distinction to be made between Keynesians though: Most Keynesians don't actually align closely with Keynes' views at all.I have no doubt which way Stewart votes - I just happen to think his analysis is right. Krugman and the Keynesians have been proved right. Here's a shocker, a stimulus stimulates the economy. A bigger stimulus would have stimulated the economy more. From the New Deal onwards, we've known what's worked and we now know what doesn't. No major economy has ever cut its way out of a depression and none has this time.
Post-WWII, 'Keynesianism' was based upon the neoclassical-synthesis, which took only part of Keynes views, and mixed them with more traditional/classical microeconomic views.
Despite the misleading name, Keynesianism isn't really faithful to Keynes' full set of views (in this sense, those labelled "Keynesian", are not actually Keynesian
), but Post-Keynesian views follow much more in the spirit of Keynes' work "Keynes's biographer Lord Skidelsky writes that the Post Keynesian school has remained closest to the spirit of Keynes's own work" - and today, the Post-Keynesians are far outside of the (largely Keynesian/neoclassical) mainstream.
The Keynesians are actually wrong about rather a lot of things (including getting macroeconomics fundamentally wrong), and they have led us blind into the current crisis - but the Post-Keynesians (who are more true to Keynes' real views) contain people who actually both predicted and modelled the crisis in advance (particularly Steve Keen), and who are today the leading proponents of fiscal expansion and economic stimulus.
If economics doesn't remain stuck in a stagnant state (virtually nothing has been learned and no reforms taken place, during this crisis, among mainstream/neoclassical economists), it will be the Post-Keynesians who revive the field - they already have pretty much fully outlined the set of solutions needed, for countries to resolve the economic crisis.
Among those solutions, is the proposal many of them make, for a Job Guarantee - which would be like a 21st century 'New Deal', which replaces unemployment (or reduces it to nearly nothing).0 -
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Yet even that is an outdated view from KeynesChazz Michael Michaels wrote: »The only modern example of Keynesian policy being applied correctly is Chile. They employed fiscally prudent policies during the boom, saved the money, and spent it on fiscal expansion during the recession.
You don't borrow money to conduct fiscal expansion. Keynes would kick you up the hole for that.
He based that reasoning on the gold standard, but now with fiat money it is not necessary to go into surplus or use debt before going into deficit; if a country has control over its own currency, it is not limited by cash reserves or debt, it is limited in spending by full employment and inflation targets.
Keynes did not appear to understand endogenous money (at least, not until very late into his career), and by extension, did not understand the monetary system properly - this is what the Post-Keynesians have now contributed to economics (hence the Post in Post-Keynesian), they have rewritten economics with a correct description of how the monetary system works - and it upends most peoples understanding of economics (which are based on failed mainstream/neoclassical views).
It's actually critical that economists get that right: When you get the monetary system wrong, you also misunderstand how banks, money and debt work - that's why mainstream economists today, didn't see how the mountain of private debt building up in the housing bubble, would cause a crisis - they simply ignore it in their theories/models.
That's also how (armed with a correct description of the monetary system) Post-Keynesians like Steve Keen, saw the massive buildup in private debt, and modelled how it would cause a crisis, well in advance of the crisis happening.0 -
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