Kuros
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Alan Greenspan: It's the Gen-Xers Fault They're Out of Work
You all remember Alan Greenspan as the worst Fed Chairman in modern history, and architect of the housing bubble. Well, since then he has admitted that the core philosophy of the Chicago School concerning deregulation was dead wrong.
[ame="http://www.youtube.com/watch?v=bAH-o7oEiyY&feature=related"]Greenspan chastened[/ame]
And now he returns to chastise Gen-X!
Nevermind that 25-year-olds are not actually Gen-Xers but millenials. Nevermind that average income remains a poor stand-in for productivity (as if workers controlled their salaries, especially in an employer's market). Nevermind that the US is handicapped in international match-ups because of the vast numbers of non-native English speakers within its public schools. Nevermind that baby boomers are staying at work longer and aren't being replaced at all, and that's the crux of the problem.
Alan Greenspan will not depart from the corporate-financial elite's rhetoric, the shame of and error of his deregulatory ideology be damned.
You all remember Alan Greenspan as the worst Fed Chairman in modern history, and architect of the housing bubble. Well, since then he has admitted that the core philosophy of the Chicago School concerning deregulation was dead wrong.
[ame="http://www.youtube.com/watch?v=bAH-o7oEiyY&feature=related"]Greenspan chastened[/ame]
And now he returns to chastise Gen-X!
Baby boomers are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades. The average income of U.S. households headed by 25-year-olds and younger has been declining relative to the average income of the baby boomer population. This is a reasonably good indication that the productivity of the younger part of our workforce is declining relative to the level of productivity achieved by the retiring baby boomers. This raises some major concerns about the productive skills of our future U.S. labor force.
Nevermind that 25-year-olds are not actually Gen-Xers but millenials. Nevermind that average income remains a poor stand-in for productivity (as if workers controlled their salaries, especially in an employer's market). Nevermind that the US is handicapped in international match-ups because of the vast numbers of non-native English speakers within its public schools. Nevermind that baby boomers are staying at work longer and aren't being replaced at all, and that's the crux of the problem.
Alan Greenspan will not depart from the corporate-financial elite's rhetoric, the shame of and error of his deregulatory ideology be damned.
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