Real, Uglier American Unemployment

Discussion in 'Current Events' started by statusquobuster, Feb 17, 2010.

  1. statusquobuster
    Offline

    statusquobuster BANNED

    Joined:
    Mar 5, 2009
    Messages:
    78
    Thanks Received:
    10
    Trophy Points:
    0
    Ratings:
    +10
    Real, Uglier American Unemployment

    Joel S. Hirschhorn

    Can you trust national averages? As bad as the jobless data you hear are, you have not been told the whole truth. If you think the terrible impact of America’s Great Recession is shown by an official unemployment rate of about 10 percent, think again.

    Economic inequality and the myth of Reagan trickle down logic are shown by new data from the Center for Labor Market Studies at Northeastern University in Boston. The report noted: “What has been missing from the public debate over the labor market crisis is an honest and detailed analysis of which American workers have been most adversely affected by the deep deterioration in labor markets.” The researchers found a correlation between household income and unemployment rate in the last quarter of 2009: Look carefully at these numbers and see how unemployment rises as income drops:

    $150,000 or more, 3.2 percent
    $100,000 to 149,999, 8 percent
    $75,000 to $99,999, 5 percent
    $60,000 to $75,000, 6.4 percent
    $50,000 to $59,000, 7.8 percent
    $40,000 to $49,000, 9 percent
    $30,000 to $39,999, 12.2 percent
    $20,000 to $29,999, 19.7 percent
    $12,500 to $20,000, 19.1 percent
    $12,499 or less, 30.8 percent

    Ten times worse unemployment in the lowest class than in the highest class! Truly amazing and disheartening, don’t you think? And you can also infer that in some hard hit geographical areas the poorest people and people of color are being even more adversely impacted. And don’t think for a minute that things have really improved in 2010.

    Remainder of piece HERE.

    Edited to comply with board policy concerning copyright and fair use, to be found HERE.

    ~Dude
     
  2. kyzr
    Offline

    kyzr Gold Member

    Joined:
    Oct 14, 2009
    Messages:
    3,446
    Thanks Received:
    449
    Trophy Points:
    130
    Ratings:
    +629
    Totally agree with the position of this article. However, the causes for the demise of the lower income levels seems to me to be the political practice of granting tax breaks to relocate jobs and factories overseas. Most low-income people would typically be employed in factories.
    Enter unions and wage rates and strikes, and many of the upper crust would rather move factories overseas than deal with the local riff-raff. After decades of buying pols, and moving factories overseas, now China has all the wealth creating mechanisms and the US is left with a "service economy".

    Don't blame Reagan for the "service economy hoax". It was a bi-partisan scheme over many decades. Factor in the mis-use of SS and Medicare funds and its over.
     
  3. ItHappens
    Offline

    ItHappens BANNED

    Joined:
    Feb 5, 2010
    Messages:
    331
    Thanks Received:
    44
    Trophy Points:
    0
    Ratings:
    +44
    This is stupid.
    What pay scales do you think make the decisions?
    Of course there is going to be a lower unemployment rate among the administrative class.
    Less sales of a product equals less production of the product. The production staff then would be the first let go.
    You can debate the ethics of that all day long but it's the reality.
     
  4. beowolfe
    Offline

    beowolfe Senior Member

    Joined:
    Aug 3, 2009
    Messages:
    2,793
    Thanks Received:
    204
    Trophy Points:
    48
    Ratings:
    +204

    You must be 20 something years old, right?
     
  5. Mr.Fitnah
    Offline

    Mr.Fitnah Dreamcrusher

    Joined:
    Jul 14, 2009
    Messages:
    14,480
    Thanks Received:
    2,673
    Trophy Points:
    48
    Location:
    Paradise.
    Ratings:
    +2,673
    Well on the bright side, the low wage earners are probable not drawing unemployment benefits the probably got fire for doing something stupid and got kicked of the job.
    They wont show up on the jobs lost tally either making the President look especially presidential .
     
  6. Polk
    Offline

    Polk Classic

    Joined:
    Aug 25, 2009
    Messages:
    9,752
    Thanks Received:
    569
    Trophy Points:
    48
    Location:
    Republic of Pequod
    Ratings:
    +569
    Is household income really the relevant variable? It would make sense that low household income would be connected to unemployment (no job means no income).
     

Share This Page