10 Apr You mean there’s NOT a labor shortage? 🦜
You have to laugh rather than cry. What a joke.
After months and months of “labor shortage, caw caw. 🦜 No one wants to work anymore! Whole generations are lazy” and so on, now we get this? Too much employment? Who can even keep track of the lies anymore?
“It’s impossible to have an economy with 0% unemployment, but it’s also difficult to maintain low unemployment without initiating painful inflation.
‘It’s hard to tell Americans we can have too many people working,’ David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, told CNBC.” -CNBC, Ibid.
Evidently not because you just did. 🤷🏻♀️
“The Fed cannot directly control the unemployment rate, but when the central bank adjusts interest rates in response to inflation, it can indirectly influence the unemployment rate.
Maximum employment is also difficult to quantify because existing measures of employment, such as the unemployment rate or the labor force participation rate, often do not account for certain groups of people.” -CNBC, Ibid.
Riiiiiight. More of the, “Oh, the economy is just so nebulous and tough to understand. So don’t even try, peon. Go back to TikTok and reality TV and let the overlords worry about it.” The Fed may not “directly” control the unemployment rate but it sure as hell “indirectly” controls it. It’s almost like the system is rigged, ya know. 😉
“For example, the unemployment rate does not include discouraged workers, who want a job but have stopped looking for one because they feel like they will not be able to find employment.
‘The good news is that we do see labor force participation picking up again,’ ZipRecruiter chief economist Julia Pollak told CNBC. ‘If companies find it easier to fill vacancies without bidding up wages so much and then passing on that cost to consumers with higher prices, then perhaps, just perhaps, we may be able to sustain this low level of unemployment without inflation growing.'” -CNBC, Ibid.
Re-read Julia’s comment and then re-read The Intercept headline and it all makes sense.
A few thoughts in freeform:
+ Some of these “economists” are about like the Pied Piper. Follow them at your own risk.
+ I’ve warned you repeatedly to be careful about the “labor shortage! labor shortage!” narrative that we heard ad nauseam. Everyone and their dog has been blamed for the economy and this so-called labor shortage and it’s totally ridiculous.
Not content to settle for generational clickbait, now we need to point fingers based on gender. 😒
On November 13th, I published the article, “The poop storm is your fault” because that’s where we’re at. The fat cats who created this mess are NOT gonna blame themselves. But they and their corporate shills are more than happy to blame others.
According to Mike Rowe’s podcast, “It’s Worse Than You Think. The workforce participation rate that is. The number of able-bodied men choosing not to work is a crisis, and Nicholas Eberstadt, Henry Wendt Chair in Political Economy at the American Enterprise Institute, can prove it.” This spawned an amusing video Dave Ramsey produced titled, “7 Million American Males Refuse to Go to Work (Here’s Why).”
Naturally, we MUST ask the question: is this even true?
-Bonus Episode: Men are Being Demonized for the So-Called “Labor Shortage” 🦜 published on December 5, 2022 https://www.buzzsprout.com/1125110/11775961
+ The thesis is not buried. The biggest problem nowadays is trying to get people to arise from a zombified stupor.
–https://www.cbsnews.com/news/fed-interest-rate-hikes-unemployment-increase-layoffs-inflation/ published on September 30, 2022.
When CBS News reports that The Fed wants to crash the job market and INCREASE UNEMPLOYMENT, it’s worth taking note.
“With an additional million or two people out of work, the newly unemployed and their families would sharply cut back on spending, while for most people who are still working, wage growth would flatline.”
In other words: a lot of people will be unemployed and those who still have jobs will see their wages stagnate. IMO, you have a window of time to prepare for this reality and being naïve about it is not a great idea.
-⚠️ Crashing the Job Market ⚠️ published on October 4, 2022 https://www.buzzsprout.com/1125110/11431131
Yet you’ll still have people who see the evidence and refuse to believe it.