Labor Force Participation: Recent Developments and Future Prospects
Labor Force Participation: Recent Developments and Future Prospects:
America’s labor force is shrinking as the “Baby Boom” generation ages out. But projected patterns, decreasing availability of middle-skill (those for undergrad degree holders) jobs and increasing competition for low-skill jobs (like burger-flipping) shows that the baby boomers’ departure from the workforce is likely a scorched earth affair.
The median household income for Black Americans is slightly more…
The median household income for Black Americans is slightly more than half what it is for White Americans and almost exactly half for Asian Americans.
“Ever wonder why the economic experts never seem to change, keep coming back, despite racking up such…”
“Ever wonder why the economic experts never seem to change, keep coming back, despite racking up such shattering failures as the housing bubble and the financial crisis and the bank bailouts? Ever wonder why a guy like Larry Summers gets to be chief economist at the World Bank, then gets to deregulate Wall Street, then gets to bail Wall Street out, then almost gets to become chairman of the Fed, and then gets to make sage pronouncements on the subject of—yes— inequality? It’s for the same bad reasons: Because D.C. worships expertise and because Summers, along with a handful of other geniuses, are leading figures in a professional discipline dominated by what a well-informed observer once called a “politburo for correct economic thinking.””
– All these effing geniuses: Ezra Klein, expert-driven journalism, and the phony Washington consensus.
“You cannot get a job in broadcasting unless you are prepared to work as an intern. In most cases,…”
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You cannot get a job in broadcasting unless you are prepared to work as an intern. In most cases, you cannot work as an intern unless you have family money to feed and house you.
But then who am I to criticise Stephenson when journalism is as much of a rich kids’ game? Lindsey Macmillan of the Institute of Education found that journalists used to come from families 6% better off than average, whereas now they come from homes that are 42% richer. Indeed, British journalists, the supposed tribunes of the people, now hail from wealthier backgrounds than, er, bankers, an awkward fact that ought to cause embarrassment all round. I look at my younger self today and wonder if he could become a journalist on a serious newspaper.
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