The Meaning of an Awesome Employment Report - Paul Krugman

[BootinUp]

Americans, they said, just don’t want to work. Socialism has made them lazy. They’d rather play video games. They don’t have the skills required by a 21st-century economy. High unemployment is “structural” and can’t be solved with monetary and fiscal stimulus.

All of these stories received wide circulation during the long employment slump that followed the 2008 financial crisis and again in the aftermath of the pandemic recession. They were pushed by billionaires, captains of industry and prominent economists.

And none of them were true.

It may be hard for normal human beings — I’m sorry, I mean non-economists — to appreciate the awesomeness, the historic nature of last Friday’s employment report. But the speed and extent of America’s recovery from the pandemic shock have been incredible.

After the 2008 financial crisis, it took 12 years for employment rates to get back to pre-crisis levels. But only three years after Covid struck, employment is fully back for almost every age and demographic group.


Continued

[DFW]

1. Proving yet again: if you want to live like a Republican, vote for a Democrat! n/t

[griffi94]

2. It's almost as if

Billionaires, captains of industry, and many prominent economists can't be trusted.

[Probatim]

3. The 2008 financial crisis was the perfect example of a conservative response to a crisis.

The federal government propped up the institutions that got us into the crisis and left consumers out to dry. At the same time, a lot of states cut back their own spending.

The net effect was a workforce losing their homes (bailing them out would have been a moral hazard per Tim Geithner) and their jobs (lack of demand due to a broken down economy).

This time around, the feds bailed out consumers and kickstarted the economy. Thanks to Katie Porter, we learned corporate profits account for about 50% of inflation - so any concerns about giving consumers too much money can go out the window.

[JI7]

4. People with decent paying jobs are also doing other things to make extra money

They don't have to do these things but it gives them extra money which is always useful . It's not difficult work and often just using their hobby or other things they enjoy doing to make money.

Things like selling things they make online. Teaching things online or even in person. And these are not regular jobs so if people don't feel like doing it anything they don't have to.

But it shows most people do want to and enjoy making money .

And more remote work opportunities have helped with people that might have health or other issues which makes it difficult to go out.

The right wing view of people is mostly negative and much of it is because they themselves are assholes so they assume others are like that also .

[Unwind Your Mind]

6. Every accusation is really a confession

I think I’ll need to change my signature line

[multigraincracker]

5. Gee, it's almost like Bubble up is like an

umbrella that protects, most of us, from being tinkled down on. I just looked and my shoes are dry.