tag:blogger.com,1999:blog-3758330678390419129.post4648076302576186871..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: Why We Are Not in a Period of Permanent New High UnemploymentRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger28125tag:blogger.com,1999:blog-3758330678390419129.post-39541137890869984622011-09-06T13:52:53.387-04:002011-09-06T13:52:53.387-04:00KPres: Take your effing benefit package to WalMart...KPres: Take your effing benefit package to WalMart and buy some groceries with it.<br /><br />Benefits, like medical insurance, are akin to student loans and the cost of education --- without student loans college cost wouldn't be up 700% because tuition would be affordable.Davoshttps://www.blogger.com/profile/01529431229251423593noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-50347667687986334222011-09-06T08:35:50.056-04:002011-09-06T08:35:50.056-04:00Davos, you don't have a clue. Wages are an es...Davos, you don't have a clue. Wages are an essentially irrelevant indicator. In the 80s, business started replacing wage increases with benefit packages in response to government tax incentives. Total compensation today (wages + benefits) is higher than it's ever been, a fact that totally destroys any argument you were trying to make. No surprise, though...getting a bunch of KPreshttps://www.blogger.com/profile/13338372779788525145noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-84853004938334691582011-09-04T19:14:29.765-04:002011-09-04T19:14:29.765-04:00@Davos
Yeah, but if you look at those charts, the...@Davos<br /><br />Yeah, but if you look at those charts, there is a lot of BS numbers that don't mean anything. Also, Robert Reich put it together!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-77268749007856343122011-09-04T18:34:16.375-04:002011-09-04T18:34:16.375-04:00Ritholtz had a super chart on wages. If you pay a...Ritholtz had a super chart on wages. If you pay attention to the women part you'll see how families, in addition to shooting up on HELOC and revolving credit held it together.<br /><br />http://www.ritholtz.com/blog/2011/09/great-prosperity-1947-1977-vs-great-regression-1981-present/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29&Davoshttps://www.blogger.com/profile/01529431229251423593noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-337274184651408442011-09-04T00:49:52.701-04:002011-09-04T00:49:52.701-04:00Davos, I'm going to both defend and attack you...Davos, I'm going to both defend and attack you tomorrow when I have a chance to sleep on this, and think it through thoroughly. You have some good points. <br /><br />The thing is, we can have exponential growth of individual wealth- each person, if they utilize their skills and mind properly can increase the good in the world- but not until a truly free market, sound currency, anti- war/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-32052324085732086612011-09-03T17:55:01.856-04:002011-09-03T17:55:01.856-04:00I am going to defend Davos. It's more than wa...I am going to defend Davos. It's more than wages that is the problem.<br /><br />What comments does anyone have on Denninger's piece? Anybody here a business owner or entrepreneur?Guy Noirhttps://www.blogger.com/profile/06114291200200458208noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-28097707296266915682011-09-03T17:37:03.822-04:002011-09-03T17:37:03.822-04:00Gawd, this was a waste of time.
First, we don'...Gawd, this was a waste of time.<br /><br />First, we don't have a capitalistic system. I wrote about this in "Why we are totally finished."<br /><br />Second, "money" loaned into existence doesn't work without the @$$inine 3%+++ growth each year, which I vehemently oppose since our economy is nothing more than taking resources and selling them. With 7 billion people Davoshttps://www.blogger.com/profile/01529431229251423593noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-12702999748985701282011-09-03T16:41:06.419-04:002011-09-03T16:41:06.419-04:00I suspect that what Davos is trying to say - the a...I suspect that what Davos is trying to say - the apparent 'enough to buy back the product' error aside - is that canning the minimum wage and unemployment benefits wouldn't end the problem 'with a snap of the fingers'. There is no bloodless solution. Life in modern America simply has too many built-in mandatory costs, many of which, given the current laws and infrastructure, Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-73119412229034656372011-09-03T15:43:35.240-04:002011-09-03T15:43:35.240-04:00Why would anyone work a life/soul-sucking minimum ...Why would anyone work a life/soul-sucking minimum wage job when anyone can easily collect $600 per month for free from the governments? That's like $3.50 per hour tax free for doing exactly what you want to do. Only fools work for a living.<br /><br />Now...Get to work my tax slaves! I need the money!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-76898360329307585252011-09-03T15:08:52.668-04:002011-09-03T15:08:52.668-04:00Davos-
What is the definition of a "good&quo...Davos-<br /><br />What is the definition of a "good" manufacturing job? Isn't every job good for those who have it, or does your own definition of "good" override their preference to work at said position?<br /><br />It seems like we agree on the Fed, Bernanke, and the need for deflation, but the idea that trade deficits are a "bad" thing is foolish. It's James E. Millerhttps://www.blogger.com/profile/17915979762298347210noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-79635557505708184312011-09-03T14:41:44.274-04:002011-09-03T14:41:44.274-04:00Davos, I am well aware of the prices of commoditie...Davos, I am well aware of the prices of commodities and producer goods. But, to show commodity and producers' goods price increases as a retort to my statement completely ignores monetary concerns, state interventions, and the time structure of production. <br /><br />Ceteris paribus, my statement is correct.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-65091251939832486142011-09-03T14:24:33.273-04:002011-09-03T14:24:33.273-04:00Robert, I went back and reread your RU analysis, a...Robert, I went back and reread your RU analysis, and I think there's another minor flaw in it. It seems your analysis treats RU as a marginal risk for new-hires when in fact it is worse than that. RU not only adds risk with the costs of new hires, but you have risk over your entire employee base. In other words, you already have an anvil hanging over your head, and stacking more weight on Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-83312504555403244682011-09-03T14:23:39.404-04:002011-09-03T14:23:39.404-04:00James, in the 1950s 28% of jobs were good paying m...James, in the 1950s 28% of jobs were good paying manufacturing jobs. Today it is 11%.<br /><br />If you take a minute to read the fy2005 FOMC minutes you'll see them laughing at exploiting workers and how CEOs want to off shore good jobs to increase profits. If you read any of my work you'd know the answer to what I think about the Fed.<br /><br />There is NO contradiction in producing Davoshttps://www.blogger.com/profile/01529431229251423593noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-61645577269742374182011-09-03T14:12:19.692-04:002011-09-03T14:12:19.692-04:00"Also, you're ignoring the fact that if d..."Also, you're ignoring the fact that if demand decreases, that prices must necessarily adjust in order to clear the market."<br /><br />Demand has decreased. <br /><br />PRICES HAVE NOT ADJUSTED. Wheat up 74%, corn up 14%, oats up 68%, canola up 36%, heating oil up 29%, beef up 18%, coffee up 27%, sugar up 44%, cotton up 66%, copper up 37%, pork up 60%. All this stuff is in Davoshttps://www.blogger.com/profile/01529431229251423593noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-81122542289171989452011-09-03T13:58:26.765-04:002011-09-03T13:58:26.765-04:00While I mostly agree with what you say here Robert...While I mostly agree with what you say here Robert, I don think you underestimate the effects of RU, even if they are somewhat indirect. Lots of state and federal laws kick in when an employer passes 10, 20, 50, etc. numbers of employees (I'm somewhat pulling these numbers out of my butt since they change from year-to-year, and my company has shrank to the point where none of them kick in atAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-77935946994184902752011-09-03T13:29:38.408-04:002011-09-03T13:29:38.408-04:00Davos doesn't realize that America still does ...Davos doesn't realize that America still does manufacture a lot of goods. The idea that American losing its manufacturing base leads to our economic ills is simple ridiculous:<br />http://mises.org/daily/5296/The-Good-Krugman<br /><br />The real question is if Davos would support ending the Federal Reserve which has really been responsible for providing an implicit guarantee to banks to James E. Millerhttps://www.blogger.com/profile/17915979762298347210noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-38498994704961093192011-09-03T13:10:27.480-04:002011-09-03T13:10:27.480-04:00Davos, you are imputing value in reverse. Also, yo...Davos, you are imputing value in reverse. Also, you're ignoring the fact that if demand decreases, that prices must necessarily adjust in order to clear the market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-80976442894027110342011-09-03T12:47:57.184-04:002011-09-03T12:47:57.184-04:00@Robert: Calling me a Keynesian is insulting.
An ...@Robert: Calling me a Keynesian is insulting.<br /><br />An economy needs consumers. <br /><br />Consumers need decent jobs.<br /><br />Consumers with jobs today earn 1970s wages. They are debt slaves --- so they consume little but essentials. <br /><br />The economy did good until the consumers credit (HELOC) card got yanked.<br /><br />If you want to get rid of high unemployment you have to Davoshttps://www.blogger.com/profile/01529431229251423593noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-17805005648642715512011-09-03T12:39:26.686-04:002011-09-03T12:39:26.686-04:00Davos' pathetic attempt at refutation falls un...Davos' pathetic attempt at refutation falls under the tiring guise of "workers need to consume, pay them more so they consumer more!"<br /><br />Lord almighty it looks like the key to prosperity is just paying people more! But wait a second, if businesses could increase their sales by paying workers more, why haven't those greedy capitalist pigs done so already?<br /><br />James E. Millerhttps://www.blogger.com/profile/17915979762298347210noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-53649907484629741352011-09-03T12:38:27.394-04:002011-09-03T12:38:27.394-04:00@ Robert Wenzel
Perhaps Davos forgot to mention h...@ Robert Wenzel<br /><br />Perhaps Davos forgot to mention his clent's fast food joints are in India or that he hires illegal aliens.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-39676841876518585432011-09-03T12:31:38.433-04:002011-09-03T12:31:38.433-04:00It seems people do a lot of misunderstanding for a...It seems people do a lot of misunderstanding for a living in the comments section. Debt overhang does not cause unemployment, nor does an insolvent banking system. There is no "need" for credit to have jobs come into existance. Higher gas prices, insolvent banks, federal reserve inflation and an overgrown and overregulating government does not cause unemployment - it just causes wage Hanshttps://www.blogger.com/profile/14935613031753433107noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-2211982651772811942011-09-03T12:27:29.746-04:002011-09-03T12:27:29.746-04:00@ Davos
Re-read what you wrote, your a damn Keyne...@ Davos<br /><br />Re-read what you wrote, your a damn Keynesian. Consumption is not the key to a growing economy, as Keynesians would have us believe.<br /><br />And you are joking that someone who is able to pay labor 10 cents an hour is going to go out of business, right?Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-14755613065296817702011-09-03T12:05:04.958-04:002011-09-03T12:05:04.958-04:00We're going down a slippery slope with this th...We're going down a slippery slope with this thread. A Bernanke slope of Ivy League misguided theories.<br /><br />Robert, I was at a client's yesterday. He owns umpteen fast food joints. Owns as in he bought from a franchise.<br /><br />He has the closest thing to .10cent an hour labor. One girl told him EFF YOU I Quit.<br /><br />So let's say I don't hire .10cent an hour laborDavoshttps://www.blogger.com/profile/01529431229251423593noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-47738198018653988972011-09-03T11:45:45.896-04:002011-09-03T11:45:45.896-04:00@anonymous 11:36
You are thinking within the curr...@anonymous 11:36<br /><br />You are thinking within the current minimum wage/unemployment framework.<br /><br />There is a price you would hire them at. Would you not hire them at 10 cents an hour?Robert Wenzelhttp://www.blogger.com/profile/12653378186315529211noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-14438231171346001262011-09-03T11:36:07.970-04:002011-09-03T11:36:07.970-04:00I am an employer. When considering offering perman...I am an employer. When considering offering permanent positions, since I consider employment to be a reasonably long term commitment on my part, for some years, I need to have a future view of the demand for the employee's services as well as the cost. In this current economic environment, demand has high uncertainty and also the policies that apply to employment and its costs have high Anonymousnoreply@blogger.com