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The Wages of Unemployment
Wall Street Journal, by Richard Vedder

Original Article

Posted By:Desert Fox, 1/15/2013 7:25:05 PM

From the mid-17th century to the late 20th century, the American economy grew roughly 3.5% a year. That growth rate has since declined significantly. When the final figures are in for 2012, the annual rate of real output growth for the first dozen years of this century is likely to be about 1.81%. What accounts for the slowdown? An important part of the answer is simple: Americans aren´t working as much today. And this trend reflects more than the recession and sluggish economy of the past few years.

      


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Reply 1 - Posted by: jalo1951, 1/15/2013 7:36:48 PM     (No. 9118774)

Mr. Vedder is a mean heartless man who has no problem seeing children starve, the disabled ignored sitting in their own waste and the unemployed abused by suggesting that they look for work. Obviously he is a Republican. s/o If we don´t get on the stick and fix this problem - well, you know. We will be in the fast lane to disaster.

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Reply 2 - Posted by: retiree, 1/15/2013 7:52:20 PM     (No. 9118797)

JOBS = Revenue. We wouldn´t have to borrow if there were jobs.

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Reply 3 - Posted by: Donna M, 1/15/2013 8:49:57 PM     (No. 9118867)

What nobody is counting is the human capital cost--millions, especially highly skilled people 40-60+ who should be peaking in responsibility, business generation and nurturing the next generation of managers NOW and instead are sitting on the sidelines. Chaos is not breeding creativity for the most part. Net net, it is pure destruction for the most part without the creativity.

Trust me, everyone who falls into that category does not want to be on unemployment. The stories are pretty similar where I am. You don´t get considered because you´re overqualified. Being older and auditioning for a marketing manager position in an early-stage health tech company run by 40 year olds is an example. Even though you succeeded recently with early-stage companies just like theirs, if they give you a hearing, they don´t want ´mom´ (as they see it) on board. It hurts and takes its toll. And when you are over 50, retail and service jobs will give you a pass (been laughed at!) Another factor--many companies are gradually running into the ground and that breeds all kinds of dysfunction. Welcome to the Obummer Economy, Crony Capitalism and The Socialist US!

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Reply 4 - Posted by: 3XALADY, 1/15/2013 9:28:24 PM     (No. 9118909)

#3 I experienced the exact same thing when I got laid off at the big airplane manufacturer in St. Louis after Mr. Cheney cancelled the A-12 contract in January 1991. I was 45 years old. My name was pencilled in on the lay off letter after the name of a 55 year old female was blacked out. 10,000 people were laid off at the same time and I didn´t find a job until August. I know exactly what you and all others who WANT to work are going through and it isn´t pretty. My heart goes out.

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Reply 5 - Posted by: ColonialAmerican1623, 1/15/2013 11:01:34 PM     (No. 9119034)

How can bringing more immigrants into the situation help, especially those with advanced degrees ?

Money makes the world go around and the unemployed can´t stimulate the economy, or buy green cars.

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Reply 6 - Posted by: woofwoofwoof, 1/16/2013 12:27:40 AM     (No. 9119123)

This Vedder and WSJ are blind as bats.

There are fewer people working because all the jobs were shipped to China.

Yes, yes, comparative advantage, and just how is that working for ya?

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Reply 7 - Posted by: Trigger2, 1/16/2013 4:06:28 AM     (No. 9119218)

Shipping US jobs to China and elsewhere is called Redistribution of Wealth.

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