Around The Dial – October 19, 2011
Economic policy reports, blog postings, and media stories of interest:
- Naked Capitalism doesn’t like what economic data are signalling.
- Martin Wolf thinks about the growth of China.
- The Washington Post reports on high unemployment among veterans.
- Working Economics thinks about how economic policy could have been better.
- The Globe & Mail wonders about the failures of economic.
Job Crisis Ignored
Economist’s View despairs about the lack of political and policy interest in addressing unemployment:
I wish I could find a way to adequately express the frustration I feel over the way Congress has all but turned its back on the unemployed. Even now, the only reason we’re hearing anything from Democrats about job creation is because there’s an election ahead. The legislation is timed for the politicians — it needs to maximize reelection chances — minimizing the struggles of the unemployed is a secondary consideration (if that). If the election were further away it’s unlikely we’d be hearing about this much at all. And Republicans are worse, they have no plans at all except to use unemployment as an excuse to further ideological goals (balanced budget amendments, tax cuts for the wealthy, etc.). How can politicians be so indifferent to the struggles that the unemployed face daily? Are they really so disconnected from the lives of ordinary people that they don’t understand how devastating this is to those who lost jobs due to the recession, people who can’t find a way to get hired again no matter how hard they try?
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Anyway, I can’t seem to find a way to say this with the shrillness it deserves, and I apologize for that, but I just don’t understand why the unemployment crisis isn’t a national emergency.
Saving For Retirement
A new study from the Congressional Budget Office looks at how people save for retirement. While the agency doesn’t offer any opinions in the report, the data point to a retirement system that is not working, especially for people with modest incomes.
Just over half (52 percent) of all workers who filed tax returns in 2006 participated in some form of tax-favored retirement plan, CBO reports—in a study released today. The highest rates of participation were among workers between the ages of 45 and 59; those whose income was $40,000 or more; and those who were the primary (that is, the higher) earner in a two-earner household. The lowest rates were among workers under the age of 30; those whose income was under $20,000; and those who were unmarried.
Around The Dial – October 18, 2011
Economic policy reports, blog postings, and media stories of interest:
- E.J. Dionne thinks about the link between strong families and economic justice.
- Michael Spence outlines “the global jobs challenge.”
- Nancy Folbre describes the politics of inequality.
- Naked Capitalism debunks some common claims about globalization.
- Free Exchange points out that things can get worse.
- An op-ed in The New York Times debunks some myths about the NLRB.
Sorting Out Small Businessees
Jared Bernstein provides a useful reminder that while most businesses are small, most workers are employed at large businesses.
So, summing up, small businesses, say those with 100 workers or less, account for a minority of both workers and payrolls, and are not the primary engine of job growth.
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Why then all the favoritism in policy circles, which is especially problematic if you listen to the one-sided agenda of their guy on the Diane Rehm show (e.g., his organization is against extended unemployment benefits because their members allegedly report that recipients won’t take jobs until their benefits run out; Larry Mishel, along with a bunch of folks who called into the show, did a good job of calling him out)?
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In part, because they need and deserve help. Larger firms have fewer credit and cash flow challenges, nor do they operate on such tight margins. It’s easier for larger firms to sell into and expand foreign markets, which is especially useful to them right now, as that’s where the growth is.
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But the political clout of small businesses and the misrepresentations of folks like the guy on this show are a big problem in our politics. In this regard, small is not beautiful.
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