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Millennials are not some vast unsolvable mystery. According to a report from the U.S. Census Bureau (PDF), they earn $2,000 less than their parents did at a comparable age, they are more likely to live in poverty, and they are more likely to live at home. But Baby Boomers and Gen Xers still seem to find it hard to believe that basic economic math can explain much of the younger generation’s behavior. After several news outlets, including The Daily Beast, reported that rates of millennial sexual inactivity in early adulthood are surprisingly high, armchair social theorists came out in force...

The only way to reverse declines in labor participation and stagnation in wages and demand is to make it easier to start enterprises and hire people. The reason why mainstream economists don't understand these developments is they don't: 1. Consider the systemic impact of energy and EROEI (energy returned on energy invested). 2. Consider the systemic impact of fast-rising private and public debt. 3. Consider the systemic impact of rising inflation resulting from state-cartel capitalism; the only possible output of state-cartel capitalism is a higher cost structure for' the entire economy. 4. Consider that consumption is exhausted because everyone already...

Federal data released Aug. 9 shows that Americans’ wages are dropping again, seven years after President Barack Obama declared the economy had recovered from the property-bubble — and three months before the 2016 election. The dramatic drop was buried in an Aug. 9 report by the Bureau of Labor Statistics, which said that officials have radically revised their prior claim that wages grew 4.2 percent in the first quarter, from January to March. “Real hourly compensation decreased 0.4 percent after revision, rather than the previously-published increase of 4.2 percent,” the BLS admitted. Compensation also fell another 1.4 percent in the...

Many Americans are campaigning for a raise in the minimum wage. Even more Americans are struggling just to find jobs at any wage.Yup -- those two news items are related.While trying to present a case for the Massachusetts state legislature to approve a program that provides summer jobs to teens at non-profits and government agencies, an editorial at the Boston Globe accidentally explained why artificially imposed minimum wages kill job opportunities.I don’t think the Globe even realized it, either: The program provides money for YouthWorks, which pays the wages of 4,400 low-income teens in eligible cities who work for nonprofits...

As you read this 9/11 "memorial" missive to rank-and-file union members, bear in mind that its author -- AFL-CIO president Richard Trumka -- was an honored presidential guest at last night's campaign rally disguised as a "jobs speech." This is much, much more offensive than Jimmy Hoffa, Jr.'s juvenile "SOB's" slur on Monday. Without further ado, I present top White House ally Richard Trumka's reflections on the tenth anniversary of September 11, 2001 (emphasis mine): All of us will remember the horror and anguish we experienced 10 years ago. Whether we lost loved ones ourselves—family members, union brothers and sisters—or...

What’s the most important economic statistic to gauge a society’s prosperity? I often use per-capita economic output when comparing nations. But for ordinary people, what probably matters most is household income. And if you look at the median household income numbers for the United States, Obamanomics is a failure. According to the Census Bureau’s latest numbers, the average family today has less income (after adjusting for inflation) than when Obama took office. In an amazing feat of chutzpah, however, the President is actually arguing that he’s done a good job with the economy. His main talking point is that the...

Labor activists have long claimed that working conditions at New York City's car washes are the worst of the worst. In the Big Apple, an estimated 5,000 men scrub and vacuum other people's vehicles for a living. A decade ago, it was common for these so-called carwasheros, many of whom are illegal immigrants from Mexico and Latin America, to earn $3 per hour plus tips, with no extra pay for overtime. Straight cash, off the books. When demand peaked in the winter months, they would often put in 12 hours a day, six days a week. Regulators paid little attention,...

Remembering the Forsaken Written by Francis Slobodnik    Tuesday, 12 January 2010 18:51   A Review of the book The Forsaken, An American Tragedy In Stalin’s Russia by Tim Tzouliadis     In times of social and political turmoil, it is not uncommon for men to grasp for what appear to be easy solutions. Oftentimes, these impulsive decisions can have disastrous consequences. There is nothing meritorious about change in and of itself. The virtuous person prayerfully reasons through the options before making decisions. Men with little virtue grab desperately for anything that, on the surface, appears will improve their...

For more than 20 years, the Government Accountability Office has been warning that the varioius Social Security funds would go broke in a matter of decades unless something is done to shore up the program. Unfortunately, there are limited options when trying to address this crisis. You can employ a combination of raising the retirement age and/or increase the FICA tax. Other than that, you're rearranging chairs on the deck of the Titanic. But President Obama – who is fully aware of the threat of insolvency – is now proposing that Social Security benefits be increased and wants the "rich"...

A report from Pew Research Center reveals that between the third quarter of 2000 and the same period of last year, wages across the U.S. rose by an impressive 7.4 percent in real terms, driven largely by the oil and gas industry. Wages in energy-dependent communities rose by the most, in some cases more than twofold, such as in Texas. This shouldn’t be surprising as the period reviewed coincides with the peak of the shale boom in the country, even though it also covers two periods of recession. But those positive effects are starting to disappear. The energy industry is...

Apparently, the no-tipping test at Joe's Crab Shack isn't working out. The casual seafood chain announced in November that it had been trying out a no-tipping model in 18 of its restaurants across the country since August. But less than a year later, the company is moving back to the standard gratuity model in 14 of the test locations. ... "Our customers and staff spoke very loudly [about the policy], and a lot of them voted with their feet," he said.

In 2013, China Labor Watch (CLW) began investigating the labor conditions of workers at Pegatron Corporation factories in China making products for Apple... This year, CLW collected 1,261 pay stubs from Pegatron Shanghai workers, 13 times as many as stubs as last year. The documents were gathered with the assistance of 18 Pegatron workers coming from 12 departments... 1) Workers are paid at a rate of 1.82 USD/hour. 2) On average, overtime pay as a percentage of workers’ gross wages is 42.4%. 3) Workers work more than 10 hours a day, 6 days a week. 83.8% workers’ monthly overtime hours...

“The longest streak of private-sector job growth on record”! “U.S. businesses have now added 14.4 million jobs over 73 straight months”! “The labor force participation rate rose to 63% in March, the same level as in November 2013”! All those quotes — minus the exclamation points — came from White House top economist Jason Furman. And they are all accurate. What’s missing, however, is context.

. . . what's most striking to the chart above isn't the spread between Trumpists and Clintonistas (though it is stunning, to be sure), it's that only a bare majority of the latter feel things are better now than they were 50 years ago.

California lawmakers and union leaders have reached a tentative deal to raise the state minimum wage to $15 an hour over the next several years, the Los Angeles Times reports. Gov. Jerry Brown (D) is expected to make the formal announcement as early as Monday. According to the L.A. Times, the minimum wage will jump from $10 to $10.50 an hour in 2017 and will increase by $1 every year after that until reaching $15 an hour in 2022. Business with fewer than 25 employees will have an extra year to comply. "The governor and stakeholders have all been negotiating...

This is all video and, if you don't want to give the goon squad a hit, I'll summarize for you:A clip is shown from the most recent debate about a new twist on a very old story-- 30 years old.Trump is supposed to be responsible now for the sins of a contractor he hired 30 years ago, even though one of the cheated workers, then an illegal Polish immigrant and now a U.S. citizen, is quoted as seriously considering voting for him.This is their 8 seconds of balance in 4:15 minute hit piece. If you blink, you'll miss it!

Americans are quitting their jobs like crazy, and this is good news for wages. The latest monthly "Job Openings and Labor Turnover Survey" (JOLTS) showed that in December, the total number of quits was 3.1 million, the highest level in a decade, while the quits rate was 2.1%, the highest since April 2008. This rate, which takes the number of quits divided by the number of employees who worked or were paid for work, is one of the labor-market metrics most closely watched by Federal Reserve chairwoman Janet Yellen. If people are quitting their jobs, it suggests that they are...

Unlike government, which never has a bottom line and seems not to care one whit for economic consequences in U.S. deficit spending and counting)--such is not the case for any business or any rational person managing a household budget Apparently the liberal MSM and politicians confuse the name Walmart with the concept of welfare. The first is a publicly-traded retailer with stockholders that expect the company to remain profitable. The second is a government-sponsored entitlement program for the needy. The two are examples of entirely different economic animals: the first provides purpose, the semblance of independence and potential upward mobility,...

CARSON CITY — A state judge Wednesday rejected arguments challenging language in a proposed constitutional amendment to gradually raise Nevada's minimum wage. District Judge James Wilson said a coalition of business groups failed to show that a required description of effect was misleading or that language setting dates for when new minimum wage rules must be posted are inappropriate. Attorneys Matt Griffin and Kevin Benson, arguing on behalf of the Committee to Preserve Nevada Jobs, argued that the explanation on what the initiative would do was misleading because it didn't explain that employers who violated minimum wage laws would be...

We needed some good news in an otherwise grim week for the economy and stocks and got it in a blockbuster report showing 292,000 new hires in December and a 50,000 upward revision from previous months. The alternative measure used by the Department of Labor based on the household survey, showed job growth was even swifter, with a gain of 485,000. Best of all, nearly half a million Americans on net entered the labor force, helping reverse for now a horrid slide in labor market participation. The participation rate now stands at 62.6%, up from 62.4% in September. But we're...