Posted on 06/03/2018 11:37:19 AM PDT by Sean_Anthony
Supply side economics works, and if one can keep the government out of the way, all boats will truly rise on the rising tide
As much as I am eager to celebrate the American economy coming back into the land of the living, I am also cautious about getting into the Conga line until I can look at some of the internal numbers associated with those who are striving to achieve the American dream. What is not often discussed by the pinheads on TV is that the level of participation in the labor force is perhaps as important as the actual number of people working. Though the number of Americans working is at all time high, the labor participation rate reported by the Bureau of Labor Statistics remains an anemic 62.7 percent. Ten years ago, before the big economic meltdown, that rate was above 66 percent. Why does this matter? It matters because it means that to get back to the historic participation rate of just 10 years ago, an additional 8.7 million people need to come off the bench and get back in the game.
I’m just amazed that the method of measuring the unemployment rate wasn’t magically changed the day PDJT took the oath of office in such a way as to increase it by five or ten points.
IIRC, they fiddled with it so much when Obama was president in order to make it look like he was “fixing the economy” that if things keep going as they are, by 2020 the unemployment rate will be -3.6%.
What this country needs is a good one-handed economist.
"Ceterum censeo Islam esse delendam."
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
The President’s agenda must include a published review and revision of all so-called “government” reporting, such as this, in order to assure citizens that numbers reported are truthful, reliable, and not “composed” by partisan bureaucrats.
You do not understand economics as there is micro and macro. The numbers you refer to are part of GDP (gross domestic product) or what is called national income accounting, AKA macro economics. Micro econ is basically supply and demand or for those with econ 201 and 202 MRP=’s MRC.
Economics is a profession where it is neigh on to impossible to find out if their theories are any good till years have passed and the damage is already done.
Also, politicians, who frequently control significant funding for economics departments in higher education, want enonomic theory that justifies them spending more and having more power.
As a side note: socialism justifies free spending and endless power for those who rule.
What could possibly go wrong?
“Why does this matter? It matters because it means that to get back to the historic participation rate of just 10 years ago, an additional 8.7 million people need to come off the bench and get back in the game.”
Well, we don’t want all the ORFs taking back their jobs so.....
Now, if we could get Economists in charge of reproduction rates, we’d solve this problem, OK?
Everybody’s working (who wants to work) but just at sh@ttier lower paying jobs with no benefits. Where do I go to get my career back?
If the author did some research he’d find that a huge factor in the declining labor force participation over the last ten years has been the increase in RETIREES. If you’re 85 years old and you’re not living in a nursing home or prison, you’re counted among the “employable, not currently looking for work” folks in these statistics. This is just one reason why the labor force participation rate is a pretty useless statistic.
I have a BS in Economics. I understand the difference very well.
"Ceterum censeo Islam esse delendam."
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
Who wrote the : Economist and numbers and accountant BS?
I have a BSBA and a second major in econ plus an MBA.
FWIW - I picked up a MS in Computer Science vice an MBA. The degree was MS Applied Math when I started the program.
Are you saying it didn't fit far too many of our fellow students?
"Ceterum censeo Islam esse delendam."
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
The MS in computer science is in high demand by DOD contractors like my BIL. He hires a lot of BSEE, BSAE, MS types, etc.
I really do not recall the math capabilities of fellow econ types. The 700-800 math SAT types I knew leaned toward engineering.
I thought micro theory was a good course. Macro theory not as much. Money and banking and econ geography I liked.
You have probably read it but for a great read check out Fogel and Engerman's Time on the Cross. I still have my original copy.
"Ceterum censeo Islam esse delendam."
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
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