Unemployment Rate Quotes

President Obama keeps telling us that he is “creating jobs.” But more and more Americans have no jobs. The unemployment rate has declined slightly, but only because many people have stopped looking for jobs. You are only counted as unemployed if you are still looking for a job.

I can't believe your boss tried to kill you, too," Jessica said. "I mean, I know they're trying to keep the unemployment rate down, but that's ridiculous." "Most people think their bosses are out to get them. But mine really was!

For their never-ending endeavours to obtain or retain wealth, countries desperately need companies, because they—unlike most human beings—have the means of production, and human beings, because they—unlike all companies—have the means of reproduction.

The Black unemployment rate remains nearly double the white unemployment rate, and studies have shown that Black jobseekers are just as likely to face discrimination in the labor market today as they were thirty years ago. There has been no progress in a generation.[20]

Like racism, sexism is one of the great justifications for high female unemployment rates. Many women are “just housewives” because in reality they are unemployed workers. Cannot, therefore, the “just housewife” role be most effectively challenged by demanding jobs for women on a level of equality with men and by pressing for the social services (child care, for example) and job benefits (maternity leaves, etc.) which will allow more women to work outside the home?

What did they have to look forward to but mountains of student debt, a 9% unemployment rate, a planet, on the verge of environmental collapse, and an art market that would ignore the vast majority of them while lavishing millions of dollars on a favored seemingly randomly selected few?

Silver noticed that the areas where Trump performed best made for an odd map. Trump performed well in parts of the Northeast and industrial Midwest, as well as the South. He performed notably worse out West. Silver looked for variables to try to explain this map. Was it unemployment? Was it religion? Was it gun ownership? Was it rates of immigration? Was it opposition to Obama? Silver found that the single factor that best correlated with Donald Trump’s support in the Republican primaries was that measure I had discovered four years earlier. Areas that supported Trump in the largest numbers were those that made the most Google searches for “nigger.

The unemployment rate, technically speaking, was “lower” in South Africa during apartheid, which makes sense. There was slavery—that’s how everyone was employed. When democracy came, everyone had to be paid a minimum wage.

Communities with a higher share of long-term unemployed workers also tend to have higher rates of crime and violence.

Since President Trump was elected, the economy has added three million jobs. In fact, today there are more jobs available than there are unemployed. That’s resulted in the lowest unemployment rate in seventeen years. The stock market has roared to new highs despite the Federal Reserve raising interest rates five times since Trump’s election.

To try to cure unemployment by inflation rather than by adjustment of specific wage-rates is like trying to adjust the piano to the stool rather than the stool to the piano.

On Rachel's show for November 7, 2012: Ohio really did go to President Obama last night. and he really did win. And he really was born in Hawaii. And he really is legitimately President of the United States, again. And the Bureau of Labor statistics did not make up a fake unemployment rate last month. And the congressional research service really can find no evidence that cutting taxes on rich people grows the economy. And the polls were not screwed to over-sample Democrats. And Nate Silver was not making up fake projections about the election to make conservatives feel bad; Nate Silver was doing math. And climate change is real. And rape really does cause pregnancy, sometimes. And evolution is a thing. And Benghazi was an attack on us, it was not a scandal by us. And nobody is taking away anyone's guns. And taxes have not gone up. And the deficit is dropping, actually. And Saddam Hussein did not have weapons of mass destruction. And the moon landing was real. And FEMA is not building concentration camps. And you and election observers are not taking over Texas. And moderate reforms of the regulations on the insurance industry and the financial services industry in this country are not the same thing as communism. Listen, last night was a good night for liberals and for democrats for very obvious reasons, but it was also, possibly, a good night for this country as a whole. Because in this country, we have a two-party system in government. And the idea is supposed to be that the two sides both come up with ways to confront and fix the real problems facing our country. They both propose possible solutions to our real problems. And we debate between those possible solutions. And by the process of debate, we pick the best idea. That competition between good ideas from both sides about real problems in the real country should result in our country having better choices, better options, than if only one side is really working on the hard stuff. And if the Republican Party and the conservative movement and the conservative media is stuck in a vacuum-sealed door-locked spin cycle of telling each other what makes them feel good and denying the factual, lived truth of the world, then we are all deprived as a nation of the constructive debate about competing feasible ideas about real problems. Last night the Republicans got shellacked, and they had no idea it was coming. And we saw them in real time, in real humiliating time, not believe it, even as it was happening to them. And unless they are going to secede, they are going to have to pop the factual bubble they have been so happy living inside if they do not want to get shellacked again, and that will be a painful process for them, but it will be good for the whole country, left, right, and center. You guys, we're counting on you. Wake up. There are real problems in the world. There are real, knowable facts in the world. Let's accept those and talk about how we might approach our problems differently. Let's move on from there. If the Republican Party and the conservative movement and conservative media are forced to do that by the humiliation they were dealt last night, we will all be better off as a nation. And in that spirit, congratulations, everyone!

Heckman discovered that when you consider all kinds of important future outcomes—annual income, unemployment rate, divorce rate, use of illegal drugs—GED recipients look exactly like high-school dropouts, despite the fact that they have earned this supposedly valuable extra credential, and despite the fact that they are, on average, considerably more intelligent than high-school dropouts.

Since the President’s 2016 election, the economy has added over 6.7 million jobs—more than the combined populations of Wyoming, Vermont, Alaska, North Dakota, South Dakota, Delaware, Rhode Island, and Montana in 2018. Additionally, this total is 4.8 million more jobs than the Congressional Budget Office projected would have been created in its final forecast before the 2016 election. . . . Most notably, the unemployment rate for African Americans reached a new low of 5.4 percent, falling 2.6 percentage points since President Trump’s election.”12 For anyone with a brain, that is a big deal.

Alternative explanations for these changing patterns of racial differences—such as racism, poverty or inferior education among blacks—cannot establish even correlation with changing employment outcomes over the years, because all those things were worse in the first half of the twentieth century, when the unemployment rate among black teenagers in 1948 was far lower and not significantly different from the unemployment rate among white teenagers.

Before Lyndon Johnson intervened to make sure blacks would become dependent on the government for just about everything they needed to live, black participation in the labor market was equal to or greater than that of whites. Today the “official” African-American unemployment rate—which doesn’t take into account the enormous number of blacks who aren’t even trying to find jobs—is around 14 percent. In fact, when you count those who don’t even try to find a job, it’s nearly 50 percent. When the numbers are added up, under this administration more than 60 percent of young black people are no longer even part of the labor force. It’s the lowest ever recorded in our history.

Austerity, especially when it cannot be offset by a significant lowering of interest rates, brings with it increases in unemployment -- particularly enduring unemployment -- suppression of wages for the majority, and deepening income inequality.

The history of black workers in the United States illustrates the point. As already noted, from the late nineteenth-century on through the middle of the twentieth century, the labor force participation rate of American blacks was slightly higher than that of American whites. In other words, blacks were just as employable at the wages they received as whites were at their very different wages. The minimum wage law changed that. Before federal minimum wage laws were instituted in the 1930s, the black unemployment rate was slightly lower than the white unemployment rate in 1930. But then followed the Davis-Bacon Act of 1931, the National Industrial Recovery Act of 1933 and the Fair Labor Standards Act of 1938—all of which imposed government-mandated minimum wages, either on a particular sector or more broadly. The National Labor Relations Act of 1935, which promoted unionization, also tended to price black workers out of jobs, in addition to union rules that kept blacks from jobs by barring them from union membership. The National Industrial Recovery Act raised wage rates in the Southern textile industry by 70 percent in just five months and its impact nationwide was estimated to have cost blacks half a million jobs. While this Act was later declared unconstitutional by the Supreme Court, the Fair Labor Standards Act of 1938 was upheld by the High Court and became the major force establishing a national minimum wage. As already noted, the inflation of the 1940s largely nullified the effect of the Fair Labor Standards Act, until it was amended in 1950 to raise minimum wages to a level that would have some actual effect on current wages. By 1954, black unemployment rates were double those of whites and have continued to be at that level or higher. Those particularly hard hit by the resulting unemployment have been black teenage males. Even though 1949—the year before a series of minimum wage escalations began—was a recession year, black teenage male unemployment that year was lower than it was to be at any time during the later boom years of the 1960s. The wide gap between the unemployment rates of black and white teenagers dates from the escalation of the minimum wage and the spread of its coverage in the 1950s. The usual explanations of high unemployment among black teenagers—inexperience, less education, lack of skills, racism—cannot explain their rising unemployment, since all these things were worse during the earlier period when black teenage unemployment was much lower. Taking the more normal year of 1948 as a basis for comparison, black male teenage unemployment then was less than half of what it would be at any time during the decade of the 1960s and less than one-third of what it would be in the 1970s. Unemployment among 16 and 17-year-old black males was no higher than among white males of the same age in 1948. It was only after a series of minimum wage escalations began that black male teenage unemployment not only skyrocketed but became more than double the unemployment rates among white male teenagers. In the early twenty-first century, the unemployment rate for black teenagers exceeded 30 percent. After the American economy turned down in the wake of the housing and financial crises, unemployment among black teenagers reached 40 percent.

With Hamas now in control of the Gaza Strip, Israel imposed a full-blown siege. Goods entering the strip were reduced to a bare minimum; regular exports were stopped completely; fuel supplies were cut; and leaving and entering Gaza were only rarely permitted. Gaza was in effect turned into an open-air prison, where by 2018 at least 53 percent of some two million Palestinians lived in a state of poverty,24 and unemployment stood at an astonishing 52 percent, with much higher rates for youth and women.25 What had begun with international refusal to recognize Hamas’s election victory had led to a disastrous Palestinian rupture and the blockade of Gaza. This sequence of events amounted to a new declaration of war on the Palestinians. It also provided indispensable international cover for the open warfare that was to come.

One of the worst results of the retention of the Keynesian myths is that it not only promotes greater and greater inflation, but that it systematically diverts attention from the real causes of our unemployment, such as excessive union wage-rates, minimum wage laws, excessive and prolonged unemployment insurance, and overgenerous relief payments.

How often does it occur that information provided you on morning radio or television, or in the morning newspaper, causes you to alter your plans for the day, or to take some action you would not otherwise have taken, or provides insight into some problem you are required to solve? For most of us, news of the weather will sometimes have consequences; for investors, news of the stock market; perhaps an occasional story about crime will do it, if by chance it occurred near where you live or involved someone you know. But most of our daily news is inert, consisting of information that gives us something to talk about but cannot lead to any meaningful action...You may get a sense of what this means by asking yourself another series of questions: What steps do you plan to take to reduce the conflict in the Middle East? Or the rates of inflation, crime and unemployment? What are your plans for preserving the environment or reducing the risk of nuclear war? What do you plan to do about NATO, OPEC, the CIA, affirmative action, and the monstrous treatment of the Baha’is in Iran? I shall take the liberty of answering for you: You plan to do nothing about them. You may, of course, cast a ballot for someone who claims to have some plans, as well as the power to act. But this you can do only once every two or four years by giving one hour of your time, hardly a satisfying means of expressing the broad range of opinions you hold. Voting, we might even say, is the next to last refuge of the politically impotent. The last refuge is, of course, giving your opinion to a pollster, who will get a version of it through a desiccated question, and then will submerge it in a Niagara of similar opinions, and convert them into—what else?—another piece of news. Thus, we have here a great loop of impotence: The news elicits from you a variety of opinions about which you can do nothing except to offer them as more news, about which you can do nothing.

The National Rate of Unemployment is one of the most vicious euphemisms ever coined.

Also, I have a mornid fear of rates, and mice, and nettles and wasps and jagged cans and rotting food and damp newspapers and the unemployed.

Singapore's economy is considered one of the freest, most innovative, most competitive, dynamic and business-friendly in the world. There is no minimum wage and so the unemployment rate is also one of the lowest in the world. Singapore also has low tax rates, no corruption, good infrastructure and a skilled workforce, making it very attractive to foreign companies.

This hostility has not stopped Mr. Sowell. He has shown that in 1969, while American-born blacks were making only 62 percent of the average income for all Americans, blacks from the West Indies made 94 percent. Second-generation immigrants from the West Indies made 15 percent more than the average American.46 Although they are only 10 percent of the city’s black population, foreign-born blacks—mostly from the West Indies—own half of the black-owned businesses in New York City.47 Their unemployment rate is lower than the national average, and many times lower than that of American-born blacks.48 West Indian blacks look no different from American blacks; white racists are not likely suddenly to set aside their prejudices when they meet one.

A child is born with no state of mind Blind to the ways of mankind God is smilin' on you but he's frownin' too Because only God knows what you'll go through You'll grow in the ghetto livin' second-rate And your eyes will sing a song called deep hate The places you play and where you stay Looks like one great big alleyway You'll admire all the number-book takers Thugs, pimps and pushers and the big money-makers Drivin' big cars, spendin' twenties and tens And you'll wanna grow up to be just like them, huh Smugglers, scramblers, burglars, gamblers Pickpocket peddlers, even panhandlers You say I'm cool, huh, I'm no fool But then you wind up droppin' outta high school Now you're unemployed, all non-void Walkin' round like you're Pretty Boy Floyd Turned stick-up kid, but look what you done did Got sent up for a eight-year bid Now your manhood is took and you're a Maytag Spend the next two years as a undercover fag Bein' used and abused to serve like hell 'til one day, you was found hung dead in the cell It was plain to see that your life was lost You was cold and your body swung back and forth But now your eyes sing the sad, sad song Of how you lived so fast and died so young

If the government turns a blind eye to striking union members who use violence against employers or “scabs” (strike breakers), while at the same time the government stands ready to use its police power to prevent management from hiring armed personnel to disperse the picketing union members, then the union is implicitly allowed to set its own minimum wage rate for the firm being targeted. The economic effects are the same as with an explicit government-imposed minimum wage: institutional unemployment, which in such cases falls disproportionately on lower-skilled workers outside of the union.

But in the past, the black approval rating of a president had tended to correlate with the jobless rate. Yet black unemployment was lower under George W. Bush than it had been at any point during the Obama administration.

Filipino Americans, on average, have a low poverty rate of 6.7 percent—more than 3 percentage points lower than white Americans. But Cambodian, Laotian, Pakistani, and Thai Americans have a poverty rate of around 18 percent. Bangladeshi and Hmong Americans have poverty rates between 26 and 28 percent, matching or surpassing that of blacks and Hispanic Americans.1 Pacific Islanders have the highest unemployment rate of any racial or ethnic group in the US.2

When a society is industrialized, a peasant becomes a worker, a feudal lord is liquidated or becomes a businessman. When classes rise or fall a man is employed or unemployed; when the rate of investment goes up or down, a man takes new heart of goes broke. When wars happen, an insurance salesman becomes a rocket launcher; a store clerk, a radar ma; a wife lives alone; a child grows up without a father. Neither the life of an individual nor the history of a society can be understood without understanding other. - pg 3

If ordinary citizens knew or ever really [understood] how our political leaders have allowed unemployment to be used as a tool for fine-tuning the inflation rate, they would throw the rascals out and demand a thorough purging of the ranks of government economists.

The murder rate in Greece is low. So low that a lot of people wonder how it’s possible in a crisis-ridden country with high unemployment, corruption and social unrest. The smart answer is that rather than kill someone they hate, Greeks allow the victim to go on living in Greece.

Here's the truth. If you have a choice between auditioning for a great role over a bad role, you are privileged. That means not only do you have a top agent who can get you in, you are at a level that you would be considered for it. Our profession at any given time has a 95 percent unemployment rate. Only 1 percent of actors are famous, and we won't get into defining famous. The 0.04 percent are the stories you read about in the media. 'Being picky,' 'dropping agents,' making far less than male counterparts. Never having any regrets in terms of roles they've taken. Yada, yada, yada.

The Democrats had enslaved black America, stripping away their belief in the American Dream, but Trump was allowing them to rise up. He didn’t offer up empty rhetoric-- he took decisive action, eliminating regulations that killed jobs, cutting taxes for the middle class, and creating over one million jobs for black Americans. The black unemployment rate plummeted to an all-time low, narrowing the gap between racial disparities in regards to those out of jobs. He replaced handouts with opportunity and the idea that America is great because it is the land of opportunity where anyone can accomplish anything.

The unemployment rate for young black men post-apartheid shot up, sometimes as high as 50 percent. What happens to a lot of guys is they finish high school and they can’t afford university, and even little retail jobs can be hard to come by when you’re from the hood and you look and talk a certain way. So, for many young men in South Africa’s townships, freedom looks like this: Every morning they wake up, maybe their parents go to work or maybe not. Then they go outside and chill on the corner the whole day, talking shit. They’re free, they’ve been taught how to fish, but no one will give them a fishing rod.

Milwaukee used to be flush with good jobs. But throughout the second half of the twentieth century, bosses in search of cheap labor moved plants overseas or to Sunbelt communities, where unions were weaker or didn't exist. Between 1979 and 1983, Milwaukee's manufacturing sector lost more jobs than during the Great Depression - about 56,000 of them. The city where virtually everyone had a job in the postwar years saw its unemployment rate climb into the double digits. Those who found new work in the emerging service industry took a pay cut. As one historian observed, 'Machinists in the old Allis-Chalmers plant earned at least $11.60 an hour; clerks in the shopping center that replaced much of that plant in 1987 earned $5.23.

Under Coolidge, the federal debt fell. Under Coolidge, the top income tax rate came down by half, to 25 percent. Under Coolidge, the federal budget was always in surplus. Under Coolidge, unemployment was 5 percent or even 3 percent. Under Coolidge, Americans wired their homes for electricity and bought their first cars or household appliances on credit. Under Coolidge, the economy grew strongly, even as the federal government shrank. Under Coolidge, the rates of patent applications and patents granted increased dramatically. Under Coolidge, there came no federal antilynching law, but lynchings themselves became less frequent and Ku Klux Klan membership dropped by millions. Under Coolidge, a man from a town without a railroad station, Americans moved from the road into the air. Under Coolidge, religious faith found its modern context: the first great White House Christmas tree was lit, an ingenious use for the new technology, electricity. Under Coolidge, the number of local telephone calls went up by a quarter. In Silent Cal’s time, Americans learned to chatter. Under Coolidge, wages rose and interest rates came down so that the poor might borrow more easily. Under Coolidge, the rich came to pay a greater share of the income tax.

The poverty argument is especially weak. In the 1950s, when segregation was legal, overt racism was rampant, and black poverty was much higher than today, black crime rates were lower and blacks comprised a smaller percentage of the prison population. And then there is the experience of other groups who endured rampant poverty, racial discrimination, and high unemployment without becoming overrepresented in the criminal justice system.

The “German problem” after 1970 became how to keep up with the Germans in terms of efficiency and productivity. One way, as above, was to serially devalue, but that was beginning to hurt. The other way was to tie your currency to the deutsche mark and thereby make your price and inflation rate the same as the Germans, which it turned out would also hurt, but in a different way. The problem with keeping up with the Germans is that German industrial exports have the lowest price elasticities in the world. In plain English, Germany makes really great stuff that everyone wants and will pay more for in comparison to all the alternatives. So when you tie your currency to the deutsche mark, you are making a one-way bet that your industry can be as competitive as the Germans in terms of quality and price. That would be difficult enough if the deutsche mark hadn’t been undervalued for most of the postwar period and both German labor costs and inflation rates were lower than average, but unfortunately for everyone else, they were. That gave the German economy the advantage in producing less-than-great stuff too, thereby undercutting competitors in products lower down, as well as higher up the value-added chain. Add to this contemporary German wages, which have seen real declines over the 2000s, and you have an economy that is extremely hard to keep up with. On the other side of this one-way bet were the financial markets. They looked at less dynamic economies, such as the United Kingdom and Italy, that were tying themselves to the deutsche mark and saw a way to make money. The only way to maintain a currency peg is to either defend it with foreign exchange reserves or deflate your wages and prices to accommodate it. To defend a peg you need lots of foreign currency so that when your currency loses value (as it will if you are trying to keep up with the Germans), you can sell your foreign currency reserves and buy back your own currency to maintain the desired rate. But if the markets can figure out how much foreign currency you have in reserve, they can bet against you, force a devaluation of your currency, and pocket the difference between the peg and the new market value in a short sale. George Soros (and a lot of other hedge funds) famously did this to the European Exchange Rate Mechanism in 1992, blowing the United Kingdom and Italy out of the system. Soros could do this because he knew that there was no way the United Kingdom or Italy could be as competitive as Germany without serious price deflation to increase cost competitiveness, and that there would be only so much deflation and unemployment these countries could take before they either ran out of foreign exchange reserves or lost the next election. Indeed, the European Exchange Rate Mechanism was sometimes referred to as the European “Eternal Recession Mechanism,” such was its deflationary impact. In short, attempts to maintain an anti-inflationary currency peg fail because they are not credible on the following point: you cannot run a gold standard (where the only way to adjust is through internal deflation) in a democracy.

Those who want to blame crime on a lack of jobs cannot explain why crime rates fell in many cities during the Great Depression, when unemployment was high, and spiked during the 1960s, when economic growth was strong and jobs were plentiful. Indeed, the labor-force participation rate of young black men actually fell in the 1980s and 1990s, two of the longest periods of sustained economic growth in U.S. history. Shouldn’t ghetto attitudes toward work at least be part of this discussion?

In 1948, for example, when the effective minimum wage rate was much lower, and when racial prejudice was more widespread, marked, and virulent than today, white teenage unemployment in the U.S. was 10.2 percent, while black teenage unemployment was only 9.4 percent. Today [1979], in a much less discriminatory epoch, but where teenagers are “protected” by a more stringent minimum wage law, white youth unemployment is 13.9 percent, while black youth unemployment is an astounding and shameful 33.5 percent.

If a model did anything too obviously bizarre—flooded the Sahara or tripled interest rates—the programmers would revise the equations to bring the output back in line with expectation. In practice, econometric models proved dismally blind to what the future would bring, but many people who should have known better acted as though they believed in the results. Forecasts of economic growth or unemployment were put forward with an implied precision of two or three decimal places. Governments and financial institutions paid for such predictions and acted on them, perhaps out of necessity or for want of anything better. Presumably they knew that such variables as “consumer optimism” were not as nicely measurable as “humidity” and that the perfect differential equations had not yet been written for the movement of politics and fashion. But few realized how fragile was the very process of modeling flows on computers, even when the data was reasonably trustworthy and the laws were purely physical, as in weather forecasting.

Impressive socioeconomic advancement has been made and the black middle class has grown, but wide black-white gaps remain, not only with regard to income but also respecting educational achievement, labor-force participation, incarceration rates, and other measures. While blacks were steadily increasing their numbers in Congress and among elected officials at the state and local levels in the 1970s, ’80s, and ’90s, black welfare dependency rose, as did black teen unemployment, black crime, and black births to single mothers.

The subprime market tapped a segment of the American public that did not typically have anything to do with Wall Street: the tranche between the fifth and the twenty-ninth percentile in their credit ratings. That is, the lenders were making loans to people who were less creditworthy than 71 percent of the population. Which of these poor Americans were likely to jump which way with their finances? How much did their home prices need to fall for their loans to blow up? Which mortgage originators were the most corrupt? Which Wall Street firms were creating the most dishonest mortgage bonds? What kind of people, in which parts of the country, exhibited the highest degree of financial irresponsibility? The default rate in Georgia was five times higher than that in Florida, even though the two states had the same unemployment rate. Why? Indiana had a 25 percent default rate; California, only 5 percent, even though Californians were, on the face of it, far less fiscally responsible. Why? Vinny and Danny flew down to Miami, where they wandered around empty neighborhoods built with subprime loans, and saw with their own eyes how bad things were. “They’d

It should be immediately clear that this could be brought about more directly and honestly by a reduction in unworkable wage rates. But the more sophisticated proponents of inflation believe that this is now politically impossible. Sometimes they go further, and charge that all proposals under any circumstances to reduce particular wage rates directly in order to reduce unemployment are “antilabor.” But what they are themselves proposing, stated in bald terms, is to deceive labor by reducing real wage rates (that is, wage rates in terms of purchasing power) through an increase in prices.

In the summer of 2013, after neighborhood watchman George Zimmerman, a Hispanic, was acquitted in the shooting death of Trayvon Martin, an unarmed black teenager, the political left wanted to have a discussion about everything except the black crime rates that lead people to view young black males with suspicion. President Obama and Attorney General Holder wanted to talk about gun control. The NAACP wanted to talk about racial profiling. Assorted academics and MSNBC talking heads wanted to discuss poverty, “stand-your-ground” laws, unemployment, and the supposedly racist criminal justice system.

Speculators, meanwhile, have seized control of the global economy and the levers of political power. They have weakened and emasculated governments to serve their lust for profit. They have turned the press into courtiers, corrupted the courts, and hollowed out public institutions, including universities. They peddle spurious ideologies—neoliberal economics and globalization—to justify their rapacious looting and greed. They create grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge citizens into crippling forms of debt peonage. And they have been stealing staggering sums of public funds, such as the $65 billion of mortgage-backed securities and bonds, many of them toxic, that have been unloaded each month on the Federal Reserve in return for cash.21 They feed like parasites off of the state and the resources of the planet. Speculators at megabanks and investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the weak from the powerful—to steal from everyone, including their own shareholders. They produce nothing. They make nothing. They only manipulate money. They are no different from the detested speculators who were hanged in the seventeenth century, when speculation was a capital offense. The obscenity of their wealth is matched by their utter lack of concern for the growing numbers of the destitute. In early 2014, the world’s 200 richest people made $13.9 billion, in one day, according to Bloomberg’s billionaires index.22 This hoarding of money by the elites, according to the ruling economic model, is supposed to make us all better off, but in fact the opposite happens when wealth is concentrated in the hands of a few individuals and corporations, as economist Thomas Piketty documents in his book Capital in the Twenty-First Century.23 The rest of us have little or no influence over how we are governed, and our wages stagnate or decline. Underemployment and unemployment become chronic. Social services, from welfare to Social Security, are slashed in the name of austerity. Government, in the hands of speculators, is a protection racket for corporations and a small group of oligarchs. And the longer we play by their rules the more impoverished and oppressed we become. Yet, like

What is the actual link between material consumption and objective and subjective quality of life once the basic needs for food, clothes, shelter, and mobility are well satisfied? Going from material misery to modest material comfort will make many things in life better but, obviously, the link is not an endless escalator. But if so, where is the saturation point? Can such a level actually be quantified in a meaningful way? These questions must be asked even if there are no easy answers, mainly because of the situation that is the very opposite of the material poverty outlined at the beginning of this section: too many people live in the condition of material excess and this does not endow them with a higher physical quality of life than that enjoyed by moderate consumers and it does not make them exceptionally happy. At the most fundamental level, the question is about the very nature of modern economies. All but a tiny minority of economists (those of ecological persuasion) see the constant expansion of output as the fundamental goal. And not just any expansion: economies should preferably grow at annual rates in excess of 2%, better yet 3%. This is the only model, the only paradigm, and the only precept, as the economists in command of modern societies cannot envisage a system that would deliberately grow at a minimum rate, even less so one that would experience zero growth, and the idea of a carefully managed decline appears to them to be outright unimaginable. The pursuit of endless growth is, obviously, an unsustainable strategy (Binswanger, 2009), and the post-2008 experience has shown how dysfunctional modern economies become as soon as the growth becomes negligible, ceases temporarily or when there is even a slight decline: rising unemployment, falling labor participation, growing income inequality, and soaring budget deficits.

Take one famous example: arguments about property destruction after Seattle. Most of these, I think, were really arguments about capitalism. Those who decried window-breaking did so mainly because they wished to appeal to middle-class consumers to move towards global exchange-style green consumerism, and to ally with labor bureaucracies and social democrats abroad. This was not a path designed to provoke a direct confrontation with capitalism, and most of those who urged us to take this route were at least skeptical about the possibility that capitalism could ever really be defeated. Many were in fact in favor of capitalism, if in a significantly humanized form. Those who did break windows, on the other hand, didn't care if they offended suburban homeowners, because they did not figure that suburban homeowners were likely to ever become a significant element in any future revolutionary anticapitalist coalition. They were trying, in effect, to hijack the media to send a message that the system was vulnerable -- hoping to inspire similar insurrectionary acts on the part of those who might be considering entering a genuinely revolutionary alliance; alienated teenagers, oppressed people of color, undocumented workers, rank-and-file laborers impatient with union bureaucrats, the homeless, the unemployed, the criminalized, the radically discontent. If a militant anticapitalist movement was to begin, in America, it would have to start with people like these: people who don't need to be convinced that the system is rotten, only, that there's something they can do about it. And at any rate, even if it were possible to have an anticapitalist revolution without gun-battles in the streets -- which most of us are hoping it is, since let's face it, if we come up against the US army, we will lose -- there's no possible way we could have an anticapitalist revolution while at the same time scrupulously respecting property rights. Yes, that will probably mean the suburban middle class will be the last to come on board. But they would probably be the last to come on board anyway.

The long sweep of America has been defined by two forward motions: one force widening the embrace of Black Americans and another force maintaining or widening their exclusion. The duel between these two forces represents the duel at the heart of America’s racial history. The myth of singular racial progress veils this conflict—and it veils the snowballing racism behind Black people today still weathering the highest unemployment and incarceration rates and the lowest life expectancy and median wealth compared to other racial groups. Until Americans replace mythology with history, until Americans unveil and halt the progression of racism, an arc of the American universe will keep bending toward injustice.

Early on in the top, some parts of the credit system suffer, but others remain robust, so it isn’t clear that the economy is weakening. So while the central bank is still raising interest rates and tightening credit, the seeds of the recession are being sown. The fastest rate of tightening typically comes about five months prior to the top of the stock market. The economy is then operating at a high rate, with demand pressing up against the capacity to produce. Unemployment is normally at cyclical lows and inflation rates are rising. The increase in short-term interest rates makes holding cash more attractive, and it raises the interest rate used to discount the future cash flows of assets, weakening riskier asset prices and slowing lending.

We stand today on the brink of economic destruction. The housing market remains stagnant. Unemployment is obviously far higher than the officially reported figures of 6 to 7 percent, which factor in only those filing for unemployment benefits. As I was completing this book, there were alarming reports disseminated by the media that a hundred million Americans of working age were without jobs. This amounts to a staggering true unemployment rate of 36.3 percent. While some of those are willfully unemployed, such as stay-at-home parents, retirees, and high school students, there is no question that the real rate must still be at least somewhere in the HIDDEN HISTORY 4 25-percent range. Student loan debt is quickly surpassing credit card debt in volume. The cost of living continues to surge, while the vast majority of American workers receive little or no yearly wage increase. Our industry has practically left our shores, leaving us incapable of manufacturing anything of substance. Although the US population increased by 10 percent during the first decade of the twenty-first century, 5,500,000 manufacturing jobs were lost during the same time period. The sad reality is America doesn’t make much of anything anymore. The income disparity has grown to such an extent that the richest four hundred citizens presently possess more aggregate wealth than the bottom fifty percent of all Americans combined. If present trends continue, the United States is rapidly on the way to Third World nation status.

There are subtler ways of killing. Call it death by statistics. Today, white man lets his statistics do the killing for him. Indian reservations in South Dakota have the highest rates of poverty and unemployment and the highest rates of infant mortality and teenage suicide, along with the lowest standard of living and the lowest life expectancy — barely forty years! — in the country. Those statistics amount to genocide. Genocide also disguises itself in the form of poor health facilities and wretched housing and inadequate schooling and rampant corruption. Our remaining lands, eyed by a thousand local schemers only too eager to stir up trouble and division on the reservation, continue to be sold off acre by acre to pay off tribal and individual debts. No square inch of our ever-shrinking territory seems beyond the greedy designs of those who would drive us into nonexistence.

Concerns about relative position also appear to affect labor force participation by much more than traditional economic factors. The economists David Neumark and Andrew Postlewaite, for example, investigated the labor force status of three thousand pairs of full sisters, one of whom in each pair did not work outside the home. Their aim was to discover what determined whether the other sister in each pair would seek paid employment. None of the usual economic suspects mattered much—not the local unemployment, vacancy, and wage rates, not the other sister’s education and experience. A single variable in their study explained far more of the variance in labor force participation rates than any other: a woman whose sister’s husband earned more than her own husband was 16 to 25 percent more likely than others to seek paid employment.43 As the essayist H. L. Mencken observed, “A wealthy man is one who earns $100 a year more than his wife’s sister’s husband.

ON THE MODUS OPERANDI OF OUR CURRENT PRESIDENT, DONALD J. TRUMP "According to a new ABC/Washington Post poll, President Trump’s disapproval rating has hit a new high." The President's response to this news was "“I don’t do it for the polls. Honestly — people won’t necessarily agree with this — I do nothing for the polls,” the president told reporters on Wednesday. “I do it to do what’s right. I’m here for an extended period of time. I’m here for a period that’s a very important period of time. And we are straightening out this country.” - Both Quotes Taken From Aol News - August 31, 2018 In The United States, as in other Republics, the two main categories of Presidential motivation for their assigned tasks are #1: Self Interest in seeking to attain and to hold on to political power for their own sakes, regarding the welfare of This Republic to be of secondary importance. #2: Seeking to attain and to hold on to the power of that same office for the selfless sake of this Republic's welfare, irregardless of their personal interest, and in the best of cases going against their personal interests to do what is best for this Republic even if it means making profound and extreme personal sacrifices. Abraham Lincoln understood this last mentioned motivation and gave his life for it. The primary information any political scientist needs to ascertain regarding the diagnosis of a particular President's modus operandi is to first take an insightful and detailed look at the individual's past. The litmus test always being what would he or she be willing to sacrifice for the Nation. In the case of our current President, Donald John Trump, he abandoned a life of liberal luxury linked to self imposed limited responsibilities for an intensely grueling, veritably non stop two year nightmare of criss crossing this immense Country's varied terrain, both literally and socially when he could have easily maintained his life of liberal leisure. While my assertion that his personal choice was, in my view, sacrificially done for the sake of a great power in a state of rapid decline can be contradicted by saying it was motivated by selfish reasons, all evidence points to the contrary. For knowing the human condition, fraught with a plentitude of weaknesses, for a man in the end portion of his lifetime to sacrifice an easy life for a hard working incessant schedule of thankless tasks it is entirely doubtful that this choice was made devoid of a special and even exalted inspiration to do so. And while the right motivations are pivotal to a President's success, what is also obviously needed are generic and specific political, military and ministerial skills which must be naturally endowed by Our Creator upon the particular President elected for the purposes of advancing a Nation's general well being for one and all. If one looks at the latest National statistics since President Trump took office, (such as our rising GNP, the booming market, the dramatically shrinking unemployment rate, and the overall positive emotive strains in regards to our Nation's future, on both the left and the right) one can make definitive objective conclusions pertaining to the exceptionally noble character and efficiency of the current resident at 1600 Pennsylvania Avenue. And if one can drown out the constant communicative assaults on our current Commander In Chief, and especially if one can honestly assess the remarkable lack of substantial mistakes made by the current President, all of these factors point to a leader who is impressively strong, morally and in other imperative ways. And at the most propitious time. For the main reason that so many people in our Republic palpably despise our current President is that his political and especially his social agenda directly threatens their licentious way of life. - John Lars Zwerenz

Almost all official statistics and policy documents on wages, income, gross domestic product (GDP), crime, unemployment rates, innovation rates, cost of living indices, morbidity and mortality rates, and poverty rates are compiled by governmental agencies and international bodies worldwide in terms of both total aggregate and per capita metrics. Furthermore, well-known composite indices of urban performance and the quality of life, such as those assembled by the World Economic Forum and magazines like Fortune, Forbes, and The Economist, primarily rely on naive linear combinations of such measures.6 Because we have quantitative scaling curves for many of these urban characteristics and a theoretical framework for their underlying dynamics we can do much better in devising a scientific basis for assessing performance and ranking cities. The ubiquitous use of per capita indicators for ranking and comparing cities is particularly egregious because it implicitly assumes that the baseline, or null hypothesis, for any urban characteristic is that it scales linearly with population size. In other words, it presumes that an idealized city is just the linear sum of the activities of all of its citizens, thereby ignoring its most essential feature and the very point of its existence, namely, that it is a collective emergent agglomeration resulting from nonlinear social and organizational interactions. Cities are quintessentially complex adaptive systems and, as such, are significantly more than just the simple linear sum of their individual components and constituents, whether buildings, roads, people, or money. This is expressed by the superlinear scaling laws whose exponents are 1.15 rather than 1.00. This approximately 15 percent increase in all socioeconomic activity with every doubling of the population size happens almost independently of administrators, politicians, planners, history, geographical location, and culture.

Public opinion researchers call it the Optimism Gap.3 For more than two decades, through good times and bad, when Europeans were asked by pollsters whether their own economic situation would get better or worse in the coming year, more of them said it would get better, but when they were asked about their country’s economic situation, more of them said it would get worse.4 A large majority of Britons think that immigration, teen pregnancy, litter, unemployment, crime, vandalism, and drugs are a problem in the United Kingdom as a whole, while few think they are problems in their area.5 Environmental quality, too, is judged in most nations to be worse in the nation than in the community, and worse in the world than in the nation.6 In almost every year from 1992 through 2015, an era in which the rate of violent crime plummeted, a majority of Americans told pollsters that crime was rising.7 In late 2015, large majorities in eleven developed countries said that “the world is getting worse,” and in most of the last forty years a solid majority of Americans have said that the country is “heading in the wrong direction.

Statistical discrimination explains why the police in the United States justify stopping black drivers more often. And how the Hindu majoritarian government of the state of Uttar Pradesh recently explained why so many of the people “accidentally” killed by the state police (in what are called “encounter deaths”) are Muslim. There are more blacks and Muslims among criminals. In other words, what looks like naked racism does not have to be that; it can be the result of targeting some characteristic (drug dealing, criminality) that happens to be correlated with race or religion. So statistical discrimination, rather than old-fashioned prejudice—what economists call taste-based discrimination—may be the cause. The end result is the same if you are black or Muslim, though. A recent study on the impact of “ban the box” (BTB) policies on the rate of unemployment of young black men provides a compelling demonstration of statistical discrimination. BTB policies restrict employers from using application forms where there is a box that needs to be checked if you have a criminal conviction. Twenty-three states have adopted these policies in the hope of raising employment among young black men, who are much more likely to have a conviction than others and whose unemployment rate is double the national average.31 To test the effect of these policies, two researchers sent fifteen thousand fictitious online job applications to employers in New Jersey and New York City, just before and right after the states of New York and New Jersey implemented the BTB policy.32 They manipulated the perception of race by using typically white or typically African American first names on the résumés. Whenever a job posting required indicating whether or not the applicant had a prior felony conviction, they also randomized whether he or she had one. They found, as many others before them, clear discrimination against blacks in general: white “applicants” received about 23 percent more callbacks than black applicants with the same résumé. Unsurprisingly, among employers who asked about criminal convictions before the ban, there was a very large effect of having a felony conviction: applicants without a felony conviction were 62 percent more likely to be called back than those with a conviction but an otherwise identical résumé, an effect similar for whites and blacks. The most surprising finding, however, was that the BTB policy substantially increased racial disparities in callbacks. White applicants to BTB-affected employers received 7 percent more callbacks than similar black applicants before BTB. After BTB, this gap grew to 43 percent. The reason was that without the actual information about convictions, the employers assumed all black applicants were more likely to have a conviction. In other words, the BTB policy led employers to rely on race to predict criminality, which is of course statistical discrimination.

All of us sit here at this conference and feel secure in our belief that we live in an era beyond this kind of…authoritarian regime change; but what sort of political climate do you think could potentially break apart our current stasis and deliver us back in time, so to speak? Thank you, I am gratified there has been so much interest in our little project. Gilead Studies languished for many years, I suppose those who had lived through those times did not want them resurrected for various reasons including what might have been done to them and what they themselves might have done. But at this distance, we can allow ourselves some perspective. It’s fortunate that is the last question as my voice is giving out. As to your question, in times of peace and plenty, it is hard to remember the conditions that have led to authoritarian regime changes in the past. And it is even harder to suppose that we ourselves would ever make such choices or allow them to be made. But when there is a perfect storm and collapse of the established order is in the works precipitated by environmental stresses that lead to food shortages, economic factors such as unrest due to unemployment, a social structure that is top heavy with too much wealth being concentrated among too few, then scapegoats are sought and blamed, fear is rampant, and there is pressure to trade what we think of as liberty for what we think of as safety. And, when the birth rate of any society is low enough to create an aging shrinking population, then commercial and military authorities will become alarmed. Their customer base and their recruitment base will be in jeopardy and there will be extreme pressure on women of childbearing age to make up the population deficit, thus our handmaid and her tale.

In both oral and typographic cultures, information derives its importance from the possibilities of action. Of course, in any communication environment, input (what one is informed about) always exceeds output (the possibilities of action based on information. But the situation created by telegraphy, and then exacerbated by later technologies, made the relationship between information and action both abstract and remote. For the first time in human history, people were faced with the problem of information glut, which means that simultaneously they were faced with the problem of a diminished social and political potency. You may get a sense of what this means by asking yourself another series of questions: What steps do you plan to take to reduce the conflict in the Middle East? Or the rates of inflation, crime and unemployment? What are your plans for preserving the environment or reducing the risk of nuclear war? What do you plan to do about NATO, OPEC, the CIA, affirmative action, and the monstrous treatment of the Baha'is in Iran? I shall take the liberty of answering for you: You plan to do nothing about them. You may, of course, cast a ballot for someone who claims to have some plans, as well as the power to act. But this you can do only once every two or four years by giving one hour of your time, hardly a satisfying means of expressing the broad range of opinions you hold. Voting, we might even say, is the next to last refuge of the politically impotent. The last refuge is, of course, giving your opinion to a pollster, who will get a version of it through a desiccated question, and then will submerge it in a Niagara of similar opinions, and convert them into--what else?--another piece of news. Thus, we have here a great loop of impotence: The news elicits from you a variety of opinions about which you can do nothing except to offer them as more news, about which you can do nothing.

KEYNESIAN ECONOMICS AND STIMULUS Keynesian economics is based on the notion that unemployment arises when total or aggregate demand in an economy falls short of the economy’s ability to supply goods and services. When products go unsold, jobs are lost. Aggregate demand, in turn, comes from two sources: the private sector (which is the majority) and the government. At times, aggregate demand is too buoyant—goods fly off the shelves and labor is in great demand—and we get rising inflation. At other times, aggregate demand is inadequate—goods are hard to sell and jobs are hard to find. In those cases, Keynes argued in the 1930s, governments can boost employment by cutting interest rates (what we now call looser monetary policy), raising their own spending, or cutting people’s taxes (what we now call looser fiscal policy). By the same logic, when there is too much demand, governments can fight actual or incipient inflation by raising interest rates (tightening monetary policy), increasing taxes, or reducing its own spending (thus tightening fiscal policy). That’s part of standard Keynesian economics, too, although Keynes, writing during the Great Depression, did not emphasize it. Setting aside the underlying theory, the central Keynesian policy idea is that the government can—and, Keynes argued, should—act as a kind of balance wheel, stimulating aggregate demand when it’s too weak and restraining aggregate demand when it’s too strong. For decades, American economists took for granted that most of that job should and would be done by monetary policy. Fiscal policy, they thought, was too slow, too cumbersome, and too political. And in the months after the Lehman Brothers failure, the Federal Reserve did, indeed, pull out all the stops—while fiscal policy did nothing. But what happens when, as was more or less the case by December 2008, the central bank has done almost everything it can, and yet the economy is still sinking? That’s why eyes started turning toward Congress and the president—that is, toward fiscal stimulus—after the 2008 election.

OBAMA WENT THROUGH STAGES. That first day, I was in multiple meetings where he tried to lift everyone’s spirits. That evening, he interrupted the senior staff meeting in Denis McDonough’s office and gave a version of the speech that I’d now heard three times as we all sat there at the table. He was the only one standing. It was both admirable and heartbreaking watching him take everything in stride, working—still—to lift people’s spirits. When he was done, I spoke first. “It says a lot about you,” I said, “that you’ve spent the whole day trying to buck the rest of us up.” People applauded. Obama looked down. On the Thursday after the election, he had a long, amiable meeting with Trump. It left him somewhat stupefied. Trump had repeatedly steered the conversation back to the size of his rallies, noting that he and Obama could draw big crowds but Hillary couldn’t. He’d expressed openness to Obama’s arguments about healthcare, the Iran deal, immigration. He’d asked for recommendations for staff. He’d praised Obama publicly when the press was there. Afterward, Obama called a few of us up to the Oval Office to recap. “I’m trying to place him,” he said, “in American history.” He told us Trump had been perfectly cordial, but he’d almost taken pride in not being attached to a firm position on anything. “He peddles bullshit. That character has always been a part of the American story,” I said. “You can see it right back to some of the characters in Huckleberry Finn.” Obama chuckled. “Maybe that’s the best we can hope for.” In breaks between meetings in the coming days, he expressed disbelief that the election had been lost. With unemployment at 5 percent. With the economy humming. With the Affordable Care Act working. With graduation rates up. With most of our troops back home. But then again, maybe that’s why Trump could win. People would never have voted for him in a crisis. He kept talking it out, trying on different theories. He chalked it up to multiple car crashes at once. There was the letter from Comey shortly before the election, reopening the investigation into Clinton’s email server. There was the steady release of Podesta emails from Wikileaks through October. There was a rabid right-wing propaganda machine and a mainstream press that gorged on the story of Hillary’s emails, feeding Trump’s narrative of corruption.

As Dr. Fauci’s policies took hold globally, 300 million humans fell into dire poverty, food insecurity, and starvation. “Globally, the impact of lockdowns on health programs, food production, and supply chains plunged millions of people into severe hunger and malnutrition,” said Alex Gutentag in Tablet Magazine.27 According to the Associated Press (AP), during 2020, 10,000 children died each month due to virus-linked hunger from global lockdowns. In addition, 500,000 children per month experienced wasting and stunting from malnutrition—up 6.7 million from last year’s total of 47 million—which can “permanently damage children physically and mentally, transforming individual tragedies into a generational catastrophe.”28 In 2020, disruptions to health and nutrition services killed 228,000 children in South Asia.29 Deferred medical treatments for cancers, kidney failure, and diabetes killed hundreds of thousands of people and created epidemics of cardiovascular disease and undiagnosed cancer. Unemployment shock is expected to cause 890,000 additional deaths over the next 15 years.30,31 The lockdown disintegrated vital food chains, dramatically increased rates of child abuse, suicide, addiction, alcoholism, obesity, mental illness, as well as debilitating developmental delays, isolation, depression, and severe educational deficits in young children. One-third of teens and young adults reported worsening mental health during the pandemic. According to an Ohio State University study,32 suicide rates among children rose 50 percent.33 An August 11, 2021 study by Brown University found that infants born during the quarantine were short, on average, 22 IQ points as measured by Baylor scale tests.34 Some 93,000 Americans died of overdoses in 2020—a 30 percent rise over 2019.35 “Overdoses from synthetic opioids increased by 38.4 percent,36 and 11 percent of US adults considered suicide in June 2020.37 Three million children disappeared from public school systems, and ERs saw a 31 percent increase in adolescent mental health visits,”38,39 according to Gutentag. Record numbers of young children failed to reach crucial developmental milestones.40,41 Millions of hospital and nursing home patients died alone without comfort or a final goodbye from their families. Dr. Fauci admitted that he never assessed the costs of desolation, poverty, unhealthy isolation, and depression fostered by his countermeasures. “I don’t give advice about economic things,”42 Dr. Fauci explained. “I don’t give advice about anything other than public health,” he continued, even though he was so clearly among those responsible for the economic and social costs.

I am speaking of the evenings when the sun sets early, of the fathers under the streetlamps in the back streets returning home carrying plastic bags. Of the old Bosphorus ferries moored to deserted stations in the middle of winter, where sleepy sailors scrub the decks, pail in hand and one eye on the black-and-white television in the distance; of the old booksellers who lurch from one ϧnancial crisis to the next and then wait shivering all day for a customer to appear; of the barbers who complain that men don’t shave as much after an economic crisis; of the children who play ball between the cars on cobblestoned streets; of the covered women who stand at remote bus stops clutching plastic shopping bags and speak to no one as they wait for the bus that never arrives; of the empty boathouses of the old Bosphorus villas; of the teahouses packed to the rafters with unemployed men; of the patient pimps striding up and down the city’s greatest square on summer evenings in search of one last drunken tourist; of the broken seesaws in empty parks; of ship horns booming through the fog; of the wooden buildings whose every board creaked even when they were pashas’ mansions, all the more now that they have become municipal headquarters; of the women peeking through their curtains as they wait for husbands who never manage to come home in the evening; of the old men selling thin religious treatises, prayer beads, and pilgrimage oils in the courtyards of mosques; of the tens of thousands of identical apartment house entrances, their facades discolored by dirt, rust, soot, and dust; of the crowds rushing to catch ferries on winter evenings; of the city walls, ruins since the end of the Byzantine Empire; of the markets that empty in the evenings; of the dervish lodges, the tekkes, that have crumbled; of the seagulls perched on rusty barges caked with moss and mussels, unϩinching under the pelting rain; of the tiny ribbons of smoke rising from the single chimney of a hundred-yearold mansion on the coldest day of the year; of the crowds of men ϧshing from the sides of the Galata Bridge; of the cold reading rooms of libraries; of the street photographers; of the smell of exhaled breath in the movie theaters, once glittering aϱairs with gilded ceilings, now porn cinemas frequented by shamefaced men; of the avenues where you never see a woman alone after sunset; of the crowds gathering around the doors of the state-controlled brothels on one of those hot blustery days when the wind is coming from the south; of the young girls who queue at the doors of establishments selling cut-rate meat; of the holy messages spelled out in lights between the minarets of mosques on holidays that are missing letters where the bulbs have burned out; of the walls covered with frayed and blackened posters; of the tired old dolmuşes, ϧfties Chevrolets that would be museum pieces in any western city but serve here as shared taxis, huϫng and puϫng up the city’s narrow alleys and dirty thoroughfares; of the buses packed with passengers; of the mosques whose lead plates and rain gutters are forever being stolen; of the city cemeteries, which seem like gateways to a second world, and of their cypress trees; of the dim lights that you see of an evening on the boats crossing from Kadıköy to Karaköy; of the little children in the streets who try to sell the same packet of tissues to every passerby; of the clock towers no one ever notices; of the history books in which children read about the victories of the Ottoman Empire and of the beatings these same children receive at home; of the days when everyone has to stay home so the electoral roll can be compiled or the census can be taken; of the days when a sudden curfew is announced to facilitate the search for terrorists and everyone sits at home fearfully awaiting “the oϫcials”; CONTINUED IN SECOND PART OF THE QUOTE

The unemployment rate rose between 1968 and 1970 from 3.6 to 4.9 percent—a jump of more than 33 percent. The consumer price index increased by roughly 11 percent in the same period. Analysts of the economy coined a new and memorable term for what seemed to be happening: "stagflation.

Marxism claims to be more than a science. It does more than make a historical prophecy. It claims to be the basis for practical political action. It criticizes existing society, and it asserts that it can lead the way to a better world. But according to Marx’s own theory, we cannot at will alter the economic reality by, for example, legal reforms. Politics can do no more than ‘shorten and lessen the birth-pangs’.23 This, I think, is an extremely poor political programme, and its poverty is a consequence of the third-rate place which it attributes to political power in the hierarchy of powers. For according to Marx, the real power lies in the evolution of machinery; next in importance is the system of economic class-relationships; and the least important influence is that of politics. A directly opposite view is implied in the position we have reached in our analysis. It considers political power as fundamental. Political power, from this point of view, can control economic power. This means an immense extension of the field of political activities. We can ask what we wish to achieve and how to achieve it. We can, for instance, develop a rational political programme for the protection of the economically weak. We can make laws to limit exploitation. We can limit the working day; but we can do much more. By law, we can insure the workers (or better still, all citizens) against disability, unemployment, and old age. In this way we can make impossible such forms of exploitation as are based upon the helpless economic position of a worker who must yield to anything in order not to starve. And when we are able by law to guarantee a livelihood to everybody willing to work, and there is no reason why we should not achieve that, then the protection of the freedom of the citizen from economic fear and economic intimidation will approach completeness. From this point of view, political power is the key to economic protection. Political power and its control is everything. Economic power must not be permitted to dominate political power; if necessary, it must be fought and brought under control by political power.

What’s worse for you young people is that the unemployment rate isn’t even what you should really be worried about. What you should really be concerned about is the UNDERemployment rate as it speaks to precisely why you went to college. The underemployment rate is the percent of people who are not working at their full potential. So, if you went to college for accounting, but end up working as a bartender you are considered “underemployed.” The statistics vary, but the best official estimate (called U6) shows an underemployment rate considerably higher than the simple unemployment rate. Even worse than that, underemployment is typically higher in the 19-29 year old range, which means it’s even more likely you will not realize the full benefit of your degree.

These newly minted right-wingers were rattling off old Birch slogans: Immigrants are the enemy. Protect our borders and deport all illegal aliens. Gays are ungodly. Pray the gay away from children and teens. Unemployed people don’t want to work, and poor people keep themselves poor, on purpose. If we cut the minimum wage and eliminate unemployment compensation, everyone will have a job. Unions caused the economic collapse by shielding lazy, incompetent public employees. Rich folks are “job creators,” and we need to protect their wealth. Social Security is unsustainable, and Medicare and Medicaid have to be restricted so that corporations and “job creators” have lower tax rates. Abortion is murder and must be outlawed even in cases of rape and incest. No exception means no exceptions; even in cases where the mother’s life is in danger. The economic meltdown of 2008 came from high taxes on corporations, too many regulations, and poor people taking out mortgages they couldn’t afford. The government can’t create jobs, so stimulus programs don’t work. Cutting taxes creates jobs. The government can’t limit the right to own or carry guns. If guns are outlawed, only outlaws will have guns. America is God’s chosen nation, but our president can’t understand our exceptionalism. After all, he’s not a “real” American; he’s a Marxist, Socialist, Muslim racist who hates America.

Typically only the incivility of the less powerful toward the more powerful can be widely understood as such, and thus be subject to such intense censure. Which is what made #metoo so fraught and revolutionary. It was a period during which some of the most powerful faced repercussion. The experience of having patriarchal control compromised felt, perhaps ironically, like a violation, a diminishment, a threat to professional standing—all the things that sexual harassment feels like to those who’ve experienced it. Frequently, in those months, I was asked about how to address men’s confusion and again, their discomfort: How were they supposed to flirt? What if their respectful and professional gestures of affiliation had been misunderstood? Mothers told me of sons worried about being misinterpreted, that expression of their affections might be heard as coercion, their words or intentions read incorrectly, that they would face unjust consequences that would damage their prospects. The amazing thing was the lack of acknowledgment that these anxieties are the normal state for just about everyone who is not a white man: that black mothers reasonably worry every day that a toy or a phone or a pack of Skittles might be seen as a gun, that their children’s very presence—sleeping in a dorm room, sitting at a Starbucks, barbecuing by a river, selling lemonade on the street—might be understood as a threat, and that the repercussions might extend far beyond a dismissal from a high-paying job or expulsion from a high-profile university, and instead might result in arrest, imprisonment, or execution at the hands of police or a concerned neighbor. Women enter young adulthood constantly aware that their inebriation might be taken for consent, or their consent for sluttiness, or that an understanding of them as having been either drunk or slutty might one day undercut any claim they might make about having been violently aggressed upon. Women enter the workforce understanding from the start the need to work around and accommodate the leering advances and bad jokes of their colleagues, aware that the wrong response might change the course of their professional lives. We had been told that our failures to extend sympathy to the white working class—their well-being diminished by unemployment and drug addictions—had cost us an election; now we were being told that a failure to feel for the men whose lives were being ruined by harassment charges would provoke an angry antifeminist backlash. But with these calls came no acknowledgment of sympathies that we have never before been asked to extend: to black men who have always lived with higher rates of unemployment and who have faced systemically higher prison sentences and social disapprobation for their drug use; to the women whose careers and lives had been ruined by ubiquitous and often violent harassment. Now the call was to consider the underlying pain of those facing repercussions. Rose McGowan, one of Weinstein’s earliest and most vociferous accusers, recalled being asked “in a soft NPR voice, ‘What if what you’re saying makes men uncomfortable?’ Good. I’ve been uncomfortable my whole life. Welcome to our world of discomfort.”34 Suddenly, men were living with the fear of consequences, and it turned out that it was not fun. And they very badly wanted it to stop. One of the lessons many men would take from #metoo was not about the threat they had posed to women, but about the threat that women pose to them.

These policies would come back to haunt Europe in the aftermath of the 2008 collapse. Instead of the vigorous, countercyclical fiscal, monetary, and debt relief policies called for in the wake of a 1929-scale crash, Europe’s institutions promoted austerity reminiscent of the post–World War I era. The debt and deficit limits of Maastricht precluded strong fiscal stimulus, and the government of Angela Merkel resisted emergency waivers. Germany, an export champion, which in effect had an artificially cheap currency in the euro, profited from other nations’ misery. Germany could prosper by running a large export surplus (equal to almost 10 percent of its GDP), but not all nations can have surpluses. The European Central Bank, which reported to nineteen different national masters that used the euro, had neither the tools nor the mandate available to the US Federal Reserve. The ECB did cut interest rates, but it did not engage in the scale of credit creation pursued by the Fed. The Germans successfully resisted any Europeanizing of the sovereign debt of the EU’s weaker nations, pressing them instead to regain the confidence of capital markets by deflating. Sovereign debt financing by the ECB went mainly to repay private and state creditors, not to rekindle growth. Thus did “fortress Europe,” which advocates and detractors circa 1981 both saw as a kind of social democratic alternative to the liberal capitalism of the Anglo-Saxon nations, replicate the worst aspects of a global system captive to the demands of speculative private capital. The Maastricht constitution not only internalized those norms, but enforced them. The dream of managed capitalism on one continent became a laissez-faire nightmare—not laissez-faire in the sense of no rules, but rather rules structured to serve corporations and banks at the expense of workers and citizens. The fortress became a brig. There was plenty to criticize in the US response to the 2008 collapse—too small a stimulus, too much focus on deficit reduction, too little attention to labor policy, too feeble a financial restructuring—but by 2016, US unemployment had come back down to less than 5 percent. In Europe, it remained stuck at more than 10 percent, with all of the social dynamite produced by persistent joblessness.

During the early 1980s, the overall black unemployment rate stood at 15.5 percent—“an all time high” since the Great Depression—while unemployment among African American youth was a staggering 45.7 percent. At this point Reagan chose to slash the training, employment, and labor services budget by 70 percent—a cut of $3.805 billion.90 The only “ ‘urban’ program that survived the cuts was federal aid for highways—which primarily benefited suburbs, not cities.” In keeping with Lee Atwater’s mantra that “blacks get hurt worse than whites,” Reagan gutted aid to cities so extensively that federal dollars were reduced from 22 percent of a city’s budget to 6 percent. Cities responded with sharp austerity measures that shut down libraries, closed municipal hospitals, and cut back on garbage pickup. Some cities even dismantled their police and fire departments.91

Then there’s education. Do you know what the unemployment rate is for engineers? It is nearly zero. Do you know how many engineers like their jobs? Most of them do, despite what you read in Dilbert comics.

Some people believe labor-saving technological change is bad for the workers because it throws them out of work. This is the Luddite fallacy, one of the silliest ideas to ever come along in the long tradition of silly ideas in economics. Seeing why it's silly is a good way to illustrate further Solow's logic. The original Luddites were hosiery and lace workers in Nottingham, England, in 1811. They smashed knitting machines that embodied new labor-saving technology as a protest against unemployment (theirs), publicizing their actions in circulars mysteriously signed "King Ludd." Smashing machines was understandable protection of self-interest for the hosiery workers. They had skills specific to the old technology and knew their skills would not be worth much with the new technology. English government officials, after careful study, addressed the Luddites' concern by hanging fourteen of them in January 1813. The intellectual silliness came later, when some thinkers generalized the Luddites' plight into the Luddite fallacy: that an economy-wide technical breakthrough enabling production of the same amount of goods with fewer workers will result in an economy with - fewer workers. Somehow it never occurs to believers in Luddism that there's another alternative: produce more goods with the same number of workers. Labor-saving technology is another term for output-per-worker-increasing technology. All of the incentives of a market economy point toward increasing investment and output rather than decreasing employment; otherwise some extremely dumb factory owners are foregoing profit opportunities. With more output for the same number of workers, there is more income for each worker. Of course, there could very well be some unemployment of workers who know only the old technology - like the original Luddites - and this unemployment will be excruciating to its victims. But workers as a whole are better off with more powerful output-producing technology available to them. Luddites confuse the shift of employment from old to new technologies with an overall decline in employment. The former happens; the latter doesn't. Economies experiencing technical progress, like Germany, the United Kingdom, and the United States, do not show any long-run trend toward increasing unemployment; they do show a long-run trend toward increasing income per worker. Solow's logic had made clear that labor-saving technical advance was the only way that output per worker could keep increasing in the long run. The neo-Luddites, with unintentional irony, denigrate the only way that workers' incomes can keep increasing in the long-run: labor-saving technological progress. The Luddite fallacy is very much alive today. Just check out such a respectable document as the annual Human Development Report of the United Nations Development Program. The 1996 Human Development Report frets about "jobless growth" in many countries. The authors say "jobless growth" happens whenever the rate of employment growth is not as high as the rate of output growth, which leads to "very low incomes" for millions of workers. The 1993 Human Development Report expressed the same concern about this "problem" of jobless growth, which was especially severe in developing countries between 1960 and 1973: "GDP growth rates were fairly high, but employment growth rates were less than half this." Similarly, a study of Vietnam in 2000 lamented the slow growth of manufacturing employment relative to manufacturing output. The authors of all these reports forget that having GDP rise faster than employment is called growth of income per worker, which happens to be the only way that workers "very low incomes" can increase.

Then the machine started to reel off infant-mortality rates and life-expectancy figures, sex ratios, types of diseases and their prevalence in the various strata of society, average incomes, the incidence of unemployment, per capita income as a ratio of total population in given areas, birth-tax and death-tax and the penalties for abortion and illegitimate birth; it talked about laws governing types of sexual congress, about charitable payments and religious organizations running soup kitchens and night shelters and firstaid clinics; about numbers and figures and statistics and ratios all the time, and Gurgeh didn’t think he picked up a word of it.

Black illiteracy decreased to 16.4 percent in 1930, from 45 percent in 1900. Fewer black babies died at birth—by half. Black life expectancy was rising. Most important, blacks were able to find work at about the same rates whites did. Data from the 1930 census would show black unemployment nationally standing slightly below white unemployment.

Focusing on individual and aggregate happiness was here, for everyone with eyes to see, an obvious strategy to side-line an deflect attention from more objective and complex socio-economic indicators of welfare and the good life, such as redistribution of income, material inequalities, social segregation, gender inequity, democratic health, corruption and transparency, objective vs. perceived opportunities, social aids, or unemployment rates. Israelies, for another example, like to proudly exhibit their very high ranking in world indicators of happiness, as if these rankings could conceal the fact that their country has one of the highest levels in equality in the world and lives with an ongoing Occupation.

so that's - that's probably why self-esteem is a wash - that, on the one hand, it could be seen as, well, that means you'll go and take the initiative, but on the other, maybe you won't. If you're already great, why should you do anything? You know, another example that illustrates this is, in the U.S., the ethnic group that has the lowest self-esteem is Asian-Americans. Those are the kids with the best academic performance, the adults with the highest educational attainment, lowest unemployment rate. It - of course, it's a cultural thing, but it really does really demonstrate in one piece of data how this idea that you have to be supremely self-confident to succeed just isn't true.

The disruption of those social ties disproportionately affects girls and women.11 What happens when you feel less connected to your neighborhood, less trusting of the people who live next door or down the street? If you’re a guy, then maybe you just stay home and spend a few extra hours playing your video games or put some extra time into your fantasy football league. Girls and women seem to need that network of human connection more, so they miss it more when it’s not there. Professor Twenge examined the correlation between 16 different indicators and the likelihood that a woman is feeling anxious. She found that lack of social trust is the highest predictor of anxiety—higher than the divorce rate, higher than the unemployment rate, and more important than economic conditions generally.12

1.10 Four Kinds of Predictive Validity for Intelligence Tests 1.10.3. Everyday Life The importance of general intelligence in everyday life often is not obvious but it is profound. As Professor Earl Hunt has pointed out, if you are a college-educated person, it is highly likely that most of your friends and acquaintances are as well. When is the last time you invited someone to your home for dinner that was not college-educated? Professor Hunt calls this cognitive segregation and it is powerful in fostering the erroneous belief that everyone has a similar capacity or potential for reasoning about daily problems and issues. Most people with high g cannot easily imagine what daily life is like for a person with low g. [...] Consider some statistics comparing low and high IQ groups (low = 75–90; high = 110–125) on relative risk of several life events. For example, the odds of being a high school dropout are 133 times more likely if you’re in the low group. People in the low group are 10 times more at risk for being a chronic welfare recipient. The risk is 7.5 times greater in the low group for incarceration, and 6.2 times more for living in poverty. Unemployment and even divorce are a bit more likely in the low group. IQ even predicts traffic accidents. In the high IQ group, the death rate from traffic accidents is about 51 per 10,000 drivers, but in the low IQ group, this almost triples to about 147. This may be telling us that people with lower IQ, on average, have a poorer ability to assess risk and may take more chances when driving or performing other activities (Gottfredson, 2002; 2003b).

This adaptive logic suggests that the greater risk taking—and hence greater death rate—should occur among men who are at the bottom of the mating pool and who therefore risk getting shut out entirely. Men who are unemployed, unmarried, and young are greatly overrepresented in risky activities, ranging from gambling to lethal fights.

Like all economists, Keynes expected British employment to recover to ‘normal’ (as measured by pre-war standards) when prices ‘settled down’ in 1922. But unemployment remained obstinately stuck at above 10%. It was its failure to come down much below this rate for the rest of the 1920s which alerted Keynes to the possibility that the employment costs of a savage deflation might be more than ‘transitional’, with the economy remaining ‘jammed’ in a low-employment trap.

One recurrent question relates to the conditions required to make governments implement an employment guarantee programme? How high would the unemployment rate have to be? How high would poverty have to be? And the answer in Argentina: until the protests were unbearable! When this happened, policymakers worked with real urgency to solve the problem.

inflation is a zero-sum game: there are always winners and losers, not just losers. The idea that it is only the latter has been encouraged by neoliberal scholars in order to justify policies that lead to economic contraction every time upward pressure is placed on wages by low unemployment rates.

The unemployment rate, after its encouraging drop early in the year, would stagnate near 9 percent into the fall

Despite the massive unemployment, interest rates were hiked to 15 percent just to keep money in the country.

From a Marxist–Leninist point of view, the frittering away of resources in capitalist countries (e.g. in activities such as advertising, trading in financial assets, lengthy and expensive legal proceedings, etc.) and their failure to mobilise many of the resources available (unemployment, low participation rates, unused production capacity) contrast adversely with the high mobilisation of resources in the traditional model.

At any rate, Greta would've taken a turn or two, but the only ones who showed interest were either too broken, not broken enough, ge-riatric, unemployable, or overly dependent on little blue pills, cocaine, their own feelings and biographies, or the words "toxic, "binary, "identity," and "intersectionality.

A 6 per cent unemployment rate after twenty-four years of uninterrupted growth is a poor return for those who have been left on the margins of society.

One of the risks related to an environment marked by high rates of unemployment, low rates of economic growth, and poor education is that it may serve as a breeding ground for radical sentiment.

That winter remains in my mind as one great blizzard of verbiage. It started with the insolvency of the Employment and Workforce Commission. The Commission had been running through funds budgeted for unemployment benefits at an alarming rate, and nobody had noticed that it was about to run out completely. The Commission blamed the legislature, the legislature blamed the Commission, and the governor blamed the legislature and the Commission, but especially the Commission. The Commission, it turned out, would have to apply for federal money to avoid a shortfall, and for the application to be legal the governor would have to sign it. It was a perfect set-up for him. He refused to sign the application unless the Commission agreed to his demands, one of which was an independent audit. The Commission delayed. The deadline approached; if it were to pass, the Commission would be unable to issue unemployment checks. There was great outrage from the people known for great outrage. Everybody (well, everybody in the state’s media—but it felt like everybody everywhere) was talking about “playing chicken.” The governor was “playing chicken” with the Employment and Workforce Commission; there was a “game of chicken” going on between the state’s chief executive and its workforce agency. The governor was also said to be “holding the unemployed hostage” in his vainglorious attempt to get what he wanted from a government agency; sometimes he was said to be “holding the unemployed hostage to his libertarian ideology” or “holding a state agency hostage for political gain.” The State actually combined these two images in one of its editorials: “You do not play chicken with the lives of 77,000 laid-off citizens, holding them hostage for your own political purposes.” No, I supposed, you do not.

Collins consolidating power. When it came to news about Collins, there was nothing, as if it never happened that he announced the elections nullified. However, the stock market prices were in a free fall, down at least two thousand points since that morning. The stock market reporter was saying the stock market hadn’t been that bad since the Second Great Depression of 2008 to 2016. If the market were to get even lower, the results could resemble the original Great Depression from one hundred years prior. Gas prices would soar even higher, electric rates would hit the stratosphere, food would get more expensive, and unemployment would definitely hit 1930’s rates of unemployment. However, the reporter wouldn’t blame the stock market crashing on anything,

ECB – unlike, say, the US Federal Reserve which is placed within a political structure where Congress, the President, and the Treasury supply all the necessary political counterweights – is free (indeed, is supposed) to operate in a political vacuum: the parliaments and governments of the members of the euro zone have lost control over monetary policy, while the EP has no authority in this area. Moreover, the ECB enjoys not only ‘instrument independence’ but also ‘goal independence’. When a central bank enjoys only instrument independence, it is up to the government to fix the target – say, the politically acceptable level of inflation – leaving then the central bank free to decide how best to achieve the target. In the case of goal independence, the discretionary power of the central banker is much larger. The idea that central bankers, or other economic experts, may know what rate of inflation is in the long-run interest of a country (and, a fortiori, of a group of countries at very different levels of socioeconomic developments such as the EU) is indeed extraordinary. Politicians and elected policymakers, rather than experts, can be expected to be sensitive to the public’s preferred balance of inflation and unemployment. If the public wants to trade some unemployment for a somewhat higher rate of inflation, it can make this preference known by electing candidates who stand for such a policy; but no such possibility is given to the citizens of the euro zone or to their political representatives.

Change comes, when every person is adequately benefited. We keep hearing about “change.” Change will never come to all of society. Change can only come when the market system adequately provide all of the needs for all people. Millions are living in poverty in the United States and throughout the world, due to “change” passed them by, are struggling: Among them are high unemployment, the mentally challenged, poor education, many of them are homeless and hungry, sick and tired; such individuals, look for ways to move beyond their prison walls that hold them back from moving forward: Through the corridors of their prison, they observe the wealthy getting wealthier. They see the market system passing them at a fast rate of speed. Hope has long left the majority of them. There is a price that must be paid for the sins of those who have built these prisons.

These factors include things like the unemployment rate, interest rates, the dollar's strength in the currency market, petroleum prices, and consumers' disposable income. Those

Indeed, our bodies discover probabilities in a very sophisticated manner and assess risks much better than our intellects do. To take one example, risk management professionals look in the past for information on the so-called worst-case scenario and use it to estimate future risks—this method is called “stress testing.” They take the worst historical recession, the worst war, the worst historical move in interest rates, or the worst point in unemployment as an exact estimate for the worst future outcome. But they never notice the following inconsistency: this so-called worst-case event, when it happened, exceeded the worst case at the time.

Hibbs's: the average rate of unemployment over the entire postwar era has been almost a full percentage point lower under Democratic presidents than under Republicans, while the average rate of real per capita GDP growth has been more than a full percentage point higher.

That is, if there were an equality of opportunity, there should be the same number of doctors, lawyers, scientists per capita in the African-American community as in the population at large. Or the median income in African-American households would be the same as in the population at large. But this is not the case. Given the assumption of the same range of abilities, this indicates that there must not be real equality of opportunity. The “same range of abilities” frame is commonplace among liberals. It has a crucial use in classic liberal arguments. First, it defines the boundaries of racism: To deny it, to say some races have a greater range of abilities than others, is de facto taken as racist. Second, given this frame, it follows that different outcomes are de facto evidence of the effects of racism, past or present or both. The outcomes are documented in statistics—the rational presentation of a laundry list of statistical facts regarding infant mortality rates, income disparities, unemployment rates, and so on. To

Credit expansion results in the recurrence of economic crisis and periods of depression. Inflation makes the prices of all commodities and services soar. The attempts to enforce wage rates higher than those the unhampered market would have determined produce mass unemployment prolonged year after year. Price ceilings result in a drop in the supply of commodities affected. The economists have proved these theorems in an irrefutable way. No

Veterans are overrepresented among the homeless, for instance, and post-9/11 veterans have above-average unemployment rates—though this may simply reflect transition issues.[27] Transition issues are, unfortunately, common: according to the 2011 Pew survey, 44 percent of post-9/11 veterans say the transition to civilian life was difficult for them.[28]

Under the Obama administration, for example, the unemployment rate climbed above 10 percent among Hispanics in 2012 and to 14 percent among African-Americans.