Post ASJByTNXsVNOaUH3dg by wordshaper@weatherishappening.network
(DIR) More posts by wordshaper@weatherishappening.network
(DIR) Post #ASJBWl7ALLT7UBOiae by lauren@mastodon.laurenweinstein.org
2023-02-03T16:49:53Z
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Stunningly high job growth report shocks economists, pushing unemployment to the lowest since around 1969, undermining hopes that Fed will further slow interest rate hikes that are costing so many ordinary people so much money, and further reducing recession fears. If you think that macroeconomics is kinda nuts because in key ways it considers higher employment to be a good thing, you're not alone. This unemployed person agrees with you.
(DIR) Post #ASJByTNXsVNOaUH3dg by wordshaper@weatherishappening.network
2023-02-03T16:54:55Z
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@lauren modern macroeconomics basically boils down to “the peasants should always be busy but never be empowered”
(DIR) Post #ASJC0HAIG9KBHow3X6 by lauren@mastodon.laurenweinstein.org
2023-02-03T16:55:20Z
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@wordshaper Pretty much, yeah.
(DIR) Post #ASJCO4XgqFSV5WE4HY by Doug_Bostrom@scicomm.xyz
2023-02-03T16:59:31Z
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@lauren An airline that instructs pilots to throw passengers overboard when they need to gain altitude.
(DIR) Post #ASJCWrMBEd56ne24VU by shauna@social.coop
2023-02-03T17:00:41Z
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@lauren "in key ways it considers higher employment to be a good thing" is there a typo in there? I find economics nuts because it finds higher employment to be a bad thing
(DIR) Post #ASJCZvUEKwPoTdGBQu by marcfranz8@mstdn.social
2023-02-03T17:01:40Z
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@lauren I think you meant to say that macro considers higher /unemployment/ to be a good thing?
(DIR) Post #ASJCeIeu7oydVDL2C8 by lauren@mastodon.laurenweinstein.org
2023-02-03T17:02:32Z
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Yes, that should have been either higher unemployment a good thing, or, higher employment a bad thing. Typo corrected. I'm in a bad mood today.
(DIR) Post #ASJD08Mz3nAJxjMqFE by lauren@mastodon.laurenweinstein.org
2023-02-03T17:06:24Z
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@shauna Typo corrected.
(DIR) Post #ASJD1taYzDnGhPYj2m by lauren@mastodon.laurenweinstein.org
2023-02-03T17:06:37Z
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@marcfranz8 Typo corrected.
(DIR) Post #ASJJ4mZU8IVzWqoYng by peepstein@mstdn.social
2023-02-03T18:14:27Z
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@lauren What’s interesting here is that to an economist, someone who is not working, but also not looking for work, is not counted in the unemployment statistic. What economists are saying is that there are too many people who are independently wealthy. Folks who don’t actually need to work but have enough money/investments to live off of comfortably. Combined with the demographic shift caused by retirement-aged boomers leaving the workforce…
(DIR) Post #ASJJ4o06onPDxiHKwC by peepstein@mstdn.social
2023-02-03T18:14:28Z
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@lauren …this means that it’s currently a sellers market for labor. That’s what the “powers that be” don’t like, they are using inflation and interest rate pressures to draw down as much wealth as possible from the independent wealthy, so that they will have to enter the workforce and tip the balance back to favoring employers in the market.