tag:blogger.com,1999:blog-7895164153505105997.post8539036668016595815..comments2024-01-17T00:45:37.075-08:00Comments on Bud Meyers: High School Drop-Out Debunks Economics ProfessorBud Meyershttp://www.blogger.com/profile/02065020063363023395noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-7895164153505105997.post-35981531156059391082013-11-30T04:37:21.916-08:002013-11-30T04:37:21.916-08:00No --- those jobs will just move to other low-wage...No --- those jobs will just move to other low-wage countries, not back to the US --- Fracking primarily enables gas and oil companies to export more of America's natural resources overseas for greater profits, not to lower our domestic energy prices. Yes, TPP would be another disaster --- NAFTA on steroids.<br /><br />Cambodia’s low wages lure manufacturers away from China, other countries<br />http://articles.washingtonpost.com/2013-01-07/world/36208078_1_factory-wages-foreign-direct-investment-thai-border<br /><br />The 3 Countries Stealing China's Business<br />http://www.fool.com/investing/general/2013/06/15/the-3-countries-stealing-chinas-business.aspx<br /><br />Corporations Are Moving Out Of China To Even Lower Wage Countries<br />http://archives.politicususa.com/2011/05/17/china-move-out.htmlBud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-24995066010711768412013-11-30T03:49:15.503-08:002013-11-30T03:49:15.503-08:00China’s competitive advantage as a low-cost manufa...China’s competitive advantage as a low-cost manufacturing center is nearly over after years of rapid wage inflation and the appreciation of the Yuan. This has shown up in our increasing trade deficit with China where we are importing less volume of goods at increased cost. <br /><br />It seems that our manufacturers are already accelerating the re-shoring of jobs back home. I think the only reason this has not happened faster is that we can't just shut down existing, functioning operations and our investments in plants and other fixed assets will take time to be written down. I just hope that this trend will not be hijacked by new free trade agreements like the TPP which can open up new countries where we can off-shore our jobs to cheap labor.<br /><br />http://www.thenewamerican.com/economy/markets/item/16616-thanks-to-america-s-fracking-boom-and-skilled-labor-force-the-re-shoring-of-jobs-is-acceleratingAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-91006654805229849642013-11-30T01:06:19.826-08:002013-11-30T01:06:19.826-08:00The Wall Street Journal is just as guilty for misi...The Wall Street Journal is just as guilty for misinformation....<br /><br />Recently at this link....<br />http://online.wsj.com/news/articles/SB10001424052702304017204579223712459418626<br /><br />They say, "The number of people filing for new unemployment benefits fell for the sixth time in seven weeks, more evidence the labor market is steadily improving." Wrong: Falling unemployment claims has little to do with the unemployment rate. It might just mean more people exhausted their UI benefits. But when referring to initial (new) claims, it only means fewer people were being fired or laid off, not that more job were being created for the already unemployed.<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-14720231380512890012013-11-30T00:56:46.432-08:002013-11-30T00:56:46.432-08:00You would think that after 5 years, people in the ...You would think that after 5 years, people in the media would eventually get this right --- NOT!!!!!<br /><br />In this article at the New York Times, "For Long-Term Jobless, a Stubborn Trend"<br />http://www.nytimes.com/2013/11/30/business/economy/for-long-term-jobless-a-stubborn-trend.html<br /><br />Regarding job openings, they say "The latest figures show the ratio has fallen back to 2.9" --- Wrong: Using the broader measure of unemployment (the U-6 or U-7 rate), there are still over 6 jobless Americans for every listed job opening.<br /><br />Regarding the reason for long-term unemployment, they say "But it appears that many of the people who have been unemployed the longest simply lack the skills to get the available jobs." --- Wrong: It's only because employers assume they lack skills. This assumption already been debunked. <br /><br />Regarding the long-term unemployment rate, they say "The short-term unemployment rate is back to the levels that prevailed for most of the period before the recession. But the long-term rate, while it is falling, remains higher than it was at any time before the recession." Wrong: The long-term unemployment rate is only falling in the U-3 rate. Then they move into the U-6 category after about a year, until they are no longer counted anymore. That is why the labor force participation rate is at a 30 year low --- because of "discouraged workers".Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-74325828955188657752013-11-29T13:25:08.494-08:002013-11-29T13:25:08.494-08:00UPDATE -- From the Dallas Fed:
"Jobs are 1.1...UPDATE -- From the Dallas Fed:<br /><br />"Jobs are 1.1 percent below the level when the Great Recession began, compared with the average increase for the previous six business cycles...Economic growth following the Great Recession has been a long slog. Moreover, the sluggish comeback marks the continuation of a trend in which the nation has shown less resiliency coming out of recession than it did in the more distant past."<br /><br />http://www.dallasfed.org/assets/documents/banking/firm/fi/fi1304.pdf<br /><br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.com