The Fed Is Destroying Jobs: Ken Griffin
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Someone gets it. Nice to see
What's missed in the "technology destroys jobs" argument... tech displaces jobs in one industry, but creates jobs in other industries. Like when cars became cheaper, people had more money to spend on other things - clothing, food, vacations, entertainment etc. So those industries grew, overall consumption went up = increase in living standards. Iow, the average wage could buy more "stuff". Yea, it's gonna be a problem when robots do everything, and the world doesn't somehow socialize production. Then it'll be the robots/rich versus the jobless poor. etc. But that's a long way off...?
As far as destruction creates jobs....sorta. It's the broken window fallacy. Burning down a house and rebuilding creates jobs and GDP. But the world is no better off than it was before. So there was no real growth. Only the illusion of growth. The US grew enormously post WW2, but only to rebuild Europe and Japan back to the level they were at before the war.....
something to think about, yes wages have stagnated, they show it on a chart all the time, but standard of living? It was a bitch back then in the old days when your truck broke down and you had to walk to a pay phone.Quote from achilles28:
Someone gets it. Nice to see
What's missed in the "technology destroys jobs" argument... tech displaces jobs in one industry, but creates jobs in other industries. Like when cars became cheaper, people had more money to spend on other things - clothing, food, vacations, entertainment etc. So those industries grew, overall consumption went up = increase in living standards. Iow, the average wage could buy more "stuff". Yea, it's gonna be a problem when robots do everything, and the world doesn't somehow socialize production. Then it'll be the robots/rich versus the jobless poor. etc. But that's a long way off...?
As far as destruction creates jobs....sorta. It's the broken window fallacy. Burning down a house and rebuilding creates jobs and GDP. But the world is no better off than it was before. So there was no real growth. Only the illusion of growth. The US grew enormously post WW2, but only to rebuild Europe and Japan back to the level they were at before the war.....
I think the data shows net household wealth comparable to 1990 levels. So a turning back of the clock ~20 years. Of course, it's more when real cpi is considered. And nearly 1/5th of the economy is financed through borrowing....
This country is doomed to third world status for a few reasons:
Free trade - This country more or less engages in free trade with trading partners that do not. China wants you to partner with their private industry or they make it very difficult to sell in their market. Just try and export American made products. You have to produce it there or they will tie you in knots.
All the illegals here. Don't waste your breath responding how they do jobs Americans don't want, that is a lie. They fill a cheap labor pool from greedy employers who don't want to pay a living wage. AND the effect is driving down overall wages for jobs Americans want and get. It has a big impact on all wages, just look at most of the jobs that are being created; low wage jobs that used to pay twice as much.
Outsourcing - there is no more loyalty to this country. Everyone wants to wave the fricking flag, and send all the jobs they can overseas, or import H-1b workers. The vibe is fuck you, I'm on top and you're a slave.
The one percenters need to invest in body armor for themselves and their kids. You're going to need it.
Free trade - This country more or less engages in free trade with trading partners that do not. China wants you to partner with their private industry or they make it very difficult to sell in their market. Just try and export American made products. You have to produce it there or they will tie you in knots.
All the illegals here. Don't waste your breath responding how they do jobs Americans don't want, that is a lie. They fill a cheap labor pool from greedy employers who don't want to pay a living wage. AND the effect is driving down overall wages for jobs Americans want and get. It has a big impact on all wages, just look at most of the jobs that are being created; low wage jobs that used to pay twice as much.
Outsourcing - there is no more loyalty to this country. Everyone wants to wave the fricking flag, and send all the jobs they can overseas, or import H-1b workers. The vibe is fuck you, I'm on top and you're a slave.
The one percenters need to invest in body armor for themselves and their kids. You're going to need it.
The notion that more jobs is synonymous with "more productivity" gets less and less true with each passing year. For a time there was something for displaced workers to be shuffled into, but I for one think that time has passed. With each passing year, The apparatus of modern productivity needs fewer and fewer "workers", yet every year more workers are turned out of schools with credentials and knowledge that is in essence no longer needed, and was in fact never needed in such a large quantity.
What most people fail to see is that a great bulk of "good jobs" today represent consumption, not production. This is particularly true for the nice, easy, reasonably well paid "office" jobs that so many people want.
Add on to this the massive and ongoing global cost of living wage arbitrage (which mostly effects people doing actual productive work, not the fake stuff) and the situation for "workers" under our current paradigm gets worse and worse with each passing day.
Yet, this is not a doomsday rant. The notion that less work is required should be considered progress, not a threat. We need new solutions and a new way to view this issue. The left-right dichotomy is beyond obsolete and needs to be retired.
What most people fail to see is that a great bulk of "good jobs" today represent consumption, not production. This is particularly true for the nice, easy, reasonably well paid "office" jobs that so many people want.
Add on to this the massive and ongoing global cost of living wage arbitrage (which mostly effects people doing actual productive work, not the fake stuff) and the situation for "workers" under our current paradigm gets worse and worse with each passing day.
Yet, this is not a doomsday rant. The notion that less work is required should be considered progress, not a threat. We need new solutions and a new way to view this issue. The left-right dichotomy is beyond obsolete and needs to be retired.
This is really all very true, but unfortunately it is kinda "dooms-dayish"
Go Google BAXTER - the new $20K robot that is about to unemploy millions of workers.
The "left-right dichotomy" you speak of is turning right fast. This world is quickly turning to a "we don't need your ass anymore" right wing vibe. Look at Romney, his 47% comments, and his horrible business strategy of making as much money for himself and investors as he could, without any regard for anyone. It is a real tell that a shithead like that was put up as a candidate for President. When we finally get someone like that (which we will), that is going to be the death of the middle class in this country.