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Job openings vs labor supply tells you most of what you need to know. Job openings exceed job seekers by a record amount. Unemployment is close to a record low
by adam_arthur 4y ago
Job openings vs labor supply tells you most of what you need to know.
Job openings exceed job seekers by a record amount. Unemployment is close to a record low.
- cs137 4y agoIn other words, the dysfunction (unemployment) on which capitalists rely, because it scares people into taking shitty deals, is a bit less of a problem... but it's also causing other dysfunctions, because it turns out that this is a shitty system.
- adam_arthur 4y agoWell, if you want uncontrolled inflation, keep advocating for policies that push unemployment below the rate of sustainable full employment. It seems to be making people happy, after all. Not like there are hundreds of years of economic history to learn from...
- xphilter 4y agoAh yes, people getting jobs is what caused inflation. Not the trillions printed and given to scammy upper classes through fraudulent PPP loans and artificially low interest rates.
- adam_arthur 4y agoIt's both. Do you think nominal wage gains coupled with real wage declines makes people happy? Check consumer sentiment polling which just hit an all time low, why don't you? It's funny to see society broadly reject the impact of covid era policy, yet some advocate to do more and more of it. Fed kept rates low in pursuit of unsustainably low unemployment, by the way, motivated by pressure from progressives
- plaguepilled 4y agoWait, but consumer polling proves the point though? People are miserable BECAUSE their dollar buys less. The benefactors of such a policy are those with diversified assets. Wages should increase in response, not decrease. Inflation hits different sectors differently, and I'm OK with a PS5 inflating 300% if it means that a person on a minimum wage can have food security.
- adam_arthur 4y agoAdvocating for higher wages to fight inflation is non-sensical. It just exacerbates inflation and requires even further wage gains to keep even. There is a wealth of economic history that shows this. The stimulus checks and co were the primary driver of inflation. Handing people more money is not the answer
- eli_gottlieb 4y agoWhy should labor eat the real losses from inflation rather than capital or rentiers?
- adam_arthur 4y agoThey shouldn't but the mistake of handing out tons of helicopter money has already been made
- sky-kedge0749 4y ago> Advocating for higher wages to fight inflation is non-sensical. It just exacerbates inflation and requires even further wage gains to keep even. By exacerbate I suppose you're imagining a cycle where higher wages result in higher prices which result in higher wages and so on. However wages are just another price in the market and it's not clear why the cycle needs to be broken after all prices have gone up except wages. We don't need to let workers end up holding the bag yet again.
- plaguepilled 4y ago
- vkou 4y agoPeople getting jobs (and raises in those jobs) is absolutely what's causing main street, non-asset inflation. Wages growing results in prices growing. This is still beneficial for the people whose wages are growing. (Which, in the past year, have mostly been lower class workers. Gas going up in price sucks, but an extra two dollars an hour more than offsets it.)
- ellopoppit 4y agoLabor force participation is also at a record low
- adam_arthur 4y agoBecause population is aging. E.g. the Japan problem, a few decades later
- deleted 4y ago[deleted]