By Pavlina Tcherneva
(Crossposted from INet)
Global unemployment is expected to surpass 200 million people for the first time on record by the end of 2017, according a recent ILO study, and limitations of official statistics suggest that the problem is much larger . As conventional measures increasingly fail to produce tight labor markets and jobless recoveries become the norm, economists grapple with this new reality by calling it secular stagnation and by adjusting upwards the rates of unemployment deemed ‘natural’ — but the human, social and economic costs of this growing problem are rarely considered in economic modeling.
By L. Randall Wray
It is amazing no one has thought of this before. Seven years after the GFC began, we’ve still got up to 25 million people who want jobs but cannot find them. Of course that’s far more than the official unemployment numbers—which don’t count anyone who worked just an hour or so, or who gave up looking altogether.
Gee, I wonder how on earth we can find a solution to joblessness, or to low pay? It is all so complicated. How can we stroke the business class in just the right way to get them to create a job or two? How can we prevent our corporations from taking jobs abroad?
By Dan Kervick
(Brussels) Nonplussed by this week’s unemployment report showing the Eurozone jobless rate rising to an unprecedented 12%, members of the European Parliament and Europe’s national governments pressed ahead on Wednesday with passage of a stringent new package of austerity measures. Dubbed “hyperaustérité” or “Übersparpolitik” by its backers, the new program of ruthless cuts and social demolition promises to deliver even higher levels of joblessness, misery and hopelessness than has been achieved so far by earlier rounds of austerity.
Along with the new economic measures, the European Union (EU) also announced its intention to change its name to the “European Sadomasochistic Cult.” The new ESC will take the leading role in the implementation of European hyperausterity.
By Pavlina R. Tcherneva
A recent report on the State of America’s Children revealed distressing statistics. More than 1 in 5 children live in poverty in the U.S., by far the most impoverished age group in the nation. Between 2008 and 2009 child poverty jumped 10%, the single largest annual jump in the data’s history. While the U.S. is the wealthiest nation in the world in terms of GDP (and # of billionaires), it ranks last in relative child poverty among all industrialized nations.
Overall we have 46.3 million people in poverty in the U.S. (the largest number in the postwar era), which is 14.3% of the total population—a percentage that has been trending up since 2000.