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The "quiet catastrophe" is particularly dismaying because it is so quiet, without social turmoil or even debate. It is this: After 88 consecutive months of the economic expansion that began in June 2009, a smaller percentage of American males in the prime working years (ages 25 to 54) are working than were working near the end of the Great Depression in 1940, when the unemployment rate was above 14 percent. If the labor-force participation rate were as high today as it was as recently as 2000, nearly 10 million more Americans would have jobs.
The work rate for adult men has plunged 13 percentage points in a half-century. This "work deficit" of "Great Depression-scale underutilization" of male potential workers is the subject of Nicholas Eberstadt's new monograph "Men Without Work: America's Invisible Crisis," which explores the economic and moral causes and consequences of this:
Is it an aberration, or a harbinger of things to come?
(Score: 2, Insightful) by Anonymous Coward on Sunday October 09 2016, @04:46AM
"Any economist who accepts Capitalism as acceptable, is part of the problem."
Right, right, we want all our economists to be idealogues. Noted.
"Capitalism requires continual growth."
It requires nothing of the sort. The effects of the accumulation of capital are well documented, and generally beneficial, but they are not a prerequisite for handling things according to a broadly capitalistic system. Take off the blinkers and get back to definitions, because you're getting major things wrong here.
"...and France reduced the workweek to 35 hours while keeping weekly pay the same. It worked well for about 2 decades before USA and other Neoliberals (like you are) crashed the world economy."
Even assuming that's true (pro tip: it's not) any supposedly marvellous system that depends on third parties not doing unpredictable things isn't marvellous. It's unstable. France was subsidised by Germany's success as the engine of Eurozone development, and while they weren't as flagrant about their excesses as, say, Italy, they got away with stupid shit because they had a chance to ride that german horse. And ride it they did.
Seriously, dude. Do your research.
(Score: 0) by Anonymous Coward on Sunday October 09 2016, @01:52PM
You are utterly clueless, the Germans are the ones who benefit from having French people keep the value of the Euro low.
Don't worry, there are lots of equally incompetent people to mod you up. Keep thinking you're a smart cookie.
(Score: 0) by Anonymous Coward on Sunday October 09 2016, @05:27PM
Sure, the germans had a comparative benefit to their export driven economy with a lower exchange rate.
None of that in any way contradicts the ways that the mediterranean (and similar) economies used the coalesced bond markets with their implicit guarantees to keep the good times rolling.
Until the wheels publically fell off.
Key point: any attempt to say that France was doing just peachy until satanic external ... I mean neolibera ... I mean, exploitative capitalists crashed the world economy is revisionist, at best.
I mean, look at all the fuss around their attempts to boost youth employment. Think the USA has an underemployment problem? Then France must have an underemployment calamity. Spain has similar problems. This has been going on for a long time - longer ago than the big thud.
But sure. Blame it on Germany and Globocapitaloneoliberasatanism. That's always true.