Monday, March 31, 2014

Doo-Doo Economics

We are all in deep doo-doo because financial elites and their neoliberal policymakers keep peddling lies to divert the rest of us from the fact their ruinous trade policies, tax laws, and their general rigging of the political process have all but destroyed the country.

Instead of throwing all of these bastards in jail and seizing their assets, we continue to give them a forum to spew their bullshit. We are treated with 24/7 propaganda that it's all "our" fault that we don't have the "skills" to compete with third world workers who are barely literate.

We KNOW there is no "skills shortage." One of the reasons these grifters, these elites, peddle this is to push for loosening up the H1B restrictions on foreign workers, thus driving the pay down even further.

If they are whining about "skills," let them offer on-the-job training for America's unemployed. Businesses need to be doing it, not forcing job training on K-12 or post-secondary institutions. Job training is NOT the mission of public education or of a university education anyway.


Some employers do complain that they’re finding it hard to find workers with the skills they need. But show us the money: If employers are really crying out for certain skills, they should be willing to offer higher wages to attract workers with those skills. In reality, however, it’s very hard to find groups of workers getting big wage increases, and the cases you can find don’t fit the conventional wisdom at all. It’s good, for example, that workers who know how to operate a sewing machine are seeing significant raises in wages, but I very much doubt that these are the skills people who make a lot of noise about the alleged gap have in mind.

And it’s not just the evidence on unemployment and wages that refutes the skills-gap story. Careful surveys of employers — like those recently conducted by researchers at both M.I.T. and the Boston Consulting Group — similarly find, as the consulting group declared, that “worries of a skills gap crisis are overblown.”

The one piece of evidence you might cite in favor of the skills-gap story is the sharp rise in long-term unemployment, which could be evidence that many workers don’t have what employers want. But it isn’t. At this point, we know a lot about the long-term unemployed, and they’re pretty much indistinguishable in skills from laid-off workers who quickly find new jobs. So what’s their problem? It’s the very fact of being out of work, which makes employers unwilling even to look at their qualifications.

It's the same type of myth that says poor people are lazy or that raising the minimum wage causes high unemployment. It's just bullshit.

This comment following Krugman's piece, a comment that has literally hundreds of recommendations, spells out what in the fuck is wrong with our country:

Jamie Dimon owns the place. He owns the group-think miasma festering within what passes for brains in the Beltway. He has magic cufflinks emblazoned with the presidential seal.

Dimon scored an unheard of face-to-face meeting with the attorney general to hammer out a fake punishment for his bank's fraud and Whale Fail scandal. He and Eric Holder agreed to a $13 billion fine and of course, no banker would be serving any time. The fine, sure to pared down through tax write-offs and other finagling, is a drop in the bucket when you consider that JPMC's assets are more than $2 trillion.

It was after this settlement that Dimon embarked on his self-serving "skills gap" PR campaign, and made the politicians an offer they couldn't refuse. Through a gimmick he calls the "National Fund for Workforce Solutions," he has pledged a mere $250 million over five years to share his own personal "skills gap" data with his pals. Former Obama adviser Melody Barnes is directly partnering in the initiative, and former Obama Chief of Staff (now the 1% Chicago mayor) Rahm Emanuel has been named the first recipient of Dimon's cash-laden expertise.

We have leaders who casually view the catastrophic crimes of a financial predatory class as mere public relations glitches. And they're only too happy to smooth it all over at the expense of ordinary people.

Chris Christie does not have the market cornered on corruption and crony capitalism. Dick Cheney isn't the only guy who has no regrets over torture.

This post makes it plain the problem is the foxes are guarding the chicken coop. Dimond and his ilk deserve prison time--not screw up the country further.

This is the perfect example of why there are no meaningful differences between the two political parties anymore.

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