Despite its reputation as the wealthiest generation, baby boomers (generally considered to be those born between 1946 and 1964) are facing a retirement nightmare.
Author Archive | Martin Hart-Landsberg
June 2019 marks the 10th anniversary of the current U.S. economic expansion. If it makes it through July it will surpass the 1991-2001 expansion as the longest on record. But while expansions are to be preferred over recessions, there are many reasons to view this record-breaking expansion critically. In fact, the nature of this expansion, […]
The current labor force participation rate of prime age workers, those 25-54 years, is a case in point. It remains below the previous peak rate in 2008, and even further below the peak rate at the turn of the century. We would need an additional 1.2 million employed prime age workers to match the 2008 […]
The headlines once again misrepresent the aims and consequences of a U.S. free trade agreement, in this case repeating the International Trade Commission’s claim that President Trump’s U.S.-Mexico-Canada agreement (USMCA) will boost U.S. growth and employment.
The U.S. and China are the two dominant poles in the global economy, as illustrated in the figure below which traces the global trade in parts and components.
Bank of France: “Six small jurisdictions (Bermuda, Ireland, Luxembourg, the Netherlands, Singapore and Switzerland), which count for less than 1 percent of the world’s population, hold 63 percent of the overall profits earned abroad by U.S. multinationals.”
Strikingly few discussions of China’s declining growth trajectory include mention of the country’s unemployment rate. Unfortunately, this official rate is worthless as an indicator of the China’s labor market conditions. In reality, China likely has a serious and growing unemployment problem.
The Great Recession of 2008 marked the end of a lengthy period of international economic growth and rapidly increasing international trade. Now, some ten years later, economic activity, including trade and foreign direct investment, remains far below pre-crisis levels with little sign of revival.
In sum, thanks to the Trump tax plan, trillions of dollars that could have been used to transform our transportation and energy infrastructure, industrial structure, and system of social services are instead being transferred to big businesses, who use them for speculative activities and to further enrich their already wealthy managers and stock holders.
When state and local governments bid for corporate investment, working people lose. It is as simple as that. And Foxconn’s on-again, off-again, and on-again shrinking investment in Wisconsin is a case in point.
The Bureau of Labor Statistics just published its latest news release on union membership. Unfortunately, the downward trend continues.
A lot has been written and said critical of millennials. The business press has been tough on their spending habits.
U.S. elected leaders, and those that work for them, think their constituents are far more conservative than they are. The good news is that this means there is far more support for a progressive political agenda than one might think.
Most economists and politicians sing the praises of competition. It is supposed to keep firms on their toes for the benefit of consumers and workers. Well, competition is certainly alive and well in the U.S., but the results are far from positive for working people.
Many people have given up on the idea of government as an instrument of progressive social change, especially the federal government.