Saturday, August 04, 2012
An Employment Note
My girlfriend is 42 and going back to school to become a nurse. She's got a part-time job right now (so she's not technically unemployed). They won't let her work more than 25 hours per week or she'd lose her grant.
If she's working, then someone else isn't. She calls people in the hopes that they will donate blood. She's overqualified. It doesn't require a college degree. It's the kind of job that the people in this post would have (25-34 year olds) if she didn't have it instead.
Sigh. Sigh. Sigh. Sigh.
It would be cost effective for my girlfriend to do the job for no pay. The job comes with health insurance that will actually pay for her expensive medical condition. The insurance she's got now doesn't seem to think Dystonia requires any treatment.
How is a younger worker supposed to compete with that?
She just got the job. She's on the old insurance until October though. There's a 60 day waiting period.
Job Openings per Unemployed
Eiiaa. This isn't good. I feel like the chronicler of misery.
The problem is that you aren't just wallowing in it - we are now in a self-reinforcing cycle of employment slack depressing most labor incomes which further depresses the economy.
The only real way out is to enhance production, not because it will directly produce a whole lot more jobs, but because it will shift the underlying economy back toward a growth trajectory.
Ultimately, economics is about producing stuff, and a service economy gets into these self-reinforcing slumps once it can no longer add debt and the fundamental trade imbalance begins to prevail. We are too large an economy to get along just on services.
And this is leading to people renting rooms in a house instead of renting their own house. I know people about to pay $400 a month for a room. They'll get to keep their dog and it's one of the larger rooms in the house but still....
Mark - you are unquestionably the graphical chronicler of misery.
If it is any consolation, I'll eventually be forced to stop. At the very least, we will either run out of miserable data or I will die of old age.
I think you can pretty much guess which way I'm leaning. Sigh.
But the fact that this is what we are seeing certainly affects any joyful prognostications about a housing resurgence, doesn't it?
Job creation is much worse now than it was then. Long series.
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