“Employers statistically discriminate against workers with longer unemployment durations,” according to a labor-market study reported by the National Bureau of Economic Research (NBER).
The researchers sent fake résumés to 3,000 real, online job postings — noting the length of unemployment on the résumé — and then tracked the “callbacks” from employers. “The likelihood of receiving a callback for a job interview sharply declines with unemployment duration,” the NBER reported in its March 2013 Digest.
The effect is most pronounced in the first eight months after becoming unemployed, according to the study (NBER Working Paper No. 18387) by Kory Kroft, Fabian Lange and Matthew Notowidigo.
Robert Reich — author, professor and former U.S. secretary of labor — describes the mood of the American populace tonight, shortly before the U.S. Senate vote on the so-called financial bailout bill. His conclusion: “angry populism is about to explode.”
This mood will last longer than one night or one week; it will carry over into the November elections and well into the first year of the next White House administration.
Excerpts from Reich’s blog post:
While more Americans are coming around to “supporting” the bailout bill, the vast majority still hate the idea of bailing out Wall Street. They’re for the bailout bill now only because they fear that a failure to pass it will have worse consequences — drying up credit at a time when Main Street is struggling. But make no mistake: America is mad as hell. They resent what they perceive as extortion by the Masters of the Universe.
Angry populism has always been a potent force in American politics. And now, with wages dropping, jobs insecure, fuel and food and health-insurance costs soaring, and millions of homes in jeopardy — and what’s perceived to be a massive taxpayer bailout of some of the richest people in the land — angry populism is about to explode.
The larger economic outlook is not encouraging. All signs point to the economy worsening, bailout or no bailout. Unemployment will continue to rise. Median earnings will continue to drop, adjusted for inflation. More Americans will lose their health insurance.
The Era of Angry Populism has only just begun.
The resurgence of anti-business populism; more regulation ahead
Douglas Rediker and Heidi Crebo-Rediker at the New America Foundation have released a policy paper suggesting a novel way to fund improvements in America’s crumbling infrastructure. They recommend two financing initiatives (beyond direct government grants):
[W]hile we have enormous infrastructure financing needs, there are also enormous pools of capital available for investment. The trick is to bring the two together in a commercial, sustainable, and politically acceptable way.
First, we suggest the enactment of legislation and the development of regulations to facilitate the origination and issuance of public sector covered bonds in the United States, which will provide a market-based, efficient, and secure mechanism to attract capital for infrastructure investment.
Second, along the lines of a proposal by Congresswoman Rosa DeLauro (D-CT) last year, we recommend that the federal government consider the creation of a new, government-owned and -capitalized infrastructure financing entity — a National Infrastructure Finance Enterprise — that would pool, package, and sell existing and future public infrastructure securities in the capital markets. The proposed entity would also seek to develop an in-house capability to originate infrastructure loans and would be able to fund itself through the international capital markets. We believe that the entity should be capitalized at a far higher level than proposed in the DeLauro bill. Further, its scope should extend beyond that of the National Infrastructure Bank as currently proposed by Senators Christopher Dodd (D-CT) and Chuck Hagel (R-NE).
The need for much greater investment in U.S. infrastructure should be obvious. But if you’re new to this issue, here’s the intro:
America’s basic infrastructure is outdated, worn, and in some cases, failing. Most experts agree that it is inadequate for meeting the demands of the 21st-century global economy. If we are to remain competitive, we must invest in capital assets like roads, ports, bridges, mass transit, water systems, and broadband infrastructure. Many other countries — both rich and poor — see investing in infrastructure as imperative for economic survival and success in an increasingly competitive economic environment. But the United States has lagged in infrastructure investment, in both relative and absolute terms. We are spending less than 2 percent of GDP on infrastructure, while China and India are spending 9 percent and 5 percent of GDP, respectively.
Related: Rebuilding and Renewing America: Toward a 21st Century Infrastructure Investment Plan (Wilson Center event summary)
Update: (23 February 2009) NYTimes.com Op-Ed columnist Bob Herbert on the need for a U.S. infrastructure bank: http://idek.net/3RJ (via @michaelgoldberg)
Top five political issues in the U.S. ( May 2008 )
Issues cited as “very important”
- Economy (88%)
- Education (78%)
- Health care (78%)
- Jobs (78%)
- Energy (77%)
Source: Pew Research Center telephone poll of 1,505 adults, conducted May 21-25; multiple responses allowed. The margin of error is +/- 3 percentage points. Reported in The Wall Street Journal 9 June 2008.
Note: A similar poll last year had Iraq as the top issue.
We’ve all seen cases over the years where help-wanted ads revealed intriguing bits of competitive intelligence about business plans. Well, here’s a new example: Amazon.com recently posted a job opening for a Senior Wine Buyer to build relationships with wine vendors and add wine to the e-commerce company’s offerings. (Amazon doesn’t sell wine on its site now.) A partial screen-grab of the job posting is below.
Source: The Wall Street Journal, 7 March 2008