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Showing blog posts tagged with unemployed

Why the Fed Isn't Close to Achieving Full Employment and Shouldn’t Be Discussing Raising Interest Rates—The Case of Women

Why the Fed Isn't Close to Achieving Full Employment and Shouldn’t Be Discussing Raising Interest Rates—The Case of Women

The Federal Reserve Board’s Open Market Committee will be meeting in September. The Wall Street gamblers have been egging the Fed to change its current course and to start raising interest rates. Speculators have been trying to see if they can urge the Fed to “return to normal” with more interest rate movements at play. In part this will add another gaming table to play on, but some of them have been holding their positions in the invisible derivative markets on when interest rates will move again as the Fed unwinds its current high holdings of Treasury notes in reserve. They try to make arguments sounding as if they care about the state of the economy by conjuring the inflation boogey monster. With continued low and falling oil prices and stagnant real wages, they have instead begun to argue that interest rates need to go up, because it is only inevitable that at some time they must go up.

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No Change is Good

The Federal Open Market Committee (FOMC) of the Federal Reserve Board met this week; it's the policy-making body of the Federal Reserve System. The members include the Federal Reserve Board of Governors, appointed by the president and confirmed by the Senate, and five of the regional Federal Reserve bank presidents, hired by regional boards whose majority of members are chosen by commercial banks in that region. There are two vacancies on the Board of Governors, so currently the FOMC is equally split between the Board of Governors and the regional bank presidents, giving a huge voice to the banking industry on the course of monetary policy.

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‘It’s So Hard to Care About Anything Anymore’: Confessions of Unemployed Workers

Photo, via Whisper

Just in case folks need a reminder, being unemployed really sucks. On top of the stress of not knowing how you’re going to pay rent or afford to eat, you feel isolated from your friends and family. Most people get that being out of work is no picnic, but Sen. Mark Kirk (R-Ill.) needs a refresher. Kirk voted twice against extending emergency jobless benefits, which is crazy when you consider more than 99,000 Illinoisans have lost this lifeline.

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What Can We Learn from the Long-Term Unemployed in the New York City Metro Area?

Photo via Wikimedia.

Among the problems that we as a nation have been grappling with since the end of the Great Recession, which ended in 2009, is the persistence of unemployment or, more specifically, long-term unemployment. It has been commonplace to assume that long-term unemployment is because of structural change, which has resulted in a skills mismatch. There is no question that structural changes in the economy mean that jobs that were eliminated—because of shocks from the financial crisis, which led to downturns in the business cycle—are not coming back. But this may assume too much. On the contrary, the principal issue is the depth of the recession, which has led to a severe decrease in aggregate demand for goods and services.

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‘Jobless Need Not Apply’ Signs Coming Down in NYC

‘Jobless Need Not Apply’ Signs Coming Down in NYC

One of the ugliest side effects of the most severe economic downturn since the Great Depression is the continuing practice among many employers of refusing to consider applications of job seekers who are unemployed.  

But the New York City Council yesterday overwhelmingly (44-4) passed a bill that prohibits discrimination against the unemployed in hiring.

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Tell Us What You Think: What’s Wrong With the U.S. Economy? The Real Scoop

This is the first of a four-part series describing what went wrong with America’s economy and how to fix it. See Part 2 tomorrow—and please leave a comment to tell us what you think. (Click the chart to enlarge.)

The Great Recession officially ended more than three years ago, but working families know there’s still something wrong with the U.S. economy.  If we want to fix our economy, we first have to understand what’s wrong with it. (Click chart on the left to enlarge). 

Starting today, in a series of four posts and infographics, we’ll spell out what we see as the short-term and long-term causes of our economic problems and we’ll point to specific solutions.

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1 Job for Every 3.4 Jobless Workers—Skills Shortage Isn't the Problem

Republicans in Congress and the Beltway pundits who parrot them like to say the nation's unemployment crisis is in large part due to workers' lack of skills.

Once again, a new report shows they are wrong.

Data out yesterday show that although the number of jobs is increasing, there still are far fewer jobs per worker available.

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