dagblog - Comments for "Lost Jobs, Lost Democrats"

What happens when

artappraiser — Sat, 13 Nov 2021 23:39:46 +0000

In reply to More things have changed (I

What happens when productivity grows faster than the marginal returns to consumption?

People opt out of the economy. https://t.co/kapp0f9W99
— Antonio García Martínez (agm.eth) (@antoniogm) November 13, 2021

You already saw this in Europe, but Americans are more consumption mad. But it’s hitting even there.
— Antonio García Martínez (agm.eth) (@antoniogm) November 13, 2021

What’s interesting to me is that everybody seems to know what’s going on, but despite this surplus of diagnostics nobody seems to have any idea how to fix it.
— Zach (@badzachtakes) November 13, 2021

More things have changed (I

artappraiser — Sat, 13 Nov 2021 23:31:10 +0000

In reply to Lost Jobs, Lost Democrats

More things have changed (I wonder if you've been in a coma for a year or more? If so, my condolences):

⚡️ “Inside the rise of 'antiwork,' a movement that wants to turn the labor shortage into a new American Dream” by @BusinessInsider https://t.co/354r1hqBRF
— Hammad Ahmed (@_hammadahmed) November 13, 2021

"Labor Shortage: 2.5 Million People Retired During Pandemic" https://t.co/vU0wFzhhPC
— PSPride (@ps_pride) November 13, 2021

We have a midterm problem. It’s very worrying, Biden is doing well as he can with the fillibuster and living with the economy he was left, but the inflation and labor shortage though not his fault are going to kill us midterms. Nobody really wanted to stay in Afghanistan.
— Rebecca B Guinn (@rebeccabguinn) November 13, 2021

Sure, there’s a labor shortage, but companies are hiring robots in record numbers #SmartNews https://t.co/tPUH4LHfp2
— Katsuhiko Egusa (@katsuhikoegusa) November 13, 2021

Minnesota opens second overflow center for hospital patients amid COVID-19 surge, labor shortage https://t.co/YAqQWNbzDz via @mnreformer
— BevMarie (@evenbev) November 13, 2021

High rents could be making the labor shortage worse, the Philadelphia Fed President says: 'Many workers can't afford to live where jobs are'https://t.co/3myyqFeFUY
— Santiago Ph.D. (@DrJSantiago) November 13, 2021

JBS: Labor Is a Problem Around the World, Largest Meat Supplier Says

The world’s largest meat supplier is finding that a shortage of workers are affecting operations in every developed nation, limiting production increases and raising costs.

The issue is more acute in the U.S.
— :Déjà vu-Terriers (@TerriersVu) November 13, 2021

though it also impacts operations in Europe, Canada and Australia, with a lack of direct and indirect workers, Andre Nogueira, head of JBS SA’s U.S. division, said Thursday during the Brazilian company’s earnings call. #WarOnMeat https://t.co/20JwbKSC0z
— :Déjà vu-Terriers (@TerriersVu) November 13, 2021

Labor shortage increases commodity prices (lumbar), which increases product prices (fertilizer price rise increases corn prices).

Labor shortage in services market increases wages, which also increases product prices.

U.S. had CPI growth 6.2% for October; highest in 30+ years.
— Danny Nemer (@DannyNemer) November 13, 2021

Amazon to cover 100% of college tuition for U.S. hourly employees https://t.co/m5F7v7W28G
— Raymond Durk (@RaymondDurk) September 26, 2021

(I see the Amazon advertising for employees every time I turn on the TV and it is also regularly displayed on Twitter. Besides the tuition come-on, they also advertise that they give full health insurance including dental but the main thing they stress is very flexible hours-to the point of absurdity in the ad--it's like we don't care how picky you are about hours. It all may well be "buyer beware look for the fine print", but the point is they are desperate for more workers.)

More things have changed,

artappraiser — Sat, 13 Nov 2021 22:38:55 +0000

In reply to Lost Jobs, Lost Democrats

More things have changed, from Krugman, I haven't been keeping up with what he is writing but I notice he IS using the term "the Great Resignation" so he must believe it is a real phenomenon:

Also for reference: wage increases much bigger for low-wage workers pic.twitter.com/I8UtIdJm16
— Paul Krugman (@paulkrugman) November 11, 2021

Putting this up for reference: the US economy looks overheated right now, but real GDP is still below where you would have expected from the pre-pandemic trend (assuming 2% growth). Presumably supply-chain plus Great Resignation pic.twitter.com/v7GdXo9lGX
— Paul Krugman (@paulkrugman) November 11, 2021

found retweeted by Paul

artappraiser — Sat, 13 Nov 2021 22:32:06 +0000

In reply to Lost Jobs, Lost Democrats

found retweeted by Paul Krugman:

Why does the trucking industry have such a hard time retaining drivers? How many people want to have a career that involves waiting in a 600-person line to take a shower. https://t.co/S3fXVJbz65
— Joe Weisenthal (@TheStalwart) November 12, 2021

(I'm sure this is obviously an outlier example, but regardless)
— Joe Weisenthal (@TheStalwart) November 12, 2021

I would not be surprised to learn that is partly because there is a shortage of staff for truck stops.

I just went to a Bank of America in the Bronx this morning to make a monthly payment. They closed like half of their branches in the area during Covid and have not reopened them. The ones they reopened are at very shortened hours. They still have all the branches--if you go on the website they are still there, just not staffed, so ATM only. Sometimes they even close one for a couple weeks to open another close by for a couple weeks instead, you have to check their website or you may just find a sign "temporarily closed."

So today the tiny little branch was open 9am till noon. There was one teller, and one banker in a windowed office and then one other person to control the lines. The branch has windows for 3 tellers and offices for 3 bankers and I think there is an office for a manager hidden from the public. I counted, with 45 minutes to closing: 26 people waiting for the 1 teller (out the doors and onto the sidewalk) and 9 waiting for the 1 banker.

Seems like a labor shortage to me.

Then I went the State Farm insurance agent's store front office. He had a sign on the front "Hiring! No experience necessary, will train."

Things have changed tho.

artappraiser — Sat, 13 Nov 2021 22:06:45 +0000

In reply to Lost Jobs, Lost Democrats

Things have changed tho. There's a substantial labor shortage and it's in blue collar, including jobs with decent pay like truck driving, and white collar in services like banks or even local government offices. Some we can easily guess why that is: hospital workers are quitting, there is a severe shortage of nurses; teachers are quitting and we are seeing the start of a teacher shortage.

Many have mentioned the problem of child care, which is no doubt part of the equation.

But no one has really put together a complete study yet, we don't know for sure all the reasons it is happening.

Here's another interesting data point I just ran across:

This is one of the most underdiscussed aspects of the labor shortage. Where did the workers go? Half the people who left the workforce since the start of the pandemic did so by retiring, often early, with stock portfolios performing well and COVID at work a hazard. https://t.co/VFBCRJlTy7
— Josh Barro (@jbarro) November 13, 2021