The Jobless Summer - only 1 in 4 teens employed in US

How's that hopey-changey thing working out for you?

Or perhaps the bored kids will be causing riots on beaches, or attacking people ...

Despite Obama's promises, black teens have been especially hard hit:

Where are all the MSM stories about the suffering unemployed? Oh yeah...they are busy covering up for their Messiah...and ignorant of basic ecomonic facts:

Hard times are ahead folks....

 

The old evidence, as reviewed by Brown et al in 1982 and 1983, has since been rejected. Economic theory now demonstrates how the minimum wage can increase employment rates.

You need to get away from petty party politics in order to embrace economic analysis: e.g. dynamic monopony, efficiency wages and also how a minimum wage can actually shift the economy away from a low skilled equilibrium (which will always encourage unstable employment relations, particularly amongst youngsters who haven't received any significant firm investments into human capital)

 

Let me repeat that classic line:

Economic REALITY is:

Only 24% of teens, one in four, have jobs, compared to 42% as recently as the summer of 2001.

Your theory has been proven FALSE. You have a real problem with reality.

 

The economic theory is supported by the empirical evidence. Does dynamic monopsony impact on the labour market? Without a doubt! Does efficiency wages impact on the labour market? Without a doubt? Does the US suffer from low wage equilibrium? Look at the US low wage abundancy. Gives it away somewhat!

You do not understand economics. You only have party political prance.

 

You cling to your 'theory' even when the REALITY proves it false!

Try reading Walter Williams:

http://jewishworldreview.com/cols/williamns051111.php3

 

No, I merely know the economic analysis. You do not. That's why, when I refer to dynamic monopsony/efficiency wages/low wage equilbrium, you reply with nothing. If you want to try an economic response, then please refer to the concepts being used!

 

None of that scientific crap takes our culture in account!

We cannot just stop being Americans!

Part of "being an American" is the rite of passage called "a summer job".

That is where when your kid is out of school, you kick his ass out onto the street to find a job so that he isn't out with his buddies breaking into houses and committing themselves to juvenile delinquency or just uselessly sitting around the house absorbing resources.

You are basically saying our entire culture should just be scrapped in favor of ultimate economic efficiency.

Sorry, but our culture demands some inefficiencies and one of those is that teens have jobs.

 

I really don't give a flying flip about your justification for your failed theories. Too bad you ignore the evidence right in front of your eyes.

Pathetic, really. Do you really think your inane blather is going to change the REALITY of massive unemployment of teens; especially blacks? Hmmmm?

 

It only requires that firms follow a profit objective. Your remarks have been as poor, in terms of ignoring economic analysis, as Otters

 

My failed theories? What on earth are you ranting on about now? I've merely referred to Economics 101. If you don't agree with Economics 101, what do you support? Marxist labour value? Of course not! You're simply making crass error

 

Oh stop it with your intellectual superiority complex. Not all of us enjoy reading dry tomes of economics and people don't follow your models like you think they do.

People wake up and want their kids to get the hell out of the house and go to work, they don't give a (*)(*)(*)(*) about anything else. They don't care about your theories, they don't care about what's good for the economy. All they care about is that the (*)(*)(*)(*) kid gets out and learns how to work hard and long and learn the good feeling that comes from a hard day of work and knowing you did your best at the work.

Such emotional stimuli play hell with your models because models can't model the million and one little emotions that drive humans to do certain things. They can generalize, but that plays hell over an entire economy.

No theory can adequately explain or predict how humans are going to react.

All the models say we should be in a new Roaring Twenties with all the stimulus and the Quantitative Easing. Where is it?

 

I've referred to very simple economics. Nothing complex involved! You've replied with non-economic nonsense that failed to acknowledge that the 'very simple economics' merely assumes firms are profit motivated. Correct your error dear chap! Its the decent thing to do

 

What analysis have you provided? All you have provided is inane blather like:

The reality is that increasing the minimum wage resulted in 75% unemployment of teens.

Economists like Walter Williams, William Even (Miami University of Ohio) and David Macpherson (Trinity University), and David Neumark and William L. Wascher have all warned about this very result, and the facts have proved them correct.

In this reality.

 

I referred directly to the economic concepts used in minimum wage analysis. Golly, are you telling me that you're not aware of Economics 101? I'm shocked!

 

Heh! So speaks the one who ignores FACTS for his beloved (and failed) THEORIES!

 

Oh lookie - another good post:

How has that minimum-wage hike worked for teens?

Sadly, this is NOT a theory...it is the reality of bad economic policies based on crappy economic theories...thank you Obama!

 

Rather than going for the vacuous tactics, why don't you try and respond to me comment. It requires three aspects:

How can you dispute the importance of dynamic monopsony?
How can you dispute the importance of efficiency wages?
How can you dispute the importance of the low wage equilibrium?

I know you'll dodge of course!

 

People need to stop thinking that they have to work for someone else, and think more like an entrepreneur. This country was built from the ground up. And the way it looks, that's what we're going to have to do all over again, in order to stay competitive. Opportunity is huge, but people need to think a little differently.

 

For many there isn't a choice. The severe income inequalities celebrate the coercion of wage labour

 

I think the most competitive people will find a way to make it. The rest will not. That's the balance in nature.

 

So minority teen unemployment has nothing to do with systemic racial based hiring discrimination and nepotism?

 

How about dealing with the REALITY of how raising the minimum wage greatly increased the unemployment rate of teens in the US? That's what the OP is about...remember?

Dealing with the harsh reality is sometimes so much more unpleasant than presenting debunked theories...eh?

But I am so very impressed with your vocabulary. Your teachers must be so proud.

 

Again - I suggest that you should read Walter Williams for insight:

Interview with Walter Williams: Unemployment among African Americans was lower when discrimination was worse

 

Again, I'll ask this question. Why are the minority rates higher when white teens are competing for the same "low skill" jobs

 

Oh you mean like in LA where you literally have to speak spanish as a job requirement to get a job in any fast food restaurant in the city?

Yeah, black teens are really going to have an easy time getting a job in such an environment filled with those racist hispanics.

If black teens have a problem finding work they can look right down the street at the other minority competing with them to be the favored underclass of America, instead of white people.