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Double digit unemployment-here to stay?

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SFG75

SFG75

Well-Known Member
One of the more interesting articles that I've read outlined the theory of hysteresis. This maintains that in terms of economics, we will have a constant high rate of unemployment. In other words, the ebb and flow of boom and bust will be replaced by a mild recovery and a constant high rate of unemployment. So, do you buy into this theory or do you believe that everything is cyclical and that this is just a scare piece? Anyone struggling with employment at this time?


Oh yeah, and can you spare a dime?:innocent:
 
Dunno if I buy that but then again I'm not an economist. As engineer, I should point out that hysteresis is reversible. ;)
 
Thanks for the pointer sparkchaser, I honestly had no clue what hysteresis was.;)

I will say that I'm disappointed how the author said that we should recreate how Americans work and live, but yet, nothing specific was provided or outlined. Gotta provide more vision before a real dialogue can begin I'm afraid.
 
With high unemployment people fear for their jobs and so don't ask for pay rises, the government love this, no strikes and very low pay rises, if any. The downside for the Government is that they have to pay more out in benefits and don't collect as much in taxes.

That’s normally how a Conservative government works.

But our labour government seems to have adopted a similar idea; they have eastern European workers flood the country taking low paid jobs (or rather jobs that should not be low paid but are, because the employers can get away with paying lower wages to foreign workers because even our minimum wage is high to them). Leaving British workers out of work and claiming benefits.

With either Government the poor British worker looses.
 
Foreign workers should be thrown back to the sea,Chrisy,along with the gays.You were just born at the wrong time in the wrong place.

Long time no see but sure i didn't miss ya.
 
SFG75 said:
So, do you buy into this theory or do you believe that everything is cyclical and that this is just a scare piece?
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That is an interesting article. I don't think 9-11% unemployment has to stick around for a decade as the article states, but on the other hand we have lost jobs far more quickly than we've created them in recent memory.

The article is a bit scary but I don't know if it was written to be just that. It is kind of an exciting time because you'd think maybe the government could, maybe, just maybe get the motivation they require for the kind of reform people rarely see in a lifetime. I think education and healthcare are enormous potential veins for job growth because everything about them is homegrown.
 
chris90210 said:
............. and while we were all queuing up for wit God blessed you with sarcasm.
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The American Heritage Dictionary said:
sar·casm (sär'kāz'əm) n.

  1. A cutting, often ironic remark intended to wound.
  2. A form of wit that is marked by the use of sarcastic language and is intended to make its victim the butt of contempt or ridicule.
  3. The use of sarcasm. See Synonyms at wit.
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