The Atlantic Magazine: "Squeezed Dry: Why Americans work so hard but feel so poor"

Derek Thompson writes in the Atlantic Magazine on-line about labor productivity in a story titled  "Squeezed Dry: Why Americans work so hard but feel so poor". 

Labor productivity in the United States has greatly increased yet for the average american only the price of consumer goods has dropped.  And all of the productivity increases has gone to corporate profits. Also productivity has not increased in key sectors: government, education, housing and healthcare that directly affect middle class prosperity: .

Chicago Sun-Times: Common, Rhymefest, and Urban League plan to create summer jobs

From the Chicago Sun-Times here is a story about two rappers and the Urban League trying to create jobs.

I am happy for the program but it is a sad day when our jobs program comes from rappers.

Washington Post's Wonkblog: Minorities missing out on housing recovery

The Washington Post has a story about new mortgages returning to their historical pattern of discrimination.

Housing recovery is leaving minorities behind.

Bloomberg: Corporate profits held outside US rises to $206 Billion

US Corporations are avoiding US taxes by keeping $206 billion dollars in profits overseas.

Bloomberg has the story here.

NY Daily News: Australian Billionaire Heiress: We should all work for $2 dollars a day

From the NY daily news.

I actual find the remarks less out of touch than they seem. She is just telling it like it is from her position.

WBUR -- On Point with Tom Ashbrook: Future with less work ?

Facebook just bought WhatsApp, an instant messenger application, for $19 billion. The company has only 55 employees. If the trend continues, there will be an extreme shortage of jobs in the future.

The panels  in this show acknowledge that automation is destroying jobs faster than ever.  They see the labor market will correcting itself, but that leads to a small number of high wage earners and a large number of low wage earners.

The panelist propose giving people security by de-linking work and survival though a basic subsidy to paid by the government and funded by taxes. Alternatively they government can subsidize private and public job creation. 

They also want to encourage small scale entrepreneurs.

Finally, a caller at the end notes we may need to have less children.

Any way it's a great program on the future of the labor market.

http://onpoint.wbur.org/2014/02/24/whatsapp-labor-unemployment-inequality-facebook

There are also great references.

John W. Thompson Appointed Chairman of Microsoft's Board of Directors

John W. Thompson Appointed Chairman of Microsoft's Board of Directors succeeding Bill Gales

John Thompson, 64 and CEO of Virtual Instruments, was a named chairman of the board of directors of Microsoft. (press release). Thompson replaces Bill Gates as chairman of Microsoft and becomes the leading African American in US high tech. The board or directors of  Microsoft is ultimate responsibility for the performance of the company. The board approves all upper level management decision such as the strategic direction, key management personnel, and investments.  The board also recommend selecting Satya Nadella as CEO of Microsoft. (press release). The board also approved the $7.2 billion dollar acquisition of Nokia's handset business. (press release).

Thompson is the only black person to head a large silicon valley tech company.  He led Symantec Corporation from 1999 to 2009.  Prior to that he spent 24 years at IBM primarily in sales.  One point he was head of sales and service for IBM Americas




He earned an undergraduate degree from Florida A&M University (business). He earned a MS degree from MIT as part of the Sloan Fellows program (basically advanced business studies).  The Sloan Fellows program is a one-year degree for experienced "fast track" leaders usually paid for by their employers.  The Sloan Fellows tuition is currently listed at $126,500 for one year. (MIT Sloan Price List)

Thompson actively backed Barack Obama for President.  He also owns a stake in the Golden State Warriors.

Virtual Instruments, makes enterprise wide storage, server, network and cloud performance monitoring products. VI is private, so it is difficult to determine revenues or profits, but based on job openings they are expanding rapidly. The company is planning an IPO in 2014. Determining click-to-app performance bottlenecks is a key challenge in enterprise computing.


Forbes reported MR. Thompson earned $72 million(Forbes website 2006) in 2006 and $9 million in 2009 (Forbes 2012 Profile).

Here is Mr. Thompson speaking in a Microsoft Press release on YouTube about the selection of Satya Nadella as CEO of Microsoft. Video is here.

The San Jose Mercury News covers the story.

Bloomberg also reported the story.

Washington Post and Guardian: Britain's Confederation of British Industry says share the wealth

The Washington Post has a story on John Cridland, director general of Britain's biggest business lobbying group: The Confederation of British Industry, where he states that businesses should pass on more of their prosperity to their employees.

Guardian: Pay workers more CBI chief tells thriving firms.

Washington Post: "Britain Chamber of Commerce says corporations should share their prosperity"

UC Berkley Labor Center: Fast Food, Poverty Wages: The Public Cost of Low Wage Jobs in the Fast Food Industry

The Labor Center at UC Berkley has published a study of people who work in the fast food industry and receive public benefits. Basically, companies are getting a free ride since the government is subsidizing low wages.

The document and comentary is avaialble on this webpage: "Fast Food, Poverty Wages: The Public Cost of Low Wage Jobs in the Fast Food Industry" 

CEPR and Baker and Bernstein: Getting Back to Full Employment

The Center for Economic and Policy Reseach has published a free book by Dean Baker and Jared Bernstein called "Getting Back to Full Employment: A Better Bargin for Working People".

The book discusess structural versus cyclical unemployment and NAIRU (the natural rate of unemployment). It then propose some policies to reduce unemployment.

23,000 people apply for 600 Wal-Mart Jobs in DC. Thirty eight job seekers for everyone one job.

Twenty three thousand people applied for 600 Wal-Mart jobs.  That's 38 people for each postion.  I just don't get where this attitude that "no one wants work" comes from. People don't want to work. The correct statement is that "people don't want to work at that lowly wage."

NBC4 Washington: Walmartto Open first DC Stores on Dec. 4

Business Insider also covered the event.

Here is the story from the Washington Post. In DC, Wal Mart Job Seekers Want Work. Any Work.

Wal-Mart is hiring on 3% of the people that apply.

Washington Post: 1.3 millon will lose Unemployment Benefits in the New Year

Washington Post reporter Brad Plumer has the story. WonkBook: Unemployment benefits for 1.3 million expire Saturday.Here's why. 

Washinton Post writer Niraj Chokshi, analyzes which states are affected. GovBeat: Where the 1.3 Million people losing unemployment aid this week live.

Washington Post And Seattle Times: Airport workers my not get their $15 wage

For the purpose of a $15 dollar minimum wage, a judge has ruled that the airport is outside of the jurisdiction of SeaTec and only resturant workers and parking attendants qualify for the higher wage.

Washington Post: SeaTac's minimum wage workers might not get their raise after all. The washington post do a good job of summing up the issues.

The Seattle Times: SeaTac's $15 dollar wage floor cannot include airport workers.

NY Amsterdam News: Wage theft employees get their jobs back

In a story from the New York Amsterdam news, by Stephon Johnson, twenty five Dominos Pizza employees in northern manhatten will be re-instated after being terminated several days prior.



NY Amseterdam news has the story here.

New York Times: Work Makes you Happy

A New York Times Opinion by Arthur C. Brooks called "A Formula for Happiness" discusses the contribution work can make toward happineess.  The author believes that happiness is determined by genes, life circumstance and work.

About 48% of your happiness is determine by your inherited traits.

About 40% is short and medium term rewards such as buying stuff, family events, or graduating high school. The effect wears off quickly.

The remaining 12% are discrenary activities that include faith, family, freinds and work.  Friends and family are obvious, but work is the most interesting. Meaningful and fulfilling work can deliver personal happiness and financial reward.

The American Enterprise Institute calls this happiness effect "Earned Success".  The times editorial is light on the AEI philosopy but you can get a bigger dose on YouTube. Arthur Brooks: The secret to happiness.

The video on youtube discusses happiness and the it's AEI pro entrepreneurship (pro business) philosophy. The AEI promotes free enterprise as a "moral goal."

Here is another reseacher, Dan Gilbert talking about synthentic versus real happiness. Ted Talks: Dan Gilbert, the surprising science of happiness.

There are two issues we have with the reseach: 1) The low value given to work as a generator of happiness, 2) second is the twist the American Enterprise Insititue gives the reseach at the end to support their position.

First, we can't believe work contributes only part of the overal all 12% happiness.  For many of us the work is also closely entertwined with self esteem, financial empowerment and health.

Second, the reseach all makes sense up until when the AEI tries to slip in it's economic message.  Work has a value above it's financial return. Work in all forms is valuable: private, public and non-profit.

Bloomberg: Fraternity Affirmative Action or Meritocracy Not

Fraternity members have their own secret affarmative action program.  Bloomberg has the details in a piece called "Secret Handshakes Greet Frat Brothers on Wall Street". The new film "Wolf of Wall Street" publicizes the male dominated culture of the financial industry.

We have long known networks constitute a form of affirmative action for the powerful and their off spring.

What is most disappointing is how privilage networks are described as meritoracies when so many are excluded.

Chicago Tribune: PR Executive for IAC(BlackPeopleMeet, Match.com, Daily Beast) fired for Racist Tweet

The Chicago Tribune writes that Justine Sacco, a PR executive at IAC (InterActiveCorp), who tweeted racist comments before traveling to Africa was fired by her company. IAC is general media company with large internet interests.  It is led by Barry Diller who developed fox broadcasting and USA networks.

The Chicago Tribune has the story here: "PR Executive Justine Sacco fired after insenstive tweets goes global".

The UK daily mail also has good coverage: "Fired: PR Exec who sparked outrage with racist tweet..."

IAC (InterActiveCorp) owns many well known websites including BlackPeopleMeet, Match.com, Daily Beast, CitySearch, Vimeo, CollegeHumo, Ask.com, About.com and UrbanSpoon

Bill Moyers: US has 25 percent of world's prisioners

The US criminalizes many civil offenses

Bill Moyers: US has 25 percent of worlds prisioners

Salon: US becoming low wage country

US politicians anf governments have made a huge mistake by ignoring wage growth.

Joan Walsh writes in Salon: Poverty Nation: How america created a low wage work swamp.

Daily Mail (UK). Study reveals on-line racism

The Daily Mail (UK) reported the results of a study in the Economic Journal of the Royal Economic Society. The study compared online offers for an Apple IPod using a black hand, a white hand and a white hand with a tattoo.

The Daily Mail story is here: How on line shopping reveals we are racist.

The image with a black hand received less offers and at a lower price.

The study is called "The Visible Hand: Race and Online Market Outcomes" and is featured at the Royal Economic Society.