Scary economic news: ECONOMY OF FEAR
Via Max, the Congressional Budget Office has a new report out on income volatility. CBO Director Peter Orszag makes the point that although the broad economy has gotten more stable over the past few decades (fewer big booms and busts), at the individual level it's gotten less stable. This is especially true for high school dropouts, who have considerably more income instability than more educated workers.
The chart on the right, adapted from the report, shows one of the reasons that people feel so economically insecure these days even though broad trends seem benign. Consider: Since the mid-80s the headline unemployment rate has been both steady and moderately downward trending. So why is fear of unemployment seemingly greater than ever?
Answer: because the consequences are so dire. The risk of losing your job may not actually be greater than in the past, but if you do lose your job the odds of a catastrophically long period without work are much greater than in the past. It's one thing to be afraid of losing your job for a few months; it's quite another to (justifiably) be afraid of losing your job for six months or more. Healthcare is part of it too.
I love the NEVER FORGET sign and am considering posting it in my cube at work.
Seriously, the people who really panicked was the news media. The police and government were doing their jobs... it's just that sometimes, your job is to be Very Paranoid and subsequently Look Very Foolish.
On the whole, I'm pleased to find out that my city actually does have a disaster plan that can spring into action swiftly.
I guess we can talk about the pedophile posing as a 12 year old with the assistance of three other sexual predators living together in Arizona -- that is a real scary situation.
I think it's a huge marketing coup, actually.
No doubt. I was thinking along the lines of, they got arrested because of the work they were doing for Turner media empire. The cost of their legal defense (plus a generous charitable contribution) would be peanuts next to the value of the publicity.
The fact that they were charged for anything more serious than posting advertising without a permit makes me wonder if there will be a police officer named Barney testifying to the court that this sort of thing has to be nipped in the bud.
shriftian
This is my new favorite word.
I did not have oatmeal for breakfast. I had a low-carb breakfast bar made of ingredients that have never been found in nature, most of which are over four syllables long, and none of which can be pronounced after two glasses of shiraz. I probably won't live longer, but in the next month or so I'm expecting super powers to kick in.
Happy Birthday Olivia!
I think it's a huge marketing coup, actually. For their demographic, there won't be any negative fallout.
Well, there's being cool to your demographic, and then there is pissing of bodies of government. There are PR plusses and minuses, here. Every other city government is sitting there thinking, "OMG, that could have been me -- hey, that convention of cartoon executives that wants to come to town next year, are we sure we want to okay that permit?"
So anyone else want to guess just how much of a field day TDS and/or TCR are going to have with this? I, for, one can hardly wait for Colbert to weigh in on the "Mooninite threat".
Judge Paul K. Leary seemed skeptical of the state's case, telling Grossman that the law requires that people must intend to create a panic to be charged with placing hoax devices. This case, the judge said, seemed to involve two men who relatives say were paid to place unorthodox advertisements throughout the city.
The fact that they were hanging around for a few weeks without issue would definitely hinder any intent arguments, I would think, given competent defence.
Seriously, the people who really panicked was the news media. The police and government were doing their jobs... it's just that sometimes, your job is to be Very Paranoid and subsequently Look Very Foolish.
Mumbles (as Mayor Menino is "affectionately" known in these parts) trying to get the egg off his face has not been helping do anything but reinforce Boston uptightness however.
Scary economic news:
There's also this: "2006 personal savings drop to 74-yr. low " [link]
shriftian
This is my new favorite word.
Today it is mine too. The stupid, she is spreading to coworkers. You do not need to have me type a name and a date. You need me to do other stuff, but that? I think you can handle.
