GDP Revised Downward

#7
#7
Structural. Things will never be the same. 7.5 percent unemployment is the new 5.5.
 
#12
#12
I'm not the only one who thinks that the technology boom of the last 30 years is dramatically redefining the labor markets. You call it lowering the bar, I call it recognizing reality.
 
#14
#14
lawgator1 said:
I'm not the only one who thinks that the technology boom of the last 30 years is dramatically redefining the labor markets. You call it lowering the bar, I call it recognizing reality.
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So you're in the "ATM's are the cause for unemployment," group with your boy Barack. Good to know.
 
#15
#15
lawgator1 said:
I'm not the only one who thinks that the technology boom of the last 30 years is dramatically redefining the labor markets. You call it lowering the bar, I call it recognizing reality.
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Technology has been shaping the labor market since dinosaurs walked the earth...so about 6000 years. It's nothing new.
 
#16
#16
nbakerld said:
Technology has been shaping the labor market since dinosaurs walked the earth...so about 6000 years. It's nothing new.
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Oh come on, there has never been anything like the rapid change in industry caused by computers. Not even close.
 
#17
#17
lawgator1 said:
Oh come on, there has never been anything like the rapid change in industry caused by computers. Not even close.
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The Industrial Revolution ring a bell? This is just another innovation that the market will adjust to.
 
#19
#19
lawgator1 said:
I'm not the only one who thinks that the technology boom of the last 30 years is dramatically redefining the labor markets. You call it lowering the bar, I call it recognizing reality.
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And from this you've magically deduced that 5.5% is now 7.5% as the new normal employment rate? Wow.

Interesting too that you only recognize this new reality when your guy is in office and ineffectual at righting the the economy :question:
 
#20
#20
lawgator1 said:
I'm not the only one who thinks that the technology boom of the last 30 years is dramatically redefining the labor markets. You call it lowering the bar, I call it recognizing reality.
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You act as if innovation is new to the market. That's stupid.

The new, new thing is international labor force being unforgiving of our astronomical entry level wages.
 
#21
#21
lawgator1 said:
Oh come on, there has never been anything like the rapid change in industry caused by computers. Not even close.
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Relatively speaking, yes, there has been. Think cotton gin. Technology allows productivity to grow exponentially over time. Think about how much railroads, affordable cars, typewriters, and telephones shook up the labor market. There probably isn't a business that has gone unaffected by computer innovation, but you can probably say the same of transportation innovation.
 
#22
#22
lawgator1 said:
I'm not the only one who thinks that the technology boom of the last 30 years is dramatically redefining the labor markets. You call it lowering the bar, I call it recognizing reality.
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VolsNSkinsFan said:
More of an education issue
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I don't often side with Lawgator, but I think he is right if I understand him correctly. We are definitely going through an economic paradigm shift at the moment. The unemployment problems are going to be with us quite a while. As VolNSkins said, our deficiency as a nation in science and technology will hurt us for quite a few years. It has nothing to do with Obama. Conversely, it does not excuse Obama from his economic policy failures.
 
#23
#23
PKT_VOL said:
I don't often side with Lawgator, but I think he is right if I understand him correctly. We are definitely going through an economic paradigm shift at the moment. The unemployment problems are going to be with us quite a while. As VolNSkins said, our deficiency as a nation in science and technology will hurt us for quite a few years. It has nothing to do with Obama. Conversely, it does not excuse Obama from his economic policy failures.
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Definitely, but what I'm saying is that we are always doing that.

LG says, "Oh come on, there has never been anything like the rapid change in industry caused by computers.", but there will be some other new technology we'll be describing this way 40 years from now.
 
#24
#24
It's not surprising that those who tie their understanding of the world, if not their own livelihoods, to the current business models would disparage the notion that rapid advances in technology make their thinking obsolete.
 
#25
#25
nbakerld said:
Definitely, but what I'm saying is that we are always doing that.

LG says, "Oh come on, there has never been anything like the rapid change in industry caused by computers.", but there will be some other new technology we'll be describing this way 40 years from now.
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Throughout civilized history, yes. There have been other shifts due to the advancement in technology. It still does not diminish the fact that there will be usually high unemployment for awhile comparative to what we are accustomed to. This has nothing to due with this administration but rather an accumulation of decades worth of terrible education policies and globalization catching up to us. Furthermore, there is not a quick fix that either the political ideology could enact to significantly reverse this economic trend. The sad reality is that a good size portion of our population do not possess neither the education or the skills to compete within a global market. There is only a finite amount of domestic service based jobs available. The advancements in technology are dwindling those jobs too.
 
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