Dean Baker is back with another one of those great snarky headlines, Is Uncertainty Delaying Hiring or Is This Just Another Make Work Project for People Who Write About the Economy? This is the ultimate zombie idea: it has been killed countless times but just keeps shambling on. Apparently, it is back.
Over at the Washington Post, Catherine Rampell has noticed that there are more job postings but still companies are not increasing their hiring. She thinks this must mean that the companies know they need more workers, but they just can’t bring themselves to hire because of “uncertainty.” Who knows? Tomorrow, Obama may nationalize every business in America. Then where would they be? Seriously though, no one is ever clear as to what these companies are more uncertain about now than they ever are.
Dean Baker, of course, is addicted to simple math and he showed that even now, employee turnover is high enough that even if an employer were wrong to hire an employee, within a few months another employee would quit or be fired and so the new hire would be needed. Every six months, almost 20% of all employees leaves a job for one reason or another. What’s more, if this “uncertainty” claim were true, it would be apparent because companies would be working their existing employees more hours. And they aren’t.
So why are there more job listings even though there really are no more jobs? Bake explained:
In other words, the labor market is slack, so employers know that they can always get acceptable workers on a moments notice. This would not be true in a tight labor market. So they list jobs, hoping that they can find a really great employee at a really great price. Meanwhile, the fact remains: there is low demand in the economy. Businesses are not hiring because businesses do not need to be hiring. None of this is difficult to understand, but I’m not in favor of firing economics writers. A make work program is a very good thing right now. We could use a lot more of them in other fields that actually matter.
Here’s a question for you, what has saved more lives: condoms or new AIDS drugs? That’s a rhetorical question unless you are a complete idiot. As the saying goes: an ounce of prevention is worth of pound of cure. But I think the weights are off. It ought to be more like, “A gram of prevention is worth a metric ton of cure.” And so it is with global warming. This morning, Jonathan Chait wrote,
On this day in 1898, the great lithographer 

The fact that things are going badly in Iraq would not normally be news in the United States. In a fundamental sense, it is not news regardless. The Shiite and the Sunnis are fighting? That’s not surprising. And this is a reality that knowledgeable observers warned about when we decided to invade the country 11 years ago. But the civil war that seems to be starting in Iraq is news because it is an opportunity for the neocons who got us into the war to say, “See! We were right!”
Sarah Kliff over at Vox wrote an excellent article,
The point is that conservatives may claim that they are out there trying to protect capitalism and the free market. But what they are really protecting is just the status quo. They are protecting a healthcare system that is just a legacy of wage controls during World War II. But most of all, they are protecting the unreasonably high wages of doctors and the ridiculous profits of drug companies. And a little appreciated thing they are protecting is the health insurance industry, even though it isn’t that profitable. It adds a lot to the cost of healthcare, but it doesn’t make much money.
You probably have heard about Judge Rolf Treu finding that
Last year’s
On this day in 1941, the great singer-songwriter
Jared Bernstein put together the great graph below that shows the rate at which wages are going up, 
On this day in 1726, the great geologist
My other lives have been very busy the last week, thus the slowdown in production here. And now I must go out of town for a few days. So there probably won’t be a lot going on here. But the reason I’m going away is to test the high tech device I’ve been working on with my brilliant young Russian partner for the last year. Our in-lab tests are working perfectly. But we have yet to have a perfect test of it in the field. If it works, I’m going to be thrilled because this is such a cool thing. If we have problems, well, then we will have to figure out what’s going wrong. We currently think the problem may be the source we are using for the internet part of the device. Because frankly, the hardware is really stable and my code is solid as hell.
Something I really hate is when a website allows you to write a comment with paragraph breaks, but when it’s published, everything gets pushed together in one long paragraph. Such is the case with Google when you do reviews of websites. You can do that when you search for a big website on Google. You can’t, for example, search for “Frankly Curious” and get the option to write a review. But the Cato Institute is very big and so when I did a search on them, there were reviews so I thought I would add my own thoughts. After all, I used to be a big fan of Cato. Since then, two things have happened: my thinking has evolved and their thinking has devolved.
I do want to give a special call out to the