Word: labors
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...will most other people. That will stall the recovery process because everyone is waiting to see what happens. But in the long run, roughly three things help the economy improve. First of all, those not laid off - the majority - start consuming again. Second, a new cohort comes into the labor market and is likely to benefit from the recovery, so it's spending more. Third, those who experienced a negative shock, either from a layoff or from graduating in a recession, begin to spend again as well; however, they're likely to save less...
...their lives, including large and lasting earnings losses. Accordingly, they have a large initial increase in mortality that settles down at a permanently higher level. That isn't in conflict with the other finding. Even though middle-aged men with good, stable jobs are an important part of the labor market, in terms of the entire population, they're not a dominating fraction. In a recession, everyone holds back on alcohol consumption, smoking and overeating. Also, there are fewer work and car accidents, and that could dominate the aggregate healthier effect...
...explain it is that the other finding didn't apply to the overall population - it just applied to the elderly, who for a variety of reasons, including improved care, appear to thrive during a downturn. The aggregate may be driven by these elderly, who aren't in the labor market and aren't affected by changes in earnings...
...unemployment enigma is not solely the result of the recession but also the cumulative effect of a decade of negative labor practices like cutting pensions, avoiding hiring workers by extending the hours of salaried employees, and outsourcing [Sept. 21]. I was laid off from a temporary tax job in April, and I have been unemployed since. On paper, my unemployment appears to be a consequence of the recession. In fact, it is a result of the 2002 offshoring of my prior job: a well-paying, 24-year IT career with AT&T and IBM. Had that not happened, I most...
...bill once it hits the floor of his chamber. He must also contend with the fact that it takes 60 votes on almost anything to overcome a filibuster. Reid must also grapple with the two bills passed by his committees - the Finance Committee and the Health, Education, Labor and Pensions (HELP) Committee - which approach the health-reform issue in significantly different ways. By comparison, the measures passed by three House committees are far more similar to each other...