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Effects of recession on educated versus less educated workers
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Fifteen years after high school, the working lives of Tremell Sinclair and Phyllis Sellars have evolved very differently, largely because of a single decision.
Ms. Sellars went to college; Mr. Sinclair didn't.
That decision has always shaped their economic prospects, but never more so than during the recent recession: Ms. Sellars kept her white-collar job, recently landing a pay raise, while Mr. Sinclair was laid off from his forklift driving job last year and only just found a new one—at a 46% lower salary.
Paul Octavious for the Wall Street JournalTremell Sinclair, right, a former forklift driver, finally found work after a long search, but at a much lower wage than before. He and son, Tremell Jr., at a high-school reunion in Gary, Ind.
The classmates illustrate a divide between the fortunes of Americans with college degrees and those without. It's not only that the college educated earn more, but that they are far more likely to keep their jobs when times get tough.
Things are scary out there for the unemployed in America! This article tells some sad stories of opportunities lost and next eggs blown! It also illustrates a key concept from AP and IB Economics: the theory of sticky wages and prices, at the heart of Keynesian macroeconomics.
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Add Sticky NoteThe family recently vacationed in Virginia Beach, Va., and likes to dine on Porterhouse steaks. Since losing his job, Mr. Joegriner, 44 years old, has had several offers. He's turned each down in hopes of landing a position comparable to what he held before.
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Jason Welker on 2009-11-10Unemployed Americans unwilling to accept lower wage jobs! This sounds like evidence of the "sticky wages" Keynesian observed in his arguments for fiscal stimulus!
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Add Sticky NoteMr. Joegriner is a member of what might be called the severance economy -- unemployed Americans who use severance pay and savings to maintain their lifestyles. Many lost their jobs in 2007 and 2008, and thought they'd soon find work. Now, they're getting desperate.
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Jason Welker on 2009-11-10
I bet these people just wish they had taken that good offer a year ago. Finance people laid off during this recession must have an artificially inflated view of their own value in the labor market: over-inflated like the assets they had dealt in!
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Things aren't looking as bad for the US economy this month. Employment, down 80,000 jobs in March, only fell by 20,000 jobs in April, not as bad as expected. This may mean the US is already on the upswing in its business cycle.
Bush reflects on the waning US economy... surprisingly he
opposes McCain and Clinton's proposed gas tax holiday, also thinks it's
time to start drilling in ANWAR to help bring down energy prices.
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