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America's Transition To A Part-Time Worker Society Accelerates As Part-Time Jobs Hit Record

Tyler Durden's picture


Back in December 2010 Zero Hedge was the first to point out what is easily the most troubling characteristic within America's evaporating labor force: its gradual transition to a part-time worker society. We elaborated on this back in February when we noted that the quality assessment of US jobs indicates that this most disturbing trend is accelerating. Finally, yesterday, the BLS' latest jobs report confirmed that our concerns have been valid all along: as of May, part-time jobs just as disclosed by the Bureau of Labor Statistics hit an all time high, over 28 million! These are people who traditionally have zero job benefits, including healthcare and retirement, and which according to the BLS "work less than 35 hours per week." In other words, as little as one hour per week of "work" is enough to classify one a part-time worker. More disturbing: the increase in part-time jobs in May compared to April: 618,000, or the fifth highest on record. It gets better: when added with the 508,000 increase in part-time jobs in April, this is the largest two month increase in part time-jobs in history. Which means of course that full time jobs in May must have declined: sure enough, at a -266,000 drop in full time jobs, the quality composition of the NFP report was just abysmal and makes any reported "increase" in those employed into a sad farce.

Part-time jobs:


Full-time jobs:


And the punchline: Part-time vs Full-time jobs:

Source: BLS

The chart above hardly needs further clarification: since the December 2007 start of the depression, full time jobs have declined by 6.9 million while part-time jobs have increased by 3.1 million.



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Sat, 06/02/2012 - 19:56 | 2487995 Bobbyrib
Bobbyrib's picture

We should boycott these multi-national corporations. They only speak "money." Buy from someone else and make sure it is not a shell company for the multi-nationals.

Sun, 06/03/2012 - 01:48 | 2488549 potlatch
potlatch's picture

I always shop local.  Call me a dreamer, but I'm not the only one.

Sat, 06/02/2012 - 19:27 | 2487957 Waterfallsparkles
Waterfallsparkles's picture

You also have to add on to that the 15% we paid for Social Security and Medicare which is now considered a Tax and not a benefit.  We are now considered Entitled instead of Beneficarys of the the Money we paid in.

Sun, 06/03/2012 - 01:20 | 2488511 jcmjr
jcmjr's picture

And you could also write off credit card interest (Reagan ended that). The U.S govt never captured 91 % of anyone income. It was an illusion--and most competent (upper tax bracket types) paid significantly less in taxes than today. The Government does a much better job of fucking citizens, than they ever did in the 20's, 30's, 40's,50's, 60's, 70's. And you probably thought Reagan cut taxes!

Sat, 06/02/2012 - 18:08 | 2487858 Ricky Bobby
Ricky Bobby's picture

There has been only one party in the US for 100 years, so don't give me the argument that I elected one set of politicians that are responsible for this. Like there was a fucking choice.

Sat, 06/02/2012 - 17:26 | 2487796 Red Heeler
Red Heeler's picture

"The boomers were fortunate to grow up in a world where distortions to the labor market made it feasible to offer compensation partly in the form of benefits that, it turns out, were grossly under-priced out of shear ignorance of the actual longer-term costs, and also had the effect of further destroying supply-demand and other economic relationships in the underlying markets. The boomers were also fortunate to work in a country that had few competitors in a number of areas for at least two decades. Sorry to be so blunt about this, but the America you harken back to was a historical fluke, and this is the reversion to the mean."

Ah, to be on the receiving end of The Greatest Ponzi Scheme.

Sat, 06/02/2012 - 19:24 | 2487955 Waterfallsparkles
Waterfallsparkles's picture

Boomers had a very hard time finding jobs as there were so many Boomers and a limited amount of jobs.

Boomers were like the Pig in the belly of a snake.  A bit difficult to digest.

Sat, 06/02/2012 - 18:20 | 2487874 uno
uno's picture

a good example is the post office jobs, after high school decades ago through around 2000, the post office was expanding new locations for the boomers and hiring at good rates, lots of OT.  Now they are on hiring freezes, cutting hours and closing offices.  Decades ago anyone not finishing college, or even college grads could pick up these jobs very easily.  Young people today do not have that luxury, anyone not getting cut is working till death since most people end up supporting many others not working.

In addition the city, county, state and fed gov were hiring and an easy in (let alone joke of a job), now those jobs are taken for the most part and again people are staying until death.

There are opportunities for very hard working, driven young people, but the other 50-80% have nothing, I cannot see that changing for another decade or more.

Sat, 06/02/2012 - 15:47 | 2487619 veyron
veyron's picture

A job by any other name would count towards the BLS numbers ...


... including a RIM job

Sat, 06/02/2012 - 15:48 | 2487620 carbonmutant
carbonmutant's picture

Partime Workers are contributing to the illusion of 8.2% unemployment...

Sat, 06/02/2012 - 16:00 | 2487649 Tsar Pointless
Tsar Pointless's picture

Karl Denninger and I want to know: What is up with the household survey portion of the May 2012 employment situation report, and why is it so far off from the establishment survey's numbers?

So how in the hell did we get this number?

First, "Birth/Death" (the fudge factor for alleged small business creation) added 204,000 jobs. 

But "seasonal adjustment" subtracted nearly 720,000!

The household survey (unadjusted) says that population went up 182,000.  But it also says the number of employed people rose 732,000!  And the BLS's own unadjusted numbers show a positive 789,000 jobs!

What's the correct interpretation of this number? 

Inquiring minds want to know. Everybody else has moved on to bigger and better things, such as graduation parties and golfing.

Sat, 06/02/2012 - 16:01 | 2487652 Buckaroo Banzai
Buckaroo Banzai's picture


Sat, 06/02/2012 - 16:51 | 2487738 Matt
Matt's picture

We're 2/3 of the way to the Worker's Utopia!

Sat, 06/02/2012 - 16:14 | 2487674 EhKnowKneeMass
EhKnowKneeMass's picture

Very bullish for Farcebook and Zingggduh!. The part time workers will have so much spare time on their plate that they will flock to Farcebook to connect with their friends, post comments, click on ads and play FarmVille. So much to monetize. Expect FB PPS to reach high triple digits in the next few weeks. Buy now or be priced out forevah!!!

Sun, 06/03/2012 - 16:30 | 2489767 lotsoffun
lotsoffun's picture

very bullish for all consumers crap.  has been known for 3 years.  or 4 years.  unemployment leaves more time for shopping.  big bad oh covers the bill.

and if this party and game hopefully ends.  ijunk is fcked.  as is 12 year olds with unlimited whatever phones. and bank cards.


Sat, 06/02/2012 - 16:19 | 2487683 GernB
GernB's picture

The phenomena is easy to explain. Buinesses are bracing for a slowdown, and are skitterish about adding to fixed expenses by hiring full time workers. So they are hiring a workforce that they can scale back if needed, primarily in the fiorm of LTEs and temporary workers.

Sat, 06/02/2012 - 16:24 | 2487692 mjk0259
mjk0259's picture

I never understood this argument. Companies get rid of full time workers with no hesitation and severance ain't much if anything if you only been there a couple years. It's not like the US has laws against firing people. Employment is at will.

Sun, 06/03/2012 - 05:01 | 2488692 GernB
GernB's picture

Spoken like someone whose never had to lay someone else off. I think you are confusing large multinational corporations with the average company. Most are small companies and hate layoffs and would go to great lengths not to have to put employes and themselves through that.

Sun, 06/03/2012 - 00:08 | 2488448 sethstorm
sethstorm's picture

Then make businesses afraid of not directly hiring full-time workers of any skill level.

Let the fear be turned in the proper direction - not the honest worker.

Sun, 06/03/2012 - 05:08 | 2488689 GernB
GernB's picture

Then they will just cope with whatever work level they have with whatever workers they already have. You will kill the uptick in part time employment in order to get your way.

You want to force companies to do your bidding but they are just people trying to serve customers given the circumstances they have been dealt, and will make choices based on the options you give them. You can't force them into making decisions that run them out of business.

Sun, 06/03/2012 - 09:48 | 2488890 sethstorm
sethstorm's picture

My point is that for the honest folks that you refer to, there are more than a few that would see actual economic recovery as a problem.  Some would see it as a problem of timing, where their favored politician is not in office(yet) and see an opening to punish people for it.  Others see a recovery during this time as a problem of attribution, where any recovery cannot happen as long as this administration is in office - or recovery shall not happen for anyone who showed any visible support for this administration, no matter how small.  A few actually have the issue of it being money, where resources actually are tight and uncertainty has substance greater than an excuse not to hire.

While I don't particularly like drastic measures, preferring the voluntary solution wherever and whenever possible, the dishonest have made end-runs around about anything less.  There is only so much risk that can flow downhill without the requisite reward - such as with precarious forms of work (part-time, contingent, casual) -until nigh-impossible-to-evade disincentives must exist.  The measures I suggest are not nice, but the US is not the place for European-styled labor arrangements such as the massive indirection of workers to avoid benefits and precarious ties that promote discord.

Perhaps such measures, combined with a reminder of their purpose would motivate people to do right by their own and to remove the dishonest.


Sun, 06/03/2012 - 01:51 | 2488555 potlatch
potlatch's picture

Exactly.  The industry term is called "smartworking."  As in, "Hey!  What's up Myrtle?"  "Oh nothing, just waiting to see if I am smartworking today." "Excellent!  Want to play cards?" "Actually, I am going to eat your face now mmdsmadwqidhsabdkcx."


See how that ends?

Sun, 06/03/2012 - 09:53 | 2488900 sethstorm
sethstorm's picture

All that does is try to bring the office without the intangibles that come with a regular job.

(Now why did I initially see that as smartwhoring?)

Sat, 06/02/2012 - 16:23 | 2487689 mjk0259
mjk0259's picture

On the plus side, you get to work 3 jobs instead of one. Each one possibly with it's own humiliating uniform.


Sat, 06/02/2012 - 16:58 | 2487748 t_kAyk
t_kAyk's picture

Welcome to Wal-Mart, would you like fries with that?  Certainly, I'll bring your car around shortly. 

Sun, 06/03/2012 - 02:06 | 2488580 HungrySeagull
HungrySeagull's picture

You ain't touching the damn vehicle.

And forget the fries, we already ate a proper meal to cut down on food costs.

Go round up the carts.

Sat, 06/02/2012 - 19:52 | 2487993 TBT or not TBT
TBT or not TBT's picture

Accumulating skills, accumulating skills.   That's the name of the game!

Sun, 06/03/2012 - 01:56 | 2488561 potlatch
potlatch's picture

"So, You Think You Got Flair?" -- name of a "America's Got Talent" type show I am pitching tomorrow to the WB


My own little audtion ends with one wal-mart smiley face eating the face of another wal-mart smiley face, whilst steadily intoning in a rising chromatic scale, "welcome to Wal-mart!" over and over.

Sun, 06/03/2012 - 02:07 | 2488583 HungrySeagull
HungrySeagull's picture

You reminded me of that awful movie where the Food Joint owner admonishes a poor waitress for not having sufficient pin ons aka flair.

Frankly we have not eaten out much, don't need to. However when we did... we made sure it's a proper staff without the flair bullshit.

Sat, 06/02/2012 - 16:47 | 2487730 Morrotzo
Morrotzo's picture

Lowest workforce participation in decades and largest amount of part time workers ever, with every part time job being counted as a job created. So if Joe and Susie each have 2 10 hour a week jobs and they both pick up another 10 hour a week job the job creation is 50 percent! Wahoo!

Unemployment/Underemployment rate is about 20 percent but man oh man that 8.2 percent U3 number is everywhere. I bet somehow net jobs are lost, job participation declines, wages decline, overall hours worked decline and somehow U3 will be jury-rigged to about 7ish percent for Obama to get a shot at re-election.



Sat, 06/02/2012 - 17:35 | 2487812 Chuck Walla
Chuck Walla's picture


Sun, 06/03/2012 - 06:33 | 2488747 AurorusBorealus
AurorusBorealus's picture

The powers that be are going to throw Obama under the bus.  He thought they were his friends, but he is about to learn that he was their puppet all along.  Choomba!

Sat, 06/02/2012 - 16:47 | 2487731 Fix It Again Timmy
Fix It Again Timmy's picture

You may want to add to this cesspool those workers [in this case, retired Pennsylvania state employess] who have more than generous retirement benefits who stay home but after a couple of months, get bored and re-enter the workforce - I know a few.  They don't need the money at all as opposed to someone who really needs a job.  This crap has no end in sight....

Sun, 06/03/2012 - 02:08 | 2488585 HungrySeagull
HungrySeagull's picture

Or the Temps work because they actually enjoy it and not really need the money.

Sat, 06/02/2012 - 16:54 | 2487743 ak_khanna
ak_khanna's picture

Job creation is impossible in the developed world as the MNC corporates have outsourced them to the developing countries. In return these companies have robbed their own customers off their purchasing power thus leading to falling sales and profits.

Sun, 06/03/2012 - 16:26 | 2489754 lotsoffun
lotsoffun's picture

altruistic, symbiotic, parasitic.

ultimately, the parasite also dies.


Thu, 07/05/2012 - 20:08 | 2590579 harleyjohn45
harleyjohn45's picture

Parasite, you got that right, America has become a nation of parasites, all looking to game the system.  All looking for a hand out, anyone worth a shit is working.

Sat, 06/02/2012 - 17:13 | 2487774 gwar5
gwar5's picture

No prospects of full time jobs returning either. Looking bleaker all the time in Realville.

Sat, 06/02/2012 - 17:27 | 2487801 Peter Pan
Peter Pan's picture

The one thing we all forgot to mention (unless I missed it) is that a lot of these part time jobs carry dismal rates of pay and also, whether you go to work full time or part time, your travelling costs and time are the same but obviously are a bigger drain on the part timers.

Sat, 06/02/2012 - 17:42 | 2487821 Debugas
Debugas's picture

the whole technological progress aim is to reduce the amount of human labour needed freeing us from the burden to work.

The only problem is who owns the technology and how he shares it with others (with have-nots)

Sun, 06/03/2012 - 01:59 | 2488567 potlatch
potlatch's picture

no one wants to hear that here.  We know that.  But how do you construct an economy under those conditions.  "Sharing" is not an economy.

Sun, 06/03/2012 - 02:19 | 2488598 the tower
the tower's picture

You will not find any solutions for the future on this site as no one wants to hear them.


It's a conservative and reactonairy bunch on here.

Sat, 06/02/2012 - 17:44 | 2487825 Trimmed Hedge
Trimmed Hedge's picture

All they need to do is split every full-time job into 2 part-time jobs til everyone who wants to work, is..


0% unemployment rate, b|tchez!!

Sun, 06/03/2012 - 02:09 | 2488587 HungrySeagull
HungrySeagull's picture

I will go along with that. Gut your 70 hour week into two workers for 35 each.

At least they won't be so rebellious and tired to make mistakes.

Sat, 06/02/2012 - 17:56 | 2487839 el Gallinazo
el Gallinazo's picture


The renowned Stanford primate endocrinologist, Robert Sapolsky, made the following observation in his amazing book, A Primate's Memoirs.  Baboons are so well adapted to their environment that they can spend only four hours a day working and can thus spend the remaining 20 hours making each other as fucking miserable as they possibly can.  

Why should American's be different from their primate cousins?


Sun, 06/03/2012 - 02:02 | 2488571 potlatch
potlatch's picture

It's not as bad as you think.  Most of my friends have a wife/husband that is by this point in their life wrapped in some skullfuck psychodrama with them, and their kids are all ritalin'd out and saying wtf is going on what is this world I am in down in the basement.  So ya know, in an ideal world there would also be those brain worms from The Wrath of Khan, but we do what we can.

Sun, 06/03/2012 - 02:10 | 2488590 HungrySeagull
HungrySeagull's picture

They were down in the basement back in the 70's

Until they quit building basements and just gave you a slab to cut housing costs.

Sat, 06/02/2012 - 18:06 | 2487854 uno
uno's picture

wonder what the break even salary is: if you can get disability, medicare, food stamps, util, cell phone $, earned income credit (other freebees from from uncle sugar, working under the table for extra $'s, etc ----

compared to paying tax (SS, Fed, State, Local), kids in daycare, car expenses - gas, wear and tear, insurance etc.. the hassle of time constraints, clothing expenses for work, health insurance cost, putting up with bosses, co-workers, daily commute hassles to name a few, seems like the break even must be around $40,000-50,000/year depending on the number of kids.

Sat, 06/02/2012 - 18:29 | 2487885 papaswamp
papaswamp's picture

"Dooooop!" - Homer Simpson

Sat, 06/02/2012 - 18:31 | 2487888 hero HNL
hero HNL's picture

This is normal in Japan......Most people are part timers (including myself). Companies have no money to hire full time workers.


Guess it's the new normal faced with ever increasing competiton & rising debt levels.




Sat, 06/02/2012 - 18:31 | 2487889 dolph9
dolph9's picture

We are not "economically viable."

Sat, 06/02/2012 - 19:18 | 2487947 Waterfallsparkles
Waterfallsparkles's picture

Just another way for Corporation to increase their profits.

With part time workers they are at will workers and can be fired at any time.  Saves a lot of law suits for wrongful termination. There are no Health Care Benifits.  They do not have to contrubute to their Retirement fund.  They do not have to pay for unemployment insurance.  No overtime at 1.5%. of wages.

The only thing better for Corporations is to hire someone in India or China.


Sun, 06/03/2012 - 02:11 | 2488592 HungrySeagull
HungrySeagull's picture

All of USA has done that for Decades.

Came back to bite us all.

That too shall pass when everyone over 40 dies off in the next 50 years.

Sat, 06/02/2012 - 19:43 | 2487982 devo
devo's picture

Impossible to work full-time when you have to spend 8/hrs per day figuring out how to keep banksters out of your stash.

Sat, 06/02/2012 - 20:08 | 2488004 tim73
tim73's picture

You just have to look at global trends in workforce. We are simply running out of jobs globally. Every day there is another 200 000+ young graduates looking for work globally. That is "New" New York about every 40th day! Population growth has been about 70-90 million babies per year for decades.

The real baby boomers, the mega one, are those born in developing countries from late 70's to early 90's....that is about cool one BILLION PEOPLE.

Asia sucks in huge factories from elsewhere but even that is soon not enough there to satisfy the huge flood of new workers. That of course affects USA and Europe, bleeding jobs to cheaper Asia. No wonder it looks pretty crappy already in the US/EU.

Sat, 06/02/2012 - 21:31 | 2488128 newworldorder
newworldorder's picture

i broke my own rule about logging in to ZH on the weekend and I deserve the headache and frustastration at reading some of the comments on this thread.

Do any of you work in or know much about large US/multinational companies? Leave it to most of you to go off on anti union tangents when the reality is beyond asking - Is it the unions fault?

At a macro level its beyond unions. Its about almost open borders for "professional eployees" as well as unskilled workers coming to the US almost at will. Its about US multinationals expanding and hiring outside of the US. Its about the loss of high wage blue collar (hourly paid) jobs that have left the US never to come back since the Clinton administration. (Every President and Congress,) since then has also helped with these job losses. Its about private sector labor having no leverage or negotiating power in the workplace. Its about "employment at will job status," were there is no recourse or apeal when a job is lost.

Its about when average Americans are not capable of seeing the desctruction that NAFTA, CAFCA, Most Favoved Nations status and unregualted  Global Trade has robbed them and their negihbors of the ability to earn an honest living and to provide for the common good of what we once called the United States of America.

For those of you who worry about Germany - do not worry. Unlike ourselves,  Germans have a keen sense of who and what they are as Germans. Most of us do not have the same sense of what it means to be Americans. Not knowing who and what we are is the # one reason we are failing as a country.

Sun, 06/03/2012 - 01:16 | 2488507 JR
JR's picture

Never heard it put better or more succinctly, newworldorder. One for the quote books. Thanks! Glad you stopped by this weekend.

Sun, 06/03/2012 - 02:05 | 2488577 potlatch
potlatch's picture

I think I speak for everyone, when I refute your tedious Soros approved talking points by saying, RON PAUL 2012

Sun, 06/03/2012 - 05:35 | 2488712 GernB
GernB's picture

The problems are so much bigger and warped than you can see. We have decades of government and central bank manipulation of the economy. Decades of inflation have moved us from a society where one wage earner could provide for a house to where two cannot. Economies work fine when they are free, unfettered, and able to adapt, but we have generations of federal reserve manipulation, government regulation, minimum wages, price manipulation, crony capitalism, and many other forms of twisting and warping normal economic presures in nearly every market. It's no wonder our economies no longer work and people cannot find employment, we have regulated, manipulated and rigged our people out of jobs. You can't fix that problem with more regulation.

Set people free. Let them realize the real fruits of their labor. Let the money they save have the interest rate the market bears not one set by a central bank. Let sound money protect their savings from being inflated out of existence. Let them be free from being forced to work for another's free stuff, and able to decide how they want to be charitable with their own money. Free people, able to see real tangible benefits of their own hard work, and able to control their own destiny, free from interference, even union interference, will produce like crazy. And that is the best path to getting out of this centrally planned finanical disaster we have made for ourselves.

Sat, 06/02/2012 - 21:57 | 2488182 TrainWreck1
TrainWreck1's picture

We have a part-time President and part-time Congress, why should the rest of the country not follow suit?



Sat, 06/02/2012 - 22:40 | 2488289 world_debt_slave
world_debt_slave's picture

I've been self-employed since 2000, making IRA contributions and some health insurnace until 2006. 2008 was the beginning of the end for me, 2011 to the present is no more business.

Sun, 06/03/2012 - 02:48 | 2488622 JR
JR's picture

There but for the grace of God go I and all of us if the grip of this fascist financial tyranny around our necks is not soon broken. Americans have never experienced such economic devastation amidst plenty, from empty store fronts and lost businesses, to home foreclosures, to broken lives and extreme hardships.

Today I happened upon an estate sale looking for games to be used in a vacation rental. Everything, from furniture to tools, was marked for quick sale; a young woman whose eyes never lifted was accepting the money for purchases. I walked into a bed room with open closets where clothes were neatly hung, all with price tags, and bedding from blankets to pillows was piled on the bed for sale. A woman, staring at the pile, looked up at me and said wonderingly: “And to think it has come to this.”

Millions of Americans’ wealth has been sucked away by elitist Fed and central bank policies that have caused a loss in real income of between 4 and 13 times the size of the current GDP of the United States these past four years, or between $60 trillion and $200 trillion, according to Andrew Haldane of the Bank of England. Think of it; a 200 trillion dollar heist!

If Congress continues to refuse to do something to stop this madness and prosecute these criminals, the people must, in that there are truths that are “self-evident” and that “whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”

President Andrew Jackson framed the problem:  
“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.”

We are the solution. God be with you, my friend, in all your coming endeavors.

Sat, 06/02/2012 - 23:57 | 2488434 sethstorm
sethstorm's picture

Then the solution is to legislate. Employers are simply taking the union playbook and turning it on workers, so why not a law that complements the Right To Work law? If one wishes to have freedom in the workplace, it extends to more than just the employer.

Establish a Right To Directly Work law to defang employers. That is, for any given level of qualification, no worker is required to join as a temporary, contract, part-time, contingent, casual, consultancy, or through a staffiing/any group providing indirect labor as a condition of work. The business would have to offer a choice between the default FTE & full benefit, or the various lesser forms of work for the same benefits, qualifications and liability level.

In addition, such a law would have provisions from banking regulations - anti-structuring - to thwart cases of "49 employee syndrome". The business fully complies - there is no "technically compliant but really in violation".

The goal - bust the employer's union of temporary labor with choice.

Sun, 06/03/2012 - 05:12 | 2488700 GernB
GernB's picture

In what way would that result in you getting better products at a better price?

Sun, 06/03/2012 - 10:07 | 2488922 sethstorm
sethstorm's picture

You wish to use some ambiguously defined, amorphous, voracious and indifferent entity to justify your point?  It's fine if you dont mind missing the whole point.

I am only applying logical consistency to the problem and disincentivizing dishonest behavior by business towards their own - where such dishonesty by business reduces profit.


Sun, 06/03/2012 - 01:21 | 2488513 Bansters-in-my-...
Bansters-in-my- feces's picture

Pesky Green Shoots I tell ya.

Sun, 06/03/2012 - 02:13 | 2488594 HungrySeagull
HungrySeagull's picture

Oh those... landscaper takes care of that these days. We don't have time for it.

Sun, 06/03/2012 - 02:06 | 2488582 potlatch
potlatch's picture

It's a cookbook!  It's a cookbook!

Sun, 06/03/2012 - 02:42 | 2488617 the tower
the tower's picture

The negativity needs to stop. Yes, we're in a crisis, but let's not forget the definition of the word crisis - A crucial or decisive point or situation; a turning point.

We're not going back to how things were so there's no point in complaining about it. Stop moaning and forget about the end of the world. What's the visitor's average age on this site, 70?

We will never go back to full employment, something politicians have been trying to hide with social programs funded by fiat money.

Meanwhile company profits have skyrocketed, not benefitting anyone but a very very few. The game is rigged and skewed.

Supporters of pure capitalism are right to see this as a horror, but pure capitalism fails to provide a system for the future as it's based on production and full-time work as a basis for income. That ship has sailed.

We're entering a world where part-time work is the norm, but with full participation: everyone will take part in the economy, not an ever decreasing few. 

The disconnect must end, and it will. Look at it in a positive manner and you will see that things might get a lot better for everyone when this storm is over.

Sun, 06/03/2012 - 05:49 | 2488717 GernB
GernB's picture

"We're entering a world where part-time work is the norm, but with full participation: everyone will take part in the economy, not an ever decreasing few."

There would be nothing at all wrong with that, if it were possible to earn a decent living working part time. I have no idea why you think capitalism is based on full-time work. Capitalism produced the five day work week when Henry Ford saw it as a way to attract the best workforce. Why could it not produce a part time work force able to make a living. We are so very very far from free markets I don't think anyone has the slightest idea what would happen if people were free once again to engage in commerce as they saw fit rather than as centrally planned.

Sun, 06/03/2012 - 09:59 | 2488909 sethstorm
sethstorm's picture

The problem is that businesses use part-time as a full license to screw people over - versus Ford's wish to reach the most people possible, especially with the thought towards the people who worked for his company.

One would have to multiply the part-time rate and raise the benefit status to be at parity with full-time before people would begin to care for it.

Sun, 06/03/2012 - 03:50 | 2488658 JR
JR's picture

Contrary to what many imply, a majority of baby boomers have tasted the bitter fruit of hardship and disillusionment much of their lives.  And to rub salt in their wounds, the MSM is now misrepresenting them, as The Alarmist does here, so the government won’t have to pay out the value of the Social Security and Medicare that they paid into all their working lives.

At the same time, Bernanke is devaluing the purchasing power of their savings, investments, pensions, and SS; while Lyndon Johnson and a Democratically-controlled House and Senate took SS from the independent “Trust” fund and put it in the General fund so that Congress could spend it; and then Jimmy Carter and the Democrat Party began giving SSI SS payments to immigrants at age 65 who had moved into the country and never paid into SS.  

And for the cherry on top, Wells Fargo tells us that though a lot of baby boomers don’t have enough to retire on, they love it, and are happy to keep working till they drop. My question, how many people who have enough to retire go back to work? My guess is, not very many.

And if that isn't enough, Obama made an agreementin April, 2006, as a young, Democratic senator speaking at the inauguration of the Hamilton Project (Goldman’s think tank), with his “friend Bob” Rubin that the U.S. needs more NAFTA-type agreements and needs to cut entitlements (like social security) – just what Rubin wanted!

Most baby boomers, those born between 1946 and 1964, could only live “within their means” on the paychecks of two wage earners. Yet only a miniscule percentage send their elderly parents to nursing homes… elderly parents who increasingly are being forced into reverse mortgages. Thus, Fed policy is destroying what little inheritance boomers would have received from their parents.

Definitions used in 1985 to describe yuppies and yuffies illustrate the point that boomers have been exploited by our present financial system the same as everybody else.

Yuppies at the time were defined as 25- to 39-year-old baby boomers that lived in metropolitan areas and worked professional or managerial occupations, earning at least $30,000 if living alone and $40,000 if married or living with someone else.  Using that definition, there were only four million yuppies in 1985—just 5 percent of all baby boomers.

Yuffies were boomers making less than $10,000 a year…a full 40 percent of the baby boom generation and roughly eight times as numerous as yuppies…

By 1983…a 30-year-old baby boomer needed to commit 44 percent of his income to meet the carrying charges on a median-priced house; 65 percent of all first-time baby boomer homebuyers needed two paychecks to meet their monthly payments…

By the end of the 1970s Fortune magazine estimated that baby boomers had effectively lost ten years’ income when compared with the earnings of the generation just preceding them… Changes in the corporate world throughout the 1980s exacerbated the problem for boomers.  “Downsizing,” “streamlining,” “merging” and "offshoring"… by major corporations eliminated whole levels of middle and upper management… Belt-tightening measures in the 1980s forced boomers to be content with lower wages and smaller wage increases.

And then came the 21st Century – and it all blew, the markets, savings income based on negative rates, broken pension promises, housing, jobs, tuition and student loans for their children, open border welfare costs, and health care for boomers --  Dr. Ezekiel Emanuel’s grim Reaper Curve, i.e.,  minimum” treatment for you-know-who.

But as The Alarmist says here: “The boomers were fortunate to grow up in a world where distortions to the labor market made it feasible to offer compensation partly in the form of benefits that, it turns out, were grossly under-priced out of shear ignorance of the actual longer-term costs, and also had the effect of further destroying supply-demand and other economic relationships in the underlying markets.”

Frankly, I don’t know or want to know what that means, but it sure made 21 ZHers happy.

Sun, 06/03/2012 - 06:27 | 2488740 AurorusBorealus
AurorusBorealus's picture

Your version of the world is so at odds with reality that I am not sure where to begin.

Sun, 06/03/2012 - 10:17 | 2488937 Bob
Bob's picture

Such inconvenient truths!  But if we can't invest ourselves in fatuous wedge issues like generational divides, what are we gonna do--look at the actual criminals, follow the fucking money?

Nahh, we should just check their birthdates and blame their generation.  Hey, me and Jamie D, cut from the same damn cloth!  Whooda thunk it?

Nice to see you back, really appreciating your production on this thread, JR.

Sun, 06/03/2012 - 11:22 | 2489060 HungrySeagull
HungrySeagull's picture

Jut pay the goddamn house off. No need to worry about 44% of carrying costs.

I own one free and clear and reduced the utility outflow from 500+ dollars down to about 200 max including phone.

Sun, 06/03/2012 - 12:00 | 2489153 Investor in Training
Investor in Training's picture

Won't this spread continue to widen as the baby boomers transition into retirement?

Sun, 06/03/2012 - 19:15 | 2490152 Bob
Bob's picture

Any question that employs the term "Baby Boomers" is a good one, imo.

I'd say that what happens wrt depends on . . . well, I'd like to be able to finish that with "us," obviously, but the true answer is "you."

Don't be assholes.  


Sun, 06/03/2012 - 22:55 | 2490654 FrankDrakman
FrankDrakman's picture

State employees average around $2100.00 a month, and they had to pay into that for 20 years to get it

So, you start at the DMV at 25, retire at 45, and get $25k plus benefits for the rest of your life? Then, at 45, you go pick up a part time job, work 25 hours at $10/hr, and end up making close to $40k with benefits. Nice work if you can get it.. try doing that with ANY private sector job.

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