The Bureau of Labor Statistics released the latest job numbers last week and the results were disappointing. Mark Thornton described the numbers as ‘disturbing,’ noting that, outside of the service sector, many ‘sectors of the American economy are negative in terms of job growth.’ Going through the numbers, Ryan McMaken highlighted the troubling stat that 1 in 6 young American men are either jobless or in jail – the tragic consequences of minimum wage hikes and the absurd war on drugs. Of course an additional source of pressure comes from the relentless manipulation of our monetary system, contributing directly to current declines in median income.
In addressing the Fed, it seems that Hillary Clinton and Bernie Sanders have found common ground: the biggest problem with the Fed is simply the demographic makeup of central bank officials. Of course, as Jonathan Newman notes, the low interest rate policies both Clinton and Sanders advocate are directly responsible for hindering the various communities the two want to see better represented within the halls of the Fed. But this absurd logic is what we have come to expect from our well-paid ‘public servants.’
This post was published at Ludwig von Mises Institute on May 14, 2016.
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