From self-driving vehicles and semi-autonomous robots to intelligent algorithms and predictive analytic tools, machines are increasingly capable of performing a wide range of jobs that have long been human domains. A 2013 study by researchers at Oxford University posited that as many as 47% of all jobs in the United States are at risk of “computerization.” And many respondents in a recent Pew Research Center canvassing of technology experts predicted that advances in robotics and computing applications will result in a net displacement of jobs over the coming decades ”“ with potentially profound implications for both workers and society as a whole.

The ultimate extent to which robots and algorithms intrude on the human workforce will depend on a host of factors, but many Americans expect that this shift will become reality over the next half-century. In a national survey by Pew Research Center conducted June 10-July 12, 2015, among 2,001 adults, fully 65% of Americans expect that within 50 years robots and computers will “definitely” or “probably” do much of the work currently done by humans.

Read it all.

…63-year-old [Phyllis Swenson of] Fairfax, Virginia, resident is among millions of Americans who haven’t rebounded with the improving U.S. economy. Part-time work at Vienna Presbyterian doesn’t pay all her bills, and almost a year of futile job-hunting has left her desperate.

“Recovery?” she scoffs. “How are we recovering?”

The labor market has staged a strong comeback: Unemployment is 4.7 percent, down from 9.5 percent when the economy started expanding in June 2009. Employers have added an average 150,000 jobs a month this year, though May slowed to just 38,000. The rate at which people quit, a handy measure of job mobility, is trending up.
Yet some Americans still feel a deep sense of betrayal. Their journey back to meaningful work has been brutal — if they even arrived — leaving them with depleted savings, increased debt, homes lost to lenders and for some, long searches that stripped away their most valuable possession: self-esteem. Many who did find jobs now earn less, with fewer benefits.

This has helped fuel Donald Trump’s improbable rise and Bernie Sanders’s strong challenge to Hillary Clinton. Thousands cheer at rallies when the Republican front-runner claims he’ll put people back to work and the Democratic contender rails against income inequality.

Read it all.

A key feature of American exceptionalism has been the propensity of Americans to create voluntary organizations for dealing with local problems. Tocqueville was just one of the early European observers who marveled at this phenomenon in the 19th and early 20th centuries. By the time the New Deal began, American associations for providing mutual assistance and aiding the poor involved broad networks, engaging people from the top to the bottom of society, spontaneously formed by ordinary citizens.

These groups provided sophisticated and effective social services and social insurance of every sort, not just in rural towns or small cities but also in the largest and most impersonal of megalopolises. To get a sense of how extensive these networks were, consider this: When one small Midwestern state, Iowa, mounted a food-conservation program during World War I, it engaged the participation of 2,873 church congregations and 9,630 chapters of 31 different secular fraternal associations.
Did these networks successfully deal with all the human needs of their day? No. But that isn’t the right question. In that era, the U.S. had just a fraction of today’s national wealth. The correct question is: What if the same level of activity went into civil society’s efforts to deal with today’s needs””and financed with today’s wealth?

The advent of the New Deal and then of President Lyndon Johnson’s Great Society displaced many of the most ambitious voluntary efforts to deal with the needs of the poor. It was a predictable response. Why continue to contribute to a private program to feed the hungry when the government is spending billions of dollars on food stamps and nutrition programs? Why continue the mutual insurance program of your fraternal organization once Social Security is installed? Voluntary organizations continued to thrive, but most of them turned to needs less subject to crowding out by the federal government.

This was a bad trade, in my view.

Read it all.

In the United States, nearly one-third of adults, about 76 million people, are either “struggling to get by” or “just getting by,” according to the third annual survey of households by the Federal Reserve Board.

That finding, dismal though it is, represents a mild improvement in general well-being last year, compared with the two years before. The improvement, however, was clearly too little to raise Americans’ spirits: The new survey, which was conducted in late 2015 and released last week, also shows that optimism about the future has tempered.

The Fed policy committee should take the survey to heart when it meets this month to decide whether to raise interest rates. Higher rates are a way to slow an economy that is at risk of overheating ”” a far-fetched proposition when tens of millions of Americans are barely hanging in there.

Read it all from the New York Times.

This isn’t the headline in most of the UK media, for some reason, which appears to prefer singling out Muslims and hijabs. There’s nothing quite like a bit of Islamomania in a morning to go with your toast and marmalade, is there? ”˜Top EU court adviser backs workplace Muslim headscarf ban”˜, says the BBC. ”˜EU’s top judge backs workplace ban on headscarves”˜, writes the Independent. ”˜Senior EU lawyer backs workplace ban on Muslim headscarves”˜, proclaims the Guardian., above a picture of Muslim women wearing sky-blue burqas (which the Guardian calls a ”˜headscarf’) emblazoned with the stars of the EU flag. ”˜Top European Union court adviser says employers should be allowed to ban Islamic headscarves”˜, says the Evening Standard, while the Express goes with: ”˜Bosses can ban Muslims wearing headscarves at work”˜.

It’s left to the Telegraph to take a more equitable and accurate approach to headlines: ”˜Bosses can ban headscarves and crucifixes, EU judge says”˜, they write (noting that ”˜crucifix’ sounds a bit meatier than ”˜cross’ in the spectrum of hallowed bling). But even this doesn’t extend to kippahs, tichels, turbans or karas. Why not just say: ”˜Bosses can ban religious clothing and jewellery in the workplace’? Or does that leave hanging the fuzzy question of facial hair? Should hirsute tendencies be exempt? If so, why?

The legal opinion (HERE in full) was issued by Juliane Kokott, an Advocate General to the European Court of Justice (ECJ), in response to clarification sought by a Belgian court on what precisely is banned under anti-discrimination laws, following the dismissal of a receptionist who refused her employer’s request not to wear her hijab at work.

Read it all.

Question: How are you doing? Answer: busy”¦ how many times have you heard that? How many times have you said that?
As a pastor, Eugene Peterson is the voice in the back of my head. When I experience challenges in my vocation, my sense of direction, or conflict in my understanding of my role as a pastor, I usually hunt around for what Peterson would say to my situation. He nearly always has the wisdom I’m looking for, and he never lets me off the hook.
Peterson’s vision of the Unbusy pastor has become the paradigm that I’m chasing. Busyness kills the pastoral vocation….Peterson’s probing question is essentially this: If I was not busy making my mark in the world and not busy doing what everyone expects me to do, what would I actually do as a pastor?

Read it all.

…a calling requires certain preconditions. It requires more than desires; it requires talent. Not everyone can be, simply by desiring it, an opera singer, or professional athlete, or leader of a large enterprise. For a calling to be right, it must fit our abilities. Another precondition is love — not just love of the final product but, as the essayist Logan Pearsall Smith once put it, “The test of a vocation is love of drudgery it involves.” Long hours, frustrations, small steps forward, struggles: unless these too are welcomed with a certain joy, the claim to being called has a hollow ring.

–Working: Its Meaning and Its Limits, ed. Gilbert C. Meilaender (Notre Dame: Notre Dame University Press, 2000), pp.124-125, emphasis mine

In an America riddled with anxieties, the worries that Mr. [Kody] Foster and his neighbors bring through the doors of the Tapering Vapor are common and potent: Fear that an honest, 40-hour working-class job can no longer pay the bills. Fear of a fraying social fabric. Fear that the country’s future might pale in comparison with its past.

Wilkes County, with a population of nearly 69,000, has felt those stings more than many other places. The textile and furniture industries have been struggling here for years, and the recession and the loss of the Lowe’s headquarters have helped drive down the median household income. That figure fell by more than 30 percent between 2000 and 2014 when adjusted for inflation, the second-steepest decrease in the nation, according to an analysis of census data by the Pew Charitable Trusts.

Still, the regulars at the Tapering Vapor ”” overwhelmingly white, mostly working class and ranging from their 20s to middle age ”” provide a haze-shrouded snapshot of an anxious nation navigating an election year fueled by disquiet and malaise.

Read it all.

US: Rising % of young adults are living with parents
1960 20%
1970 22%
1980 23%
1990 24%
2000 23%
2010 30%
2014 32% pic.twitter.com/jLM94cYDru

— Conrad Hackett (@conradhackett) May 24, 2016

The empty nests are filling up: For the first time in modern history, young adults ages 18 to 34 are more likely to live with a parent than with a romantic partner, according to a new census analysis by the Pew Research Center.

Millennials, who have been slower than previous generations to marry and set up their own households, reached that milestone in 2014, when 32.1 percent lived in a parent’s home, compared with 31.6 percent who lived with a spouse or a partner, the report found.

“The really seismic change is that we have so many fewer young adults partnering, either marrying or cohabiting,” said Richard Fry, the Pew economist who wrote the report. “In 1960, that silent generation left home earlier than any generation before or after, because they married so young.”

Read it all.

From here:

A year ago, retired U.S. representative John Dingell, who for many years served Michigan’s 12th congressional district, was coaching Wisconsin congressman Ron Kind. “Ron,” said Dingell, “never forget that you’ve got an important job, but you’re not an important person. The second you start thinking that you’re an important person, you start to cut corners and think the rules don’t apply to you.”

One doesn’t have to be a legislator or city bureaucrat to risk losing the distinction between one’s self-importance and the important work one is called to do. Would that we all might pull out a report card and do the sort of reflective work Nai-Wang Kwok managed so beautifully.

All over the country, employers say they see a disturbing downside of tighter labor markets as they try to rebuild from the worst recession since the Depression: They are struggling to find workers who can pass a pre-employment drug test.

That hurdle partly stems from the growing ubiquity of drug testing, at corporations with big human resources departments, in industries like trucking where testing is mandated by federal law for safety reasons, and increasingly at smaller companies.

But data suggest employers’ difficulties also reflect an increase in the use of drugs, especially marijuana ”” employers’ main gripe ”” and also heroin and other opioid drugs much in the news.

Read it all.

Amy Moses and her circle of self-employed small-business owners were supporters of President Obama and the Affordable Care Act. They bought policies on the newly created New York State exchange. But when they called doctors and hospitals in Manhattan to schedule appointments, they were dismayed to be turned away again and again with a common refrain: “We don’t take Obamacare,” the umbrella epithet for the hundreds of plans offered through the president’s signature health legislation.

“Anyone who is on these plans knows it’s a two-tiered system,” said Ms. Moses, describing the emotional sting of those words to a successful entrepreneur.

“Anytime one of us needs a doctor,” she continued, “we send out an alert: ”˜Does anyone have anyone on an exchange plan that does mammography or colonoscopy? Who takes our insurance?’ It’s really a problem.”

Read it all.

Why are the French so wedded to a failing system?

For starters, they believe that a job is a basic right ”” guaranteed in the preamble to their Constitution ”” and that making it easier to fire people is an affront to that. Without a C.D.I., you’re considered naked before the indifferent forces of capitalism.

At one demonstration in Paris, young protesters held a banner warning that they were the “génération précaire.” They were agitating for the right to grow up. As Jean-Benoît Nadeau and Julie Barlow point out in their new book, “The Bonjour Effect,” getting a permanent work contract is a rite of adulthood. Without one, it’s hard to get a mortgage or car loan, or rent an apartment.

Mainstream economic arguments can’t compete. “Basic facts of economic science are completely dismissed,” said Étienne Wasmer, a labor economist at Sciences Po. “People don’t see that if you let employers take risks, they’ll hire more people.” Instead, many French people view the workplace as a zero-sum battle between workers and bosses.

Read it all from yesterday’s NY Times.

In reality, however, many working Americans simply can’t afford to retire. Fewer workers today than in the past say a pension will be a major income source in retirement, and many have been unable to save sufficiently during the economic slowdown of the past decade. Seven in 10 employed adults told Gallup in April that they are worried about not having enough savings for retirement. As a result, they now need to work as long as possible to build up their retirement nest eggs.

At the moment, most workers are forgoing any thought of retiring before 62, the minimum age to receive partial Social Security retirement benefits, while nearly a third are planning to hold off until after age 67.

Read it all.

The great shrinking of the middle class that has captured the attention of the nation is not only playing out in troubled regions like Rust Belt metros, Appalachia and the Deep South, but in just about every metropolitan area in America, according to a major new analysis by the Pew Research Center.

Pew reported in December that a clear majority of American adults no longer live in the middle class, a demographic reality shaped by decades of widening inequality, declining industry and the erosion of financial stability and family-wage jobs. But while much of the attention has focused on communities hardest hit by economic declines, the new Pew data, based on metro-level income data since 2000, show that middle-class stagnation is a far broader phenomenon.

The share of adults living in middle-income households has also dwindled in Washington, New York, San Francisco, Atlanta and Denver. It’s fallen in smaller Midwestern metros where the middle class has long made up an overwhelming majority of the population. It’s withering in coastal tech hubs, in military towns, in college communities, in Sun Belt cities.

Read it all.

The growth of firms such as Uber Technologies Inc. and Lyft Inc. has been a boon for the background checkers tasked to vet hundreds of thousands of amateur taxi drivers.

But those background scans are undergoing changes of their own as sharing-economy firms bring massive volumes and new pressure to run checks more quickly and frequently, prompting companies to update their offerings and introduce new products.

Background checks were at the heart of a battle that led ride-hailing firms Uber and Lyft to halt operations in Austin, Texas, on Monday.

In a citywide referendum, Austin residents voted in support of local rules requiring fingerprint scans for drivers””regulations that Uber and Lyft spent millions to fight.

Read it all.

Ah, the journey to and from work. Last week’s train strikes, keeping many of us in the UK at home, served as a reminder that the commute is not capitalism’s greatest gift to humanity.

The longer the trip, the less worthwhile life feels, data from the Office for National Statistics tell us. Surveys have found that people with a taxing journey sleep poorly, while research by US academics links tough commutes to health problems, such as high cholesterol, hypertension and depression.

The commute is a post-industrial invention. For most of history almost everyone worked at, or near, home. But industrialisation created a separation between people’s living arrangements and their working ones….

Read it all.

In the summer of 1825, young Ralph Waldo Emerson took a break from his theological studies to work on his Uncle Ladd’s farm near Newton, Mass. There he met a laborer known to history only as “a Methodist named Tarbox,” who told Emerson “that men were always praying, and that all prayers were granted.” The idea of constant prayer was not new to Emerson, writes his biographer, Robert D. Richardson Jr., but Emerson “first felt its force for real life” there in his uncle’s fields.

What is prayer? In its simplest form, prayer is an address to a deity. But in “Self-Reliance,” Emerson says that “prayer is in all action”: in the farmer kneeling to weed his field, for example. And clearly Emerson means mindful action: No farmer wakes at mid-morning and says, “Gee, I wonder what I should do today?”

Emerson’s sense of prayer as mindful action appeals to my students at Florida State University, especially as graduation nears and the world of work beckons. I teach English, and in this job market you can say of humanities classrooms what is said often of trenches: There are no atheists there. My students are prayerful, though in the Emersonian way, which is to say they pray by doing, because they know that before they find their place in the world, they have a journey ahead of them.

Read it all.

The man who built Chobani yogurt into a multi-billion dollar brand is giving thousands of employees the financial surprise of a lifetime.

Watch it all.

I know what it is like to have to juggle creditors to make it through a week. I know what it is like to have to swallow my pride and constantly dun people to pay me so that I can pay others. I know what it is like to have liens slapped on me and to have my bank account levied by creditors. I know what it is like to be down to my last $5””literally””while I wait for a paycheck to arrive, and I know what it is like to subsist for days on a diet of eggs. I know what it is like to dread going to the mailbox, because there will always be new bills to pay but seldom a check with which to pay them. I know what it is like to have to tell my daughter that I didn’t know if I would be able to pay for her wedding; it all depended on whether something good happened. And I know what it is like to have to borrow money from my adult daughters because my wife and I ran out of heating oil.

You wouldn’t know any of that to look at me. I like to think I appear reasonably prosperous. Nor would you know it to look at my résumé. I have had a passably good career as a writer””five books, hundreds of articles published, a number of awards and fellowships, and a small (very small) but respectable reputation. You wouldn’t even know it to look at my tax return. I am nowhere near rich, but I have typically made a solid middle- or even, at times, upper-middle-class income, which is about all a writer can expect, even a writer who also teaches and lectures and writes television scripts, as I do. And you certainly wouldn’t know it to talk to me, because the last thing I would ever do””until now””is admit to financial insecurity or, as I think of it, “financial impotence,” because it has many of the characteristics of sexual impotence, not least of which is the desperate need to mask it and pretend everything is going swimmingly. In truth, it may be more embarrassing than sexual impotence. “You are more likely to hear from your buddy that he is on Viagra than that he has credit-card problems,” says Brad Klontz, a financial psychologist who teaches at Creighton University in Omaha, Nebraska, and ministers to individuals with financial issues. “Much more likely.” America is a country, as Donald Trump has reminded us, of winners and losers, alphas and weaklings. To struggle financially is a source of shame, a daily humiliation””even a form of social suicide. Silence is the only protection…

Financial impotence goes by other names: financial fragility, financial insecurity, financial distress. But whatever you call it, the evidence strongly indicates that either a sizable minority or a slim majority of Americans are on thin ice financially. How thin? A 2014 Bankrate survey, echoing the Fed’s data, found that only 38 percent of Americans would cover a $1,000 emergency-room visit or $500 car repair with money they’d saved. Two reports published last year by the Pew Charitable Trusts found, respectively, that 55 percent of households didn’t have enough liquid savings to replace a month’s worth of lost income, and that of the 56 percent of people who said they’d worried about their finances in the previous year, 71 percent were concerned about having enough money to cover everyday expenses.

Read it all.

Like that checkout assistant, many of us remain unconvinced by Chancellor George Osborne packaging up what is essentially an increase on the National Minimum Wage for over 25s and rebranding it the “National Living Wage”. Of course it is to be welcomed that Mr Osborne is increasing wages at the bottom level for over 25s. But let’s call it what it is: a new legal minimum wage for over 25s. It is not a living wage in any real sense; it is not paying workers what they deserve and it is not paying workers what they need in order to achieve a decent standard of living in the UK.

The real Living Wage is set according to what experts and the public believe is needed to achieve an above-poverty standard of living. Not earning this can mean having to rely on a food bank even if you are in work. Let’s think about that for a second. Working people should not have to rely on food banks to feed their families.

The new minimum wage also risks setting young against old. There are two million under 25’s who will not benefit from the increased minimum wage. The realLiving Wage (as set by the Living Wage Foundation) makes no distinction for how old someone has to be to expect to be paid fairly for a day’s work.

Read it all.

Anticipate staffing needs and factor them into any policy or accommodation discussion in order to identify limits and possible areas of flexibility. The Cargill facility had specific staffing requirements on the assembly line. Other types of business can anticipate staffing and productivity issues, for example, during tax season, earnings reporting, or the holiday retail rush.

Conflict avoidance and ethics aren’t the only reason to work toward solutions to religious accommodations. A recent study shows that workers who feel religiously comfortable in the workplace have higher job satisfaction. And, as Noelle Nelson demonstrates in her book Make More Money by Making Your Employees Happy, higher job satisfaction among employees leads to greater profitability for the employer.

As Cargill and other employers are discovering, faith is a part of the whole person that employers ignore at their peril.

Read it all.

ZENIT spoke with Father Tarcisio Giuseppe Stramare of the Congregation of Oblates of Saint Joseph, director of the Josephite Movement, about Tuesday’s feast of St. Joseph the Worker….

ZENIT: What does “Gospel of work” mean?

Father Stramare: “Gospel” is the Good News that refers to Jesus, the Savior of humanity. Well, despite the fact that in general we see Jesus as someone who teaches and does miracles, he was so identified with work that in his time he was regarded as “the son of the carpenter,” namely, an artisan himself. Among many possible activities, the Wisdom of God chose for Jesus manual work, entrusted the education of his Son not to the school of the learned but to a humble artisan, namely, St. Joseph.

Read it all.

Neuvaine à Saint Joseph, du 11 au 19 mars 2016 :https://t.co/bbpEy1aK1g pic.twitter.com/4bCY5uwmwx

— Saints du Carmel… (@carmesdumidi) March 9, 2016

The question then is what exactly Jeremy Pemberton is seeking and how it can be justified. If the argument is that the church’s doctrine is in error or that the bishops are in error in their statements and applications of that doctrine then there are means within the church to rectify those errors. To seek for the state to correct the church’s alleged errors ”“ by judging that the bishops are mis-stating its own doctrine or that the substance of that doctrine must be abandoned – is a step which needs to be defended. Yet I have seen no serious defence of this approach. The decision of Canon Pemberton and his supporters to continue to press their case through the courts means they must address this issue of their chosen means to secure their desired end and clarify what they are wanting the court to decide in terms of directing the church in relation to its doctrine and requirements of ministers….
Finally, looking ahead as we draw near the end of the Shared Conversations, this case highlights the difficulty of implementing what some call for under the title of “good disagreement”. If the case is lost then it has been established that the church has a doctrine of marriage which bishops are right to uphold by refusing to issue a licence to someone in a same-sex marriage. The judgment is clear that canonical obedience is “a core part of the qualifying of a priest for ministry within the Church” (para 120) and that Canon Pemberton is obliged to undertake to pay true and Canonical Obedience to the Lord Bishop but that (given its conclusion as to church doctrine), “Self-evidently he is not going to be able to fulfil that obligation or has not done so”¦.and therefore objectively he cannot be issued with his licence” (para 121). Any bishop who therefore issued a licence to someone in a same-sex marriage would therefore be open to legal challenge. Any attempt to allow clergy to enter same-sex marriages would, it appears, need first to redefine the church’s doctrine of marriage. If, however, Jeremy wins his case then, as noted above, no bishop could refuse a licence on the grounds of the priest being in a same-sex marriage.

In other words, if the church keeps it current doctrine of marriage then it will be very difficult to justify licensing clergy in same-sex marriages but if it changes it or somehow declares it has no fixed doctrine of marriage then it will be very difficult to justify refusing a licence to clergy in same-sex marriages given equality legislation. So, even if it were considered desirable, it is therefore hard to see how, given the law, the church could “agree to differ” on this subject in a way that both enabled same-sex married clergy to be licensed and also protected those unable in good conscience to license clergy in same-sex marriages.

Read it all.

…in Libby, Montana, there’s a rather unusual woman named Gayla Benefield. She always felt a little bit of an outsider, although she’s been there almost all her life, a woman of Russian extraction. She told me when she went to school, she was the only girl who ever chose to do mechanical drawing. Later in life, she got a job going house to house reading utility meters — gas meters, electricity meters. And she was doing the work in the middle of the day, and one thing particularly caught her notice, which was, in the middle of the day she met a lot of men who were at home, middle aged, late middle aged, and a lot of them seemed to be on oxygen tanks. It struck her as strange. Then, a few years later, her father died at the age of 59, five days before he was due to receive his pension. He’d been a miner. She thought he must just have been worn out by the work. But then a few years later, her mother died, and that seemed stranger still, because her mother came from a long line of people who just seemed to live forever. In fact, Gayla’s uncle is still alive to this day, and learning how to waltz. It didn’t make sense that Gayla’s mother should die so young. It was an anomaly, and she kept puzzling over anomalies. And as she did, other ones came to mind.

Read it all; cited by yours truly in the morning sermon.

The second chart paints a gloomy picture — the picture that Donald Trump may be referring to when he says the true unemployment rate is 40 percent or higher. A 59.8 percent employment-to-population ratio means that 40.2 percent of American civilians 16 and over don’t have jobs. That percentage includes high-school students, 100-year-olds and lots of other people who don’t want or need jobs, so the true unemployment rate clearly isn’t 40 percent. Still, in April 2000 the employment-to-population ratio peaked at 64.7 percent. Now it’s significantly lower. What’s going on?

The answer that I keep gravitating to is that despite the 4.9 percent unemployment rate, the job market is still pretty weak, and probably malfunctioning in some way. This isn’t the only possible answer. In 2014, for example, two economists at the Federal Reserve Bank of New York divided people responding to the Census Bureau’s Current Population Survey (from which the unemployment rate and the charts in this article are derived) into 280 cohorts defined by “birth, sex, race/ethnicity, and educational attainment.” They determined that most of the decline in the employment-to-population ratio since 2000 could be explained by the changing makeup of the population.

But demographics aren’t destiny.

Read it all.

It’s an improbable sight, but the Whitechapel Bell Foundry still stands on east London’s busy Whitechapel Road, an island in an area all but obliterated in the Second World War. Moreover, it is a business that has been fighting for survival for years, centuries even, and in a high-tech, ever more competitive world is still going strong. It’s no more than what you’d expect from a company that has been in continuous operation since 1570 and claims the title of Britain’s oldest manufacturer.

Alan Hughes’s family has run what is one of only two remaining bell foundries in the UK for four generations. “In its early years,” he says, “there was very little by way of continuity of ownership. The company changed hands frequently, usually staying with one family for just one generation.”

He can be forgiven for having little sympathy for businesses that have seen profits crumble because of something as recent as the arrival of the internet. His sector peaked in the 18th century, shrank and then levelled off again before sinking into steady decline for the past hundred or so years.

Read it all.

We toiling workers can allow ourselves a wry smile. For most of the last eight years the owners of wealth and inflated assets have had things their own way, while the real economy has been left behind.

The tables are finally turning. The world may look absolutely ghastly if your metric is the stock market, but it is much the same or slightly better if you are at the coal face.

The MSCI index of world equities has fallen almost 20pc since its all-time high in May of 2015, implying a $14 trillion loss of paper wealth. Yet the world economy has carried on at more or less the same anemic pace, and the OECD’s global leading indicators show no sign that it is suddenly rolling over now.

Read it all.

[Dolores Westfall]…endures what is for many aging Americans an unforgiving economy. Nearly one-third of U.S. heads of households ages 55 and older have no pension or retirement savings and a median annual income of about $19,000.

A growing proportion of the nation’s elderly are like Westfall: too poor to retire and too young to die.

Many rely on Social Security and minimal pensions, in part because half of all workers have no employer-backed retirement plans. Eight in 10 Americans say they will work well into their 60s or skip retirement entirely.

Read it all.

What’s striking ”” and crucial for understanding our populist moment ”” is the fact that the leadership cadres of both parties aren’t just unresponsive to this anxiety. They add to it.

The intelligentsia on the left rarely lets a moment pass without reminding us of the demographic eclipse of white middle-class voters. Sometimes, those voters are described as racists, or derided as dull suburbanites who lack the élan of the new urban “creative class.” The message: White middle-class Americans aren’t just irrelevant to America’s future, they’re in the way.

Conservatives are no less harsh. Pundits ominously predict that the “innovators” are about to be overwhelmed by a locust blight of “takers.” The message: If it weren’t for successful people like us, middle-class people like you would be doomed. And if you’re not an entrepreneurial “producer,” you’re in the way.

Read it all.

I will take comments on this submitted by email only to KSHarmon[at]mindspring[dot]com.