In the United States, the minimum wage in real dollars peaked in 1968 and has been declining ever since. So if youth unemployment in the United States is higher today than in the 1960s, we can’t blame the minimum wage.
What has changed from since the 1960s is that there is now a very large surplus unskilled immigrants, both legal and illegal, willing to work the same jobs that teenagers used to work. And the immigrants make better workers. Teenagers have to go to school so they can’t work during school days, and on top of that there are all sorts of legal restrictions about how many hours per week they can work or how late they can work. An immigrant is a much more reliable worker, willing to work any time, day or night, as many hours per week as you need them.
Furthermore, it’s a bad idea to let your children work at crappy jobs during the school year. They should be studying and participating in after-school activities. As far as work during the summer, it’s not as harmful but still sort of prole. Children of the upper classes now do volunteer work and free internships and other activities that look a lot better on a college application than a job at McDonalds. In any event, the businesses that used to hire teenage summer help now prefer immigrant workers because the summer season is longer than school summer breaks, and there are special visas for seasonal immigrants like the H-2B visa.
There may be a problem with ghetto youth making trouble during the summer because they have no jobs, but even without immigrants added to the mix, let’s be realistic about their true value to employers in our increasingly automated economy. So I would definitely support government-make work programs, boot camps, sports leagues, etc, to keep them off the streets.
There’s a Wall Street Journal article about how business is booming at butler schools.
This is exactly as I predicted a year ago, “the rich will return to the old ways of having a large staff working for them so that they have more time to self-actualize”
I’ve also previously pointed out that providing personal services for the rich will become an increasingly common middle-class jobs as other jobs are replaced by automation and robots.
There was a knockout attack in Nolita last weekend.
This is a good neighborhood, not a “gentrifying” but still unsafe neighborhood like eastern Williamsburg or northern Crown Heights. Has the bad element gotten bolder since the police were forced to stop their stop-and-frisk program?
Newsweek has tracked down the father of bitcoin, and his birth name is really Satoshi Nakamoto (but he goes by Dorian) and he’s a 64-year-old Japanese-American man from California who has a life-long hobby in model railroading.
An article from an Indian news site speculates that “the possible motivation for Bitcoin comes from the fact that Nakamoto collects model trains, and his frustration with the high bank fees and poor exchange rates when sending international wire transfers to England to buy model train toy parts.”
He seems like a truly paranoid libertarian who has been afraid to cash in on his bitcoin fortune currently valued at $400 million.
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In other bitcoin news, yet another bitcoin company, Poloniex, reports hacker thefts of some of its bitcoin, but they only lost $50,000.
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Fred Hill, the owner of Original Whistle-Stop Trains in Pasadena, said in an interview with The Times on Thursday that Nakamoto has been a regular since Hill bought the business in 1976.
Nakamoto, a skilled machinist who builds all of his train layouts from scratch, is highly sociable and “a lot of fun,” Hill said. Nakamoto will chat extensively about trains, particularly steam engines. In the shop, he always goes by his adopted first name, Dorian.
“He’s not a disheveled, spacey individual at all,” Hill said. “He’s not an eccentric. He’s a very intelligent man.”
Did his wife leave him ten years ago because she though his hobby was too nerdy?
A Person shall not be eligible to the Office of the President who is the Parent, Child, Sibling or Spouse of a previous President.
Last night as we were watching episode 7 of Season 2 …they cut to a scene of the Main character, Frank Underwood (Kevin Spacey), and he was painting Civil war Figures and building a Diorama! It was Genius! And now my wife has slightly less scorn for my hobby/obsession.
It’s always nice when our hobby is displayed in a positive format instead of being mocked.
It’s interesting to note that the poster is self-aware that his hobby is looked down upon. I’m not sure that all men with nerdy hobbies realize how their hobbies are perceived.
Also notice how his wife has scorn for the hobby (maybe she wishes her husband was out drinking and hitting on other women instead of painting lead figures?) but when she sees a super-alpha male on television engaging in the hobby suddenly it has more social proof and her husband seems like slightly less of a loser.
How did she become a billionaire? Her multi-billionaire father gave her a big stake on one of his companies, and that stake is valued at $1.3 billion.
Apparently most children of multi-billionaires don’t get legal ownership of any real money until after their parents are dead, so that’s why there aren’t more young billionaires.
As I explained in my previous post on how to get rich, marrying into money and inheriting money are two really great ways to become rich.