Today I read about Accenture Norway taking in 56 summer internship students from over...1600 applicants. Record year, they reported.
Previously I imagined only the top-top tier firms could enjoy low single-digit acceptance rate, but here we have Accenture crushing it. Competition must be tough.
(But for what I know, could be that AI has made it easier for people to spam everyone with applications)
My guess is that it's simultaneously easy for a lot of companies to do automated filtering and for candidates to do a lot of automated applications in a way that's easier than sending out a bunch of envelopes. Which makes it harder for candidates who don't have either networks or impressive credentials.
> However, in June the biggest plunge came from what is defined as “prime age” workers, or those between the ages of 25 and 54. That rate fell 0.6 percentage point to 83.3%, its lowest since December 2023.
It's great how two sources can tell a completely different story about the same numbers.
Prime age is meant to filter college kids and retirees which makes sense but it is likely hiding the minor crisis in hiring for college grads. But I agree it's not disastrous just a yellow flag. The 20 year bull market has minted a lot of millionaires amongst the upper middle class and a lot of them are retiring early.
There's nothing wrong with retiring a few years early if you're comfortable doing so. I didn't really. On the other hand, I didn't really hang around too long after either.
55+ crushing it on the asset inflation mania they got at ~zero interest, the youngins left holding the bag of the inflationary cost renting out houses their seniors got negative real interest mortgages for.
The money printing during COVID screwed everything up. Most of the capital was directly given to banks and businesses, fraudulently in many cases and unnecessarily in most, and everything pooled up into real estate and stocks so anyone who had already owned a large proportion of those became absurdly wealthy in the span of a couple years and everyone else effectively lost 20-30% of their income through inflation. The majority of all money was printed during COVID, no one voted for this to happen, no one bothered to even communicate how it was decided how much money would be printed and who would get it, and no retrospective has ever been done. It’s never been more clear that a small group of the wealthiest investors in the US run the show and the majority of people are wage slaves who had the ladder kicked out above them. Now we’re seeing an administration and elite class that is openly ransacking the country for whatever profits it can extract from a dying empire. I have no idea how this ever gets fixed.
> The capital was either directly given to businesses, fraudulently and unnecessarily in many cases
Especially concerning when a bunch of politicians were in on it, ensuring that the money went out willy-nilly and that $700+ billion in "loans" were turned into a straight up gift from the taxpayers.
>ensuring that the money went out willy-nilly and that $700+ billion in "loans" were turned into a straight up gift from the taxpayers.
Wasn't that widely understood during the pandemic? All the coverage I've seen mentioned that the loans for forgivable if certain criteria were met, and nobody was like "yeah it's fine because it's a loan!".
The problem is that these loans went to _businesses_, not workers. There was an orgy of corruption, with newly formed LLCs claiming to have dozens of workers.
And then these loans were just forgiven. And since they went to businesses, Republicans are completely silent about that.
Yea the covid money printing is regularly pointed to as a reason why MMT is clearly bad but that ignores that there’s literally a solution to this problem in MMT. Raise taxes to reclaim the money. It’s a trivial solution which is sadly politically incredibly challenging.
And yet, the amount of redistribution that's happening has never been higher, far exceeding the era of "94% tax rate on the rich", never mind that nobody actually paid that rate because the tax code was full of exemptions at the time.
I don’t see how this graph shows that claim. It says it’s graphing the effect of welfare on income ratios between top 10% vs the bottom 50% then just has an arrow pointing down saying “Stronger redistribution”
Where is the connection between the percentage being graphed and whatever their definition of “stronger redistribution” is?
And I just realized the second graph includes capital gains for the fiscal income but not for the after tax income? This just seems blatantly misleading with that detail being hidden in an asterisk.
The effective tax rates have went down modestly, but approximately no one was paying anywhere near that. They were playing the same financial engineered fuck fuck games that are played today to get around it. It's the poor and middle class that can't get around those tax rates.
It was never AI, it’s not “recession”, it’s not xyz, it’s simply since covid the wealth distribution got worse, further. It’s why you see the very few are with an exponential networth increase while the majority are suffering, at the same time, those who hold that networth are pulling all sort of shenanigans to keep the market alive and far from crashing for as long as possible, but it’s eminent and it will happen soon, the only exception is starting a major war to meat grind all these young men otherwise they will revolt for sure.
The current regime and the previous regime both reported extremely low unemployment outside of the pandemic but don't let your partisan bigotry get in the way of facts. You are the reason why the uniparty is able to do this, as you will always be willingly blind to it as long as it has the right color coating on it. You are personally at fault.
And I'm not going back, either. Reckon I can slowly liquidate assets for as long as I have left to live. To hell with all this shit, my farm is enough.
The amount you can capture by directly enjoying it is crazy. You get double taxed on your labor. Once when you earn it, another when you spend it, and then the people you pay get taxed yet again on that! Plus their regulatory costs of licensing, insurance, property taxes, compliance, the cut of the shareholders/owners.
If you just do it yourself... there is no one to tax or take anything off the top. It often ends up you double your "income" from your work or better.
Today I read about Accenture Norway taking in 56 summer internship students from over...1600 applicants. Record year, they reported.
Previously I imagined only the top-top tier firms could enjoy low single-digit acceptance rate, but here we have Accenture crushing it. Competition must be tough.
(But for what I know, could be that AI has made it easier for people to spam everyone with applications)
My guess is that it's simultaneously easy for a lot of companies to do automated filtering and for candidates to do a lot of automated applications in a way that's easier than sending out a bunch of envelopes. Which makes it harder for candidates who don't have either networks or impressive credentials.
It’s too easy to apply now, the acceptance rate is not really a meaningful number
Companies like Accenture/Infosys/TCS is the reason people are losing job. They outsource so much and tries to bribe managers to hire in India.
Sounds more like people retire somewhat early - for 25-54yo labor force participation near all time high: https://fred.stlouisfed.org/series/LNS11300060
And here is one for 55+yo: https://fred.stlouisfed.org/series/LNS11324230
All is fine
> However, in June the biggest plunge came from what is defined as “prime age” workers, or those between the ages of 25 and 54. That rate fell 0.6 percentage point to 83.3%, its lowest since December 2023.
It's great how two sources can tell a completely different story about the same numbers.
>>its lowest since December 2023.
That should already make you skeptical, and after looking at the chart, I'm more on side "all is fine" than the doom narrative the article is pushing.
In other news, June worst full month since May.
Additionally these number aren't trust worthy. Many time these number don't include full data like NEET and are manipulated so much etc..
Prime age is meant to filter college kids and retirees which makes sense but it is likely hiding the minor crisis in hiring for college grads. But I agree it's not disastrous just a yellow flag. The 20 year bull market has minted a lot of millionaires amongst the upper middle class and a lot of them are retiring early.
There's nothing wrong with retiring a few years early if you're comfortable doing so. I didn't really. On the other hand, I didn't really hang around too long after either.
55+ crushing it on the asset inflation mania they got at ~zero interest, the youngins left holding the bag of the inflationary cost renting out houses their seniors got negative real interest mortgages for.
The money printing during COVID screwed everything up. Most of the capital was directly given to banks and businesses, fraudulently in many cases and unnecessarily in most, and everything pooled up into real estate and stocks so anyone who had already owned a large proportion of those became absurdly wealthy in the span of a couple years and everyone else effectively lost 20-30% of their income through inflation. The majority of all money was printed during COVID, no one voted for this to happen, no one bothered to even communicate how it was decided how much money would be printed and who would get it, and no retrospective has ever been done. It’s never been more clear that a small group of the wealthiest investors in the US run the show and the majority of people are wage slaves who had the ladder kicked out above them. Now we’re seeing an administration and elite class that is openly ransacking the country for whatever profits it can extract from a dying empire. I have no idea how this ever gets fixed.
> The capital was either directly given to businesses, fraudulently and unnecessarily in many cases
Especially concerning when a bunch of politicians were in on it, ensuring that the money went out willy-nilly and that $700+ billion in "loans" were turned into a straight up gift from the taxpayers.
https://www.citizensforethics.org/reports-investigations/cre...
https://fortune.com/2020/07/08/ppp-loan-recipients-members-o...
>ensuring that the money went out willy-nilly and that $700+ billion in "loans" were turned into a straight up gift from the taxpayers.
Wasn't that widely understood during the pandemic? All the coverage I've seen mentioned that the loans for forgivable if certain criteria were met, and nobody was like "yeah it's fine because it's a loan!".
The problem is that these loans went to _businesses_, not workers. There was an orgy of corruption, with newly formed LLCs claiming to have dozens of workers.
And then these loans were just forgiven. And since they went to businesses, Republicans are completely silent about that.
See: https://en.wikipedia.org/wiki/Paycheck_Protection_Program
Your partisan obsessed brain is why the political class gets away with this.
You get the money back the same way Roosevelt did, 94% tax rate on the rich.
Yea the covid money printing is regularly pointed to as a reason why MMT is clearly bad but that ignores that there’s literally a solution to this problem in MMT. Raise taxes to reclaim the money. It’s a trivial solution which is sadly politically incredibly challenging.
And yet, the amount of redistribution that's happening has never been higher, far exceeding the era of "94% tax rate on the rich", never mind that nobody actually paid that rate because the tax code was full of exemptions at the time.
https://www.economist.com/content-assets/images/20260221_IRC...
https://www.economist.com/content-assets/images/20260221_IRC...
I don’t see how this graph shows that claim. It says it’s graphing the effect of welfare on income ratios between top 10% vs the bottom 50% then just has an arrow pointing down saying “Stronger redistribution”
Where is the connection between the percentage being graphed and whatever their definition of “stronger redistribution” is?
And I just realized the second graph includes capital gains for the fiscal income but not for the after tax income? This just seems blatantly misleading with that detail being hidden in an asterisk.
Those graphs are about income, not wealth.
So was "the same way Roosevelt did, 94% tax rate on the rich"
The effective tax rates have went down modestly, but approximately no one was paying anywhere near that. They were playing the same financial engineered fuck fuck games that are played today to get around it. It's the poor and middle class that can't get around those tax rates.
Wealth reform is needed more than any point in American history
a big war, probably
It was never AI, it’s not “recession”, it’s not xyz, it’s simply since covid the wealth distribution got worse, further. It’s why you see the very few are with an exponential networth increase while the majority are suffering, at the same time, those who hold that networth are pulling all sort of shenanigans to keep the market alive and far from crashing for as long as possible, but it’s eminent and it will happen soon, the only exception is starting a major war to meat grind all these young men otherwise they will revolt for sure.
Headline cropped. It's the lowest participation rate "outside the Covid era".
Original headline: "Job seekers giving up: Labor force participation rate falls to lowest in 50 years, outside of the Covid era"
In other words, the job market is as bad as during a global pandemic, on this particular metric.
The current regime's policies are causing an economic recession.
The current regime and the previous regime both reported extremely low unemployment outside of the pandemic but don't let your partisan bigotry get in the way of facts. You are the reason why the uniparty is able to do this, as you will always be willingly blind to it as long as it has the right color coating on it. You are personally at fault.
It's deliberate sabotage by an anti-growth movement.
And I'm not going back, either. Reckon I can slowly liquidate assets for as long as I have left to live. To hell with all this shit, my farm is enough.
I’m doing the same, and currently in the process of buying said farm.
Man rebels against capitalist system by living off of proceeds of ownership shares of capitalist system
Laborer rebels against capitalist system by directly enjoying the fruits of his own labor.
The amount you can capture by directly enjoying it is crazy. You get double taxed on your labor. Once when you earn it, another when you spend it, and then the people you pay get taxed yet again on that! Plus their regulatory costs of licensing, insurance, property taxes, compliance, the cut of the shareholders/owners.
If you just do it yourself... there is no one to tax or take anything off the top. It often ends up you double your "income" from your work or better.
Well, things don’t just appear from thin air. Someone has to work. Foraging isn’t much of an option in non tropical regions.
What kind of silly take is this?
“You deserve to starve instead!!” - is this really the position you want to argue?
Man didn't say capitalist system. If anything, he's rebelling against what looks more like a centrally-planned economy than capitalism.
But you must pay tribute in the form of thousands of dollars in property taxes. Your first born child may also be acceptable.
I wish I could quit working. It is hell. Employers DGAF about people, so why should we care about them?