Life takes us in many strange directions and wonderful discoveries. It never turns out the way we thought it would.
Friday, August 31, 2012
Jack's Africa: Second Take: Platinum’s decentralised bargaining s...
Jack's Africa: Second Take: Platinum’s decentralised bargaining s...: Second Take: Platinum’s decentralised bargaining system : 'via Blog this'
Jack's South America: YPF seeks partner for shale oil reserves - FT.com
Jack's South America: YPF seeks partner for shale oil reserves - FT.com: YPF seeks partner for shale oil reserves - FT.com : 'via Blog this'
Thursday, August 30, 2012
JacksMars: Real Tricorder To Be Tested On ISS
JacksMars: Real Tricorder To Be Tested On ISS: Ron Clatworthy ✆ 1:38 PM (15 hours ago) to undisclosed recipients "Real-life tricorder" to be tes...
Jack's South America: Brazil cuts interest rates to new low - FT.com
Jack's South America: Brazil cuts interest rates to new low - FT.com: Brazil cuts interest rates to new low - FT.com : 'via Blog this'
Wednesday, August 29, 2012
Jack's South America: The Space Review: Latin America’s space programs i...
Jack's South America: The Space Review: Latin America’s space programs i...: The Space Review: Latin America’s space programs in 2012 : 'via Blog this'
I Survived Dental Surgery
I survived my dental surgery. Dr. Choi brought in an excellent dental surgeon who worked on me 2.5 hours. He used a microscope and knew what he was doing. He had to drill through a gold crown to get to the nerve material inside. I suffered no pain. Alexa Choi, DDS did the packing work after the surgeon finished. I was able to walk around afterwards. I went to my car and drove over to McDonald's and had my dear father's favorite-a strawberry milk shake. I then came home. Luah was there and cheered me up. Now this is behind me.
Tuesday, August 28, 2012
Monday, August 27, 2012
JacksMars: The National Space Society Mourns The Loss Of Neil...
JacksMars: The National Space Society Mourns The Loss Of Neil...: NSS Mourns Neil Armstrong - Calls for Renewed Emphasis on Human Space Exploration Washington, DC - August 26, 2012: In the wake of N...
Sunday, August 26, 2012
JacksMars: The Mars Society Mourns The Passing Of Neil Armst...
JacksMars: The Mars Society Mourns The Passing Of Neil Armst...: Mars Society Announcement August 26, 2012 Mars Society Mourns the Passing of Neil Armstrong The Mars Society and its members ...
JacksMars: NASA's pioneering astronauts: Where are they now?
JacksMars: NASA's pioneering astronauts: Where are they now?: NASA's pioneering astronauts: Where are they now? : 'via Blog this'
Saturday, August 25, 2012
The Loss Of Neil Armstrong
I am heart broken over the loss of Neil Armstrong. Had he had Elena Torello, MD as his doctor, he would still be with us! Elena would have controlled his cholesterol long ago and he would not have had that awful surgery that shortened his life. I had the pleasure of meeting Neil in person at his home in 1969. I came upon him when he was working on his 1954 Chevrolet. He was kind to me and a very nice and humble man. Each death diminishes all of us but this death is a sad loss for all of humanity.
Trading Caps And Gowns For Mops-The Sad State Of College Graduate Unemployment
Trading Caps and Gowns for Mops; Why Go to College If There Are No Jobs? Chasing the American Dream
A pair of interesting articles on MarketWatch highlights the plight of those graduating from college deep in debt and little prospects of landing a good job in their field.
First consider Why go to college if I can’t get a job? by John Pelletier.
First consider Why go to college if I can’t get a job? by John Pelletier.
A recent Economic Policy Institute study reports that the unemployment rate is 9.4% for college grads ages 21 to 24 (not currently seeking a post graduate degree), and the underemployment rate for this group is 19.1% (this includes part-time workers who want full-time jobs). In 2011, those grads lucky enough to have a full-time job earned an average of $35,000 a year, a 5.4% inflation adjusted decrease from 2000 average income. Finally, it is estimated that nearly 4 of 10 grads are working in fields that don't require a college degree (the college-grad barista syndrome).Some People Do Not Belong in College
Why you must get that degree
Despite all this gloomy data, getting a bachelor’s degree is still worth the cost and effort. Why? For one simple reason — the alternative of not having a college degree is so much worse:
Recent high school grads’ unemployment rates are frightening. The Economic Policy Institute study shows that the recent unemployment rate for high school graduates between age 17 and 20 who aren't enrolled in additional schooling is 31.1%. And their underemployment rate is 50.4%.
Pelletier perpetuates the myth everyone belongs in college. Many don't. Arguably at least half don't. In Portland Oregon, ACT scores show less than half of test-takers are ready for college math
ACT scores from the class of 2012 show about 58 percent of Portland Public Schools students who took the ACT college entrance exam aren't prepared to pass college-level algebra courses.You really want to send those kids to college? To get a degree in what?
Useless Degrees
Pray tell what good is a degree in English, history, PE, or political science other than teaching English, history, PE, or political science? And how many of those teaching jobs are even available?
Yet colleges churn out thousands of graduates, year after year, with perfectly useless degrees.
Is a College Degree Required? Why?
Consider things from the perspective of the employer. With so many college graduates available, why not make a college degree a requirement for a job?
Many companies do just that (or at least prefer those with degrees). Are the results satisfactory?
I was discussing the futility of this situation with a friend, Claude, yesterday evening. Claude tells me of an entry-level position she knows of that requires a degree in chemistry. The main function of the job is to clean test-tubes for the primary researchers.
Cleaning test-tubes does not require a degree in chemistry. Indeed, the position does not seem to require any degree at all. Supposedly, there is room for advancement down the road, but it never happens. People with chemistry degrees get fed up cleaning test-tubes and quit. They cannot keep the position filled.
Notice the waste. A disabled person, perhaps even a severely disabled person may be able to do the job very well, be very happy to have the job, and be very dedicated in performing what others would consider menial duties.
Other companies will not hire those who are over-qualified, and this leads to a setup where PhDs dumb down their resumes in hopes of landing a job.
Trading Caps and Gowns for Mops
Next consider Trading Caps and Gowns for Mops by Quentin Fottrell.
After commencement, a growing number young people say they have no choice but to take low-skilled jobs, according to a survey released this week. And while 63% of “Generation Y” workers — those age 18 to 29 — have a bachelor’s degree, the majority of the jobs taken by graduates don’t require one, according to an online survey of 500,000 young workers carried out between July 2011 and July 2012 by PayScale.com, a company that collects data on salaries.Older Workers Safer
Another survey by Rutgers University came to the same conclusion: Half of graduates in the past five years say their jobs didn’t require a four-year degree and only 20% said their first job was on their career path. “Our society’s most talented people are unable to find a job that gives them a decent income,” says Cliff Zukin, a professor of political science and public policy at Rutgers.
The jobs that once went to recent college graduates are now more often going to older Americans. Over the past year, workers over 55 accounted for 58% of employment growth, says Dean Baker, a co-director of the Center for Economic and Policy Research, a nonprofit think tank in Washington, D.C. Why? Employers think older workers are a safer bet and more likely to stay, he says. Unemployment hovered at 6.2% in July for workers over 55, according to the Labor Department, but was more than double that rate — 12.7% — for those ages 18 to 29.
As a result, college graduates are finding themselves locked into lower-paid jobs. “The shaky economy has forced many of them into a world of underemployment,” says Katie Bardaro, lead economist for PayScale. The starting salary for a graduate is $27,000, 10% less than five years ago, the Rutgers' study found. “Unlike those who graduated five years ago,” Zukin says, “the long-term expectations of this generation are not being met.”
Some may be surprised to learn that those over 55 have an easier time finding a job. I am not. It makes perfect sense for businesses to hire people with no dependents and even more so those on Medicare so they do not have to pick up health insurance costs.
Please consider Demographics of Jobless Claims written May 1, 2008.
Structural Demographics PoorChasing the American Dream
Structural demographic effects imply that prospects in the full-time labor market will be poor for those over age 50-55 and workers under age 30. Teen and college-age employment could suffer a great deal from (1) a dramatic slowdown in discretionary spending and (2) part-time Boomer reentrants into the low-paying service sector; workers who will be competing with younger workers.
Ironically, older part-time workers remaining in or reentering the labor force will be cheaper to hire in many cases than younger workers. The reason is Boomers 65 and older will be covered by Medicare (as long as it lasts) and will not require as many benefits as will younger workers, especially those with families. In effect, Boomers will be competing with their children and grandchildren for jobs that in many cases do not pay living wages.
I commend Quentin Fottrell (or the editor) for putting in that link to the Rutgers' study. Far too often, writers cite studies or the work of others without putting in links. In this case, the Rutgers' study, Chasing the American Dream: Recent College Graduates and the Great Recession is well worth a closer look.
click on any chart that follows for a sharper image
The report describes the findings of a nationally representative sample of 444 recent college graduates from the class of 2006 through 2011. The authors claim the survey has a sampling error of +/- 5 percentage points.
FIGURE 2. RELATIONSHIP OF DEGREE TO FIRST JOB
Mish Comments: Note that 35% of graduates land in a job that is not related at all or not closely related to what they studied. However, even if they did land a job in their field, did their job require a degree? The question is an important one. Someone studying to be a chef and landing a job at Wendy's flipping burgers is in a related job.
FIGURE 5. DID THIS JOB REQUIRE A FOUR-YEAR COLLEGE DEGREE?
FIGURE 7. WHAT DO YOU THINK OF YOUR CURRENT JOB AS:
Mish Comments: Only 30% think they are in a career. Of those who think they are in a "stepping stone", I have to ask, how realistic is that view?
Progress in Paying off Debt
The article notes ... One to five years since graduation, most of the students in our survey have made very little progress in paying down their debt. Only 13% have paid off all of their debts for their college education; one in four has not paid off any of it, thus far. Four in ten who graduated in 2009, 2010, and 2011 reported that they had yet to pay off any of their debt. Compounding their financial challenges is the fact that nearly half (46%) reported that they also have other financial debts, such as credit cards.
FIGURE 11. THE EFFECT OF COLLEGE DEBT ON BEHAVIOR (OF THOSE WHO HAVE COLLEGE DEBT)
Mish comments: Note that 40% delayed buying a house or making other major purchases. 27% moved back home. If you are looking for a reason for a weak housing market there you have it. Graduates deep in debt with a job not in their field, or no job at all are unlikely to be buying houses and cars. Boomers facing retirement want to downsize, but there are few capable buyers able to make purchases. Housing is going to be structurally weak for years to come as a result of student debt and demographics.
Debt Slaves
President Obama promotes education as the answer to the unemployment problem. Other presidents have done the same thing. However, throwing money at the problem has done nothing but raise the cost of education for everyone, leaving many graduates debt-slaves for life, with totally useless degrees.
Here are some charts and comments from my post What Role Does Government Play in Price Inflation?
Inflation Comparison - Select Components Since 1978
Inflation Comparison - Current CPI Components Since 2000
The above charts are from Doug Short at Advisor Perspectives. Doug creates excellent charts every month on various CPI components. Rather than reinvent the wheel, I asked Doug for a set of custom charts.
Specifically, I had asked Doug to go back to 1971 for both charts.
Unfortunately, data for components in the first chart only goes back to 1978, and in the second chart not even that far.
The reason I asked for a starting year of 1971 is that's when I started college.
Tuition at the University of Illinois in Fall of 1971 was $250 a semester for engineers (My degree is in civil engineering). Current University of Illinois Tuition is $8,278 per semester for Illinois residents, $15,349 for non-residents.
Note that tuition difference: $250 in 1971 vs. $8,278 today.
Note Areas of Highest and Lowest Price Inflation
The least government interference is in apparel and recreation. The most government interference in the free market is education and health care.
Education is rife with "no child left behind" madness, free tuition for veterans, and for-profit school scams that flourish only because student loans cannot be discharged in bankruptcy. The student loan and Pell Grant programs should be abolished.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Read more at http://globaleconomicanalysis.blogspot.com/2012/08/trading-caps-and-gowns-for-mops-why-go.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29#TQZgtOLfQctct313.99
Friday, August 24, 2012
An Annoying Problem Solved
I am a problem solver. All week long we have been haunted with a beeping noise here int he computer room. I took apart every electronic device. I had a huge diagnostic done on the security system by Comcast. The mad beeping continued. An excellent Comcast technician named Todd came out yesterday and solved the problem. It was the smoke detector in the attic that had a burned out battery.
Jack's South America: Anglo American, Codelco settle dispute over Chilea...
Jack's South America: Anglo American, Codelco settle dispute over Chilea...: Anglo American, Codelco settle dispute over Chilean assets : 'via Blog this'
Thursday, August 23, 2012
JacksMars: Next Mission TO Mars-Insight
JacksMars: Next Mission TO Mars-Insight: Next Mars mission – after Curiosity comes InSight 0 inShare Artist's concept of InSight on Mars ...
Wednesday, August 22, 2012
Jack's Africa: African exploration success boosts Afren - FT.com
Jack's Africa: African exploration success boosts Afren - FT.com: African exploration success boosts Afren - FT.com : 'via Blog this'
Tuesday, August 21, 2012
Monday, August 20, 2012
JacksMars: ☀ Cyber ♆ Space ☄ War ☠: Fifties Retrovision: Mars...
JacksMars: ☀ Cyber ♆ Space ☄ War ☠: Fifties Retrovision: Mars...: ☀ Cyber ♆ Space ☄ War ☠: Fifties Retrovision: Mars and Beyond : 'via Blog this'
Sunday, August 19, 2012
Jack's South America: Neighboring Sounds-A Great New Brasilian Film
Jack's South America: Neighboring Sounds-A Great New Brasilian Film: In Brazil, a Noisy, Tense Prosperity Kleber Mendonça Filho Directs ‘Neighboring Sounds’ Cinema Guild Irma Brown, Waldemar Solha a...
Saturday, August 18, 2012
JacksMars: Mars Rover Curiosity Update: Self Portrait & New I...
JacksMars: Mars Rover Curiosity Update: Self Portrait & New I...: Mars Rover Curiosity Update: Self Portrait & New Images Released, First Destination Announced (PHOTOS) : 'via Blog this'
Friday, August 17, 2012
Jack's South America: Some Straight Talk On The Julian Assange Case
Jack's South America: Some Straight Talk On The Julian Assange Case: The whole world watches with fascination as Julian Asdsange takes shelter in the Embassy of Ecuador in London. He has been granted politi...
Thursday, August 16, 2012
Wednesday, August 15, 2012
Jack's Africa: Nelson Mandela's Grandson Suffers A Personal Scand...
Jack's Africa: Nelson Mandela's Grandson Suffers A Personal Scand...: Nelson Mandela's grandson humiliated in love triangle scandal with French bride he broke the law to marry By Dan Newling UPDAT...
Tuesday, August 14, 2012
Jack's Beautiful Woman For Tuesday 14 August
See more celebrity wardrobe malfunctions. Live and learn, people!
- Contribute to this Story:
- Send us a tip
- Send us a photo or video
- Suggest a correction
A Peace Corps Volunteer And Child Molester
Volunteer a ‘menace to society’
Comment on this story
.
Jesse Osmun, a former Peace Corps volunteer was arrested and charged with sexually abusing children under six while working at a preschool in South Africa in 2010, US officials said.
KwaZulu-natal - Jesse Osmun, a US Peace Corps volunteer who sexually abused five young KwaZulu-Natal girls, was a “menace to normal society” and should be jailed for the rest of his days.
This is the crux of a letter written by Joan Dutton, head of the Umvoti Aids Centre in Greytown which will be read out in a US court when Osmun is sentenced in October.
“I have never met a person who has behaved like Jesse. I feel strongly that Jesse came to the Peace Corps and South Africa with one view in mind: to abuse little girls,” Dutton writes. “This is such a shocking realisation that neither the experienced Peace Corps, nor us, had ever had such thoughts in our minds.”
Osmun was on assignment at the Greytown centre last year when he abused five girls aged, between three and five years old. He was thrown out of the centre and sent back to the US where authorities brought charges against him.
In June this year he pleaded guilty to engaging in illicit sexual conduct with children.
American prosecutors have asked Dutton to write a letter – in aggravation of sentence – to the judge who will sentence Osmun, outlining how the centre was affected by the abuse.
In the letter, Dutton gives US authorities a snapshot of the issues facing the local community, saying that in addition to the Aids epidemic, the Umvoti area where the centre is located has a 61 percent unemployment rate, and that 80 percent of people live in rural areas. She said 44 percent of children there were orphans.
“Our greatest task has been our children who are the ones that feel the greatest pain. To this end we have developed a crèche for those little ones [younger than six years] who are infected or affected by the Aids pandemic. This crèche is their safe haven where they are loved, cared for and feel special, as they get little of the essentials that a child’s progress needs in their home environment,” she said.
“The crèche has 52 little ones every day. All are younger than five years old, and are neglected pre-schoolers whom we cherish. None of them wants to go home in the afternoon because at the centre they feel secure, loved and cared for. This is one of our main goals as we nurture these little ones so that they can be given what all children should have, in order for them to grow into valuable members of our society.”
Dutton said that they were shocked when six months after welcoming Osmun into their crèche, he was caught abusing their children.
“Jesse had done his research well as all the children have files, and he singled out those that were most vulnerable who would do anything for a sweet,” she said. “These children have so little, but Jesse has taken the very fundamentals of their lives away. Can they ever grow up as normal people?”
According to an agreement reached at Osmun’s last court hearing on Thursday last week, about R240 000, donated in part by the US government and Osmun’s family, will be paid into a trust account for the children.
However, Dutton says in her letter that it would be difficult to wipe away the pain Osmun caused.
“In my humble opinion, Jesse is a menace to normal society and I hope he is incarcerated so that he can never again abuse little children,” she said. “I feel that he came to the Peace Corps and ultimately to the Umvoti Aids Centre with the express view of carrying on with his shameful crimes. I am still woken at night with frightening nightmares stemming from what Jesse has done.” - Daily News
Monday, August 13, 2012
Subscribe to:
Posts (Atom)