Skip Navigation
Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. She is currently on leave.
More

Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero � all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

The 99%

By Megan McArdle
Oct 6 2011, 11:42 AM ET Comment

I spent quite a lot of time on the "We are the 99%" website last night and this morning.  There's been a considerable amount of carping about it from the conservative side, and to be sure, some of the stories strain plausibility (the percentage of people in the sample who have either taken up prostitution, or claim to have seriously considered doing so, seems rather high, for instance, and as far as I could tell, not a single person on the site had been fired for cause).  Many of the people complaining made all sorts of bad decisions about having children, getting very expensive "fun" degrees, and so forth.


But quibbling rather misses the point.  These are people who are terrified, and their terror is easy to understand.  Jobs are hard to come by, and while you might well argue that any of these individuals could find a job if they did something different, in aggregate, there are not enough job openings to absorb our legion of unemployed.
Employment Gap.png

When the gap between the number of job openings and the number of people who are out of work is so large, there are going to be a hefty number of unemployed people.  Maybe these people individually could have done more to get themselves out of their situation, but at the macro level, that would just have meant that someone else was out of work and suffering.


I think it's hard to read through this list of woes without feeling both sympathy, and a healthy dose of fear.  Take all the pot shots you want at people who thought that a $100,000 BFA was supposed to guarantee them a great job--beneath the occasionally grating entitlement is the visceral terror of someone in a bad place who doesn't know what to do.  Having found myself in the same place ten years ago, I can't bring myself to sneer.  No matter how inflated your expectations may have been, it is no joke to have your confidence that you can support yourself ripped away, and replaced with the horrifying realization that you don't really understand what the rules are.  Yes, even if you have a nose ring.

I'm not sure that this constitutes the seeds of a political movement, however.   For all the admiring talk about bravery and perseverance, it's not really al that difficult to get young, unemployed people to spend a couple of weeks camping out somewhere.  They have a low cost of time, they're in no danger, and yes, I have to say it, demonstrating is fun.  No, don't tut-tut me.  I was at the ACT-UP die-ins, the pro-choice marches, the "Sleep Out for the Homeless" events and the "Take Back the Night" vigils.  It's fun, especially when you can see yourself on television.  This is not the Montgomery bus boycott we're talking about here.

So my question is, how does this coalesce into a broader platform?  Does someone have a coherent, plausible answer for someone whose pricey liberal arts degree has not equipped them for a tough job market?  And is it a coherent, plausible answer that they will believe?  I don't think those kids in Zucotti park are waiting to hear about QE3 and the American Jobs Act.


Presented by

More at The Atlantic

The '7 Dirty Words' Turn 40, but They're Still Dirty The '7 Dirty Words' Turn 40
The $630-Million Trees That Sparked a Social Media Revolt in China The $630-Million Trees That Sparked an Online Revolt
How One Mother's Story Helped Change Obama's Gay Marriage Stance How A Mother's Story Changed Obama's Gay-Marriage Stance
The New Economics of Happiness The New Economics of Happiness
What It Means That Computers Can Tell These Smiles Apart, But You Can't Which Smile Is Fake? (This Computer Knows)

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.
blog comments powered by Disqus
View All Correspondents

The Biggest Story in Photos

Where in the World? Part 3: A Google Earth Puzzle

May 25, 2012

Subscribe Now

SAVE 59%! 10 issues JUST $2.45 PER COPY

Facebook

Newsletters

Sign up to receive our free newsletters

(sample)

(sample)

(sample)

(sample)

(sample)

(sample)

Megan McArdle
from the Magazine

Why You Can’t Get a Taxi

And how an upstart company may change that

Europe’s Real Crisis

The Continent’s problems are as much demographic as financial. They won’t go away soon.

Why Companies Fail

GM’s stock price has sunk by a third since its IPO. Why is corporate turnaround so difficult…