Don't look at these long-term and youth unemployment numbers if you like good news
Will we, at last, have recovery in our time? That's the question in Europe, where the once omnipresent threat of euro implosion has given way to a sense that things are finally getting better. This era of good feelings even has a portmanteau: crexit. Yes, crexit. As in, "crisis exit". It's true enough, but not nearly enough. In other words, the euro crisis is over, but the economic crisis remains.
This emerging Euro-triumphalism is mostly a story about European Central Bank (ECB) chief Mario Draghi and the Baltics. Draghi single-handedly ended the panic in sovereign debt markets when he promised to do "whatever it takes" to save the common currency, while the Baltics have shown there can be growth after austerity. But there's a "but". Draghi hasn't been able to get the ECB to do anything as the euro zone, including Germany, has fallen back into recession, and the Baltics, despite their recent growth spurts, are still far below their pre-crisis peaks due to the depths of their tight money and tight budget induced slumps. Europe's real economy is still, mostly, in really bad shape -- as you can see from these terrifying numbers that Jonathan Portes highlights from the latest European Commission report. These are the new scariest charts in Europe. At least for now.
Europe's definition of "long-term unemployment" is twice as depressing as our own. In the U.S., you have to be out of work and looking for a job for six months to count as long-term unemployed. In Europe, it's 12 months. But it's not just how they define long-term unemployment that's depressing -- it's their levels of it, too. As you can see in the chart below that compares long-term unemployment rates across Europe in 2007 and 2011 (the latest year for which we have figures), it's really a tale of two continents. The PIGS (Portugal, Ireland, Greece, and Spain) and Baltics are getting crucified on a cross of euros, euro-pegged currencies, and austerity. Everybody else is doing fine to meh.
Think about it this way. Roughly 1 out of 11 people in the workforce have been unemployed for a year or more in the worst-hit countries. That's even worse than the U.S. unemployment rate overall. Big economies like France and Italy are trending in the wrong direction, with growth reversing.
That brings us to our second scariest chart. The young have taken a big part, though certainly not all, of the jobless hit -- even in the continent's better-performing economies. The reality isn't quite as bad as the stories you may have heard about half of all Greek youths being out of work, since those numbers don't account for kids in school or training programs, but it's still bad enough. As you can see in the chart below, the percent of youths (defined as aged 15 to 24) who are neither working nor in school nor receiving some kind of training is still high enough to cause serious worry. Outside of Germany, it's edged up everywhere, if not outright spiked. It's not a good time to be young in Latvia. Or Ireland. Or Greece. Or Spain. Or Italy.
The toxic combination of careers deferred and discontinued for long periods can create what economists call "hysteresis" -- permanent damage to the economy. There's a stigma to being out of work for too long, or starting a career too late, that is difficult to overcome, short of an economic boom. Patting yourself on the back when so much remains to be done defines down success so far that failure becomes impossible -- and so will genuine success, in the future.
Europe's policymakers need some Rooseveltian, if not Churchillian, resolve in the face of mass unemployment. In other words, aggressive ECB bond-buying and fiscal expansion in the countries that can afford fiscal expansion (which will spillover into the countries that cannot). Anything less is just appeasement of inflation hawks and deficit scolds intent on winning a phony war against phantom opponents.
What use is there today for one of the oldest virtues?
As many Americans go about their days, I imagine they have two little angels perched on their shoulders, whispering conflicting messages about happiness and material wealth. One angel is embodied by James Altucher, a minimalist self-help guru recently profiled by The New York Times. Altucher claims to have only 15 possessions, after having unburdened himself a few months ago of 40 garbage bags’ worth of stuff and never looking back. As I read about Altucher, I rolled the numbers 15 and 40 over in my mind, thinking about the belongings in my bedroom and the garbage bags under my kitchen sink.
The other angel is Tyler Brûlé, the editor in chief of the fantastically high-end lifestyle magazine Monocle and a columnist for the Financial Times. He is the sort of writer who tosses off such lines as “I zipped along the autostrada through the Val d’Aosta with the ever-trusty Mario (my Italian driver for the past 20 years) at the wheel” with little regard for how privileged and pretentious he sounds (especially in his superfluous parentheticals). Still, there is something, I’m a little ashamed to say, that I envy about Brûlé’s effortless cosmopolitanism—which, it’s hard to miss, is only made possible by unusual wealth.
Choosing a president isn’t easy in this election, but here are three ways a principled conservative might vote.
The day of decision is nearing. All the talk fades, and one mark must be made beside one box on the ballot. Many Republicans are agonizing. They reject Donald Trump; they cannot accept Hillary Clinton. What to do?
I won’t conceal, I’m struggling with this question myself. I’ve listened to those Republicans, many my friends, who feel it their duty to stifle their anger and disappointment, and vote for Trump; to cast a protest vote for the Libertarian Gary Johnson or the independent Evan McMullin; or to cross the aisle and vote for Hillary Clinton as the lesser evil. On the way to my own personal answer, I found it helpful to summarize the best case for each of these options.
Emphasize the word “best.” If your case for Trump rests on the assumption that America is hurtling toward national doom, if your case for McMullin rests on the hope of tossing the election into the House of Representatives, if your case for Hillary argues that she is a large soul eager to work cooperatively with those who think differently from her. I’d say you are not thinking very clearly. Despair and fantasy are misleading counselors.
The candidates are back on the campaign trail, following the third, and final, debate on Wednesday night.
It’s Saturday, October 22—the election is now less than three weeks away. Donald Trump and Hillary Clinton are back on the campaign trail to deliver their final pitch to voters, ahead of Election Day. We’ll bring you the latest updates from the trail, as events unfold. Also see our continuing coverage:
Why the WikiLeaks revelation about a “pay-to-play” deal with Morocco is a quintessential Clinton controversy
The chief complaint that critics make about the Clinton Foundation is that the former and perhaps future presidents engaged in a “pay-to-play” scheme, whereby donors—many of them foreign governments—would contribute money to the charity in exchange for access to Bill or Hillary Clinton, or worse, beneficial treatment from the State Department.
On Thursday, hacked emails from WikiLeaks suggest that is precisely what happened when the king of Morocco agreed to host a Clinton Global Initiative summit and give $12 million, but only if Hillary Clinton attended the May 2015 meeting.
“No matter what happens, she will be in Morocco hosting CGI on May 5-7, 2015,” Huma Abedin, a top Hillary Clinton aide, wrote in a November 2014 email to several other advisers, including campaign chairman John Podesta. “Her presence was a condition for the Moroccans to proceed so there is no going back on this.”
Everything you think you know about those 13 days is wrong.
On october 16, 1962, John F. Kennedy and his advisers were stunned to learn that the Soviet Union was, without provocation, installing nuclear-armed medium- and intermediate-range ballistic missiles in Cuba. With these offensive weapons, which represented a new and existential threat to America, Moscow significantly raised the ante in the nuclear rivalry between the superpowers—a gambit that forced the United States and the Soviet Union to the brink of nuclear Armageddon. On October 22, the president, with no other recourse, proclaimed in a televised address that his administration knew of the illegal missiles, and delivered an ultimatum insisting on their removal, announcing an American “quarantine” of Cuba to force compliance with his demands. While carefully avoiding provocative action and coolly calibrating each Soviet countermeasure, Kennedy and his lieutenants brooked no compromise; they held firm, despite Moscow’s efforts to link a resolution to extrinsic issues and despite predictable Soviet blustering about American aggression and violation of international law. In the tense 13‑day crisis, the Americans and Soviets went eyeball-to-eyeball. Thanks to the Kennedy administration’s placid resolve and prudent crisis management—thanks to what Kennedy’s special assistant Arthur Schlesinger Jr. characterized as the president’s “combination of toughness and restraint, of will, nerve, and wisdom, so brilliantly controlled, so matchlessly calibrated, that [it] dazzled the world”—the Soviet leadership blinked: Moscow dismantled the missiles, and a cataclysm was averted.
Narcissism, disagreeableness, grandiosity—a psychologist investigates how Trump’s extraordinary personality might shape his possible presidency.
In 2006, Donald Trump made plans to purchase the Menie Estate, near Aberdeen, Scotland, aiming to convert the dunes and grassland into a luxury golf resort. He and the estate’s owner, Tom Griffin, sat down to discuss the transaction at the Cock & Bull restaurant. Griffin recalls that Trump was a hard-nosed negotiator, reluctant to give in on even the tiniest details. But, as Michael D’Antonio writes in his recent biography of Trump, Never Enough, Griffin’s most vivid recollection of the evening pertains to the theatrics. It was as if the golden-haired guest sitting across the table were an actor playing a part on the London stage.
“It was Donald Trump playing Donald Trump,” Griffin observed. There was something unreal about it.
Science says lasting relationships come down to—you guessed it—kindness and generosity.
Every day in June, the most popular wedding month of the year, about 13,000 American couples will say “I do,” committing to a lifelong relationship that will be full of friendship, joy, and love that will carry them forward to their final days on this earth.
Except, of course, it doesn’t work out that way for most people. The majority of marriages fail, either ending in divorce and separation or devolving into bitterness and dysfunction. Of all the people who get married, only three in ten remain in healthy, happy marriages, as psychologist Ty Tashiro points out in his book The Science of Happily Ever After, which was published earlier this year.
Social scientists first started studying marriages by observing them in action in the 1970s in response to a crisis: Married couples were divorcing at unprecedented rates. Worried about the impact these divorces would have on the children of the broken marriages, psychologists decided to cast their scientific net on couples, bringing them into the lab to observe them and determine what the ingredients of a healthy, lasting relationship were. Was each unhappy family unhappy in its own way, as Tolstoy claimed, or did the miserable marriages all share something toxic in common?
It isn’t the only democratic institution that finds itself in danger.
Four years ago, as a speechwriter for President Obama, I commissioned a binder full of women.
A little context. It was the morning of the Al Smith Dinner, the election-year tradition in which both parties’ nominees don white-tie attire and deliver comedy monologues to New York City’s elite. Our opponent, Governor Mitt Romney had recently used the words “binders full of women” while discussing gender parity in government. Eager to mock the clumsy phrase, I asked a staffer on the advance team to put together a prop.
But our binder never saw the light of day. Obama nixed the idea. I remember being disappointed by the president’s decision, and wondering if POTUS was phoning it in. Of the jokes that did make it into the final draft, one in particular stood out for its authenticity.
The third episode of the new season is one of the most disturbing of the series.
Sophie Gilbert and David Sims will be discussing the new season of Netflix’s Black Mirror, considering alternate episodes. The reviews contain spoilers; don’t read further than you’ve watched. See all of their coverage here.
David, I agree with you that the ending of “Playtest” fell flat. After so many twists (bullies! spiders! spider bullies! Terminator hookups!), the end didn’t evoke pathos so much as a sense of absurdity. In terms of focusing on the evils of technology, though, it seems to me that Black Mirror has always seen technology as something with the potential to enable and encourage human evil, rather than something that’s inherently evil by itself. It takes our worst instincts as people, as societies, and magnifies them.
First there was McCain’s caving to Bush’s signing statement on his own torture bill, then his selection of an extremely unqualified and unvetted running mate, then he backed Trump until nearly the bitter end—even after Trump insulted his POW experience and his fellow vets with PTSD. And now, a shameless betrayal of constitutional principle that would have gotten far more attention this week if Trump hadn’t one-upped McCain with all his incendiary “rigged” rhetoric. Reader Don explains:
I don’t know if your readers have seen this yet, but it seems that McCain has announced that his fellow GOP Senators will not confirm any Supreme Court nomination by Clinton. Trump is an ignorant, narcissistic, nasty piece of work. But McCain used to be a guy who remembered and honored (at least sometimes) the old bipartisan traditions of the Senate. His statement is just outrageous and inexcusable. What he’s basically saying is that only Republican presidents get to appoint Supreme Court Justices.
I understand that their thinking is that they don’t want the bias of the Court to shift from conservative to liberal. But the Court has shifted back and forth over the years, and we have managed to survive those changes. Apparently, today’s Republican Party feels that the country somehow won’t survive a Democratic administration or a liberal Supreme Court.
We have what might be described as an asymmetric politics. One party disagrees with the other party’s policy domestic policy positions, but recognizes the legitimacy of an opposition party and accepts that the other party is patriotic and loyal to the country. The other party rejects the legitimacy and loyalty of the other party. The efforts to de-legitimize former President Clinton, President Obama, and likely future President Hillary Clinton are part of this effort. The refusal of the GOP Congress to allow Obama any legislative accomplishments was another part of it. I expect that a GOP House will adopt the same obstructionist tactics starting in 2017.
People predict that the U.S. population will continue to get younger, better educated, and less white. I hope our political experiment lasts long enough to see that day.