The Wall Street Journal Wednesday January 16, 2013 The Wages of Unemployment By Richard Vedder Labor- force participation has declined since 2000 ,…

In the article, “The Wages of Unemployment,” the author, Dr. Richard Vedder, indicated that in recent decades there was a steady rise in the employment-to-population ratio. However he also indicated that in the years since 2000 and until the date of the article, more than two-thirds of that increase in working-age population employed had been erased.

  • Attachment 1
  • Attachment 2
  • Attachment 3

The Wall Street Journal Wednesday January 16, 2013The Wages of UnemploymentBy Richard VedderLabor- force participation has declined since 2000 , and among the reasons are soaring*Government benefits .From the mid – 17 th century to the late 20 th century , the American economy grew roughly 3. 5%/ ayear . That growth rate has since declined significantly . When the final Figures are in for 2012 , theannual rate of real output growth for the first dozen years of this century is likely to be about1. 817/0 .What accounts for the slowdown ? An important part of the answer is simple : Americans aren’t*working as much today . And this trend reflects more than the recession and sluggish economy ofthe past few years .The national income accounts suggest that about 70%’ Of U. S. output is attributable to the laborof human beings . Yet there has been a decline in the proportion of working – age Americans whoare employed .In recent decades there was a steady rise in the employment – to – population ratio . For every 100working – age Americans , there were eight more workers in 2000′ than in 1960 . The increase*entirely reflects higher female participation in the labor force . Yet in the years since 2010 , more*than two – thirds of that increase in working – age population employed was erased .The decline matters more than you may suppose . If today the country had the same proportion ofpersons of working age employed as it did in 2000 , the U. S. would have almost 1 4 million more*people contributing to the economy . Even assuming that these additional workers would be 25%’less productive on average than the existing labor force , U.S. gross domestic product would stillbe more than 5%/ higher ( $8010 billion , or about $2, 600 more per person ; than it actually is . The*annual growth rate of GDP would be 2. 2%’ , not 1. 817/} . The retreat from working , in short , hashad a real impact .Why are Americans working less ? While there are a number of factors , the phenomenon is duemainly to a variety of public policies that have reduced the incentives to be employed . Thesepolicies include :. Food stamps . Above all else, people work to eat . If the government provides food , then theimperative to work is severely reduced . Since the food- stamp program’s beginning in the 1960s ,it has grown considerably , but especially so in the 2 1 st century : There are over 30 million more*Americans receiving food stamps today than in 2000 .The sharp rise in food – stamp beneficiaries predated the financial crisis of 2008 : From 2000 to2007 , the number of beneficiaries rose from 17 . 1 million to 26. 3 million , according to theDepartment of Agriculture . That number has leaped to $ 7.5 million in October 2012 . The average*benefit per person jumped in 2005 from $ 102 to $125 per month .

Show more







Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10