{"id":34967,"date":"2018-06-09T09:48:04","date_gmt":"2018-06-09T14:48:04","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34967"},"modified":"2018-06-09T09:48:04","modified_gmt":"2018-06-09T14:48:04","slug":"beware-former-central-bankers-telling-you-to-work-more","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34967","title":{"rendered":"Beware Former Central Bankers Telling You to Work More"},"content":{"rendered":"
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Beware Former Central Bankers Telling You to Work More<\/a><\/h3>\n<\/header>\n
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I\u2019m not the only one of course. The financial crisis of 2008\/09 similarly shattered the worldview of tens, if not hundreds of millions of people across the globe. I believe that the old manner of doing things as far as organizing an economy and society died for good during that crisis and its aftermath. Sure it\u2019s been shadily and undemocratically propped up ever since, and we haven\u2019t yet transitioned to what\u2019s next, but for all intents and purposes it\u2019s dead. It\u2019s dead because it has no credibility.<\/em><\/strong><\/p>\n

\u2013 From last year\u2019s post:\u00a0The Generational Wheels Are Turning<\/a><\/p>\n

Hard work is fundamental to our continued existence and advancement as a species. I would never devalue the importance of hard work, particularly when combined with intense passion and drive, which leads to extraordinary technological progress and soaring artistic creations. Nevertheless, my ears perk up whenever I hear an older person lecture millennials about how they need to work more just to have a reasonable chance at a retirement compared to generations that came became before.<\/p>\n

Yet that\u2019s exactly what happened when I read an article published at Politico<\/em><\/a> by 75-year old Alicia Munnell, and academic who also worked for the Federal Reserve Bank of Boston and the U.S. Treasury Department under Bill Clinton.<\/p>\n

She seems to understand the problem. She notes:<\/p>\n

A comparison of millennials (adults currently ages 25 to 35) with earlier cohorts (Gen-Xers and late baby boomers) when they were the same age shows that even though a higher percentage of both millennial men and women have college degrees, they are behind in almost every economic dimension.<\/em><\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Beware Former Central Bankers Telling You to Work More I\u2019m not the only one of course. The financial crisis of 2008\/09 similarly shattered the worldview of tens, if not hundreds of millions of people across the globe. I believe that the old manner of doing things as far as organizing an economy and society died […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[20459,3832,124,303,4285,6174,3650,2785],"class_list":["post-34967","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alicia-munnell","tag-central-bankers","tag-central-banks","tag-fed","tag-liberty-blitzkrieg","tag-michael-krieger","tag-us-federal-reserve","tag-work"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34967"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34967\/revisions"}],"predecessor-version":[{"id":34968,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34967\/revisions\/34968"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}