Tag: Labor

Bernie Sanders: What the Economists are Fighting About

Economists have gotten into a big fight with each other about the potential economic impacts of Bernie Sanders’ proposals. First Gerald Friedman came out with a new paper anticipating a tremendous improvement in economic performance under Sanders. Then four economists (Krueger, Goolsbee, Romer, and Tyson) affiliated with the Obama and Clinton administrations wrote a joint letter asserting that Friedman’s claims “cannot be supported by the economic evidence”. Paul Krugman subsequently took their side on his popular blog. Others have defended Friedman–Jamie Galbraith accuses the four of not having rigorously reviewed the paper, while Dean Baker claims that the New York Times is not giving Sanders’ side a platform and that there’s far more support among economists than we are being led to believe. In the popular press, this argument has rapidly devolved into a question of which authorities are more or less credible. I want to give you something better–a readable analysis of the actual arguments at stake here.

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The Trouble with Unpaid Internships

These days, many young people find that the competition for entry level jobs is very fierce—so much so that to get a job, you need to already have job experience. But if you need job experience to get the job in the first place, how do you go about meeting this requirement? Increasingly, young people are finding that unpaid internships are the only solution. 60% of employers prefer to hire people who have completed internships. As a result, 55% of college seniors report having worked as interns, more than double the figure from the early 1990’s. More than one million Americans work as interns every year, and about half of those are unpaid. That’s at least 500,000 unpaid interns. If each of those interns worked 40 hours a week for 12 weeks at a minimum wage job, each one would earn $3,480. That’s almost $2 billion combined, and a lot of the work that unpaid interns do is worth more than the minimum wage. What’s going on here?

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Misconceptions: “Minimum Wage Jobs Aren’t Supposed to be Careers”

The other day, I saw one of my Facebook friends post this image:

The claim that minimum wage jobs aren’t supposed to be careers, and that consequently any adult who still has one deserves a wage that cannot be lived on, is dangerously misleading. Here’s why.

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Do We Treat College Students like Indentured Servants?

I recently heard someone compare the modern student experience in the United States to indentured service. This comparison seems hyperbolic on first analysis, but I want to take it seriously. To what extent, if any, is the process of taking out student loans or working unpaid internships similar to the experience of poor 18th century opportunity-seekers in the United States?

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