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?
Tag: Wages
Why You Should Get a Raise
Since the global economic crisis of 2008, many of the world’s advanced economies continue to struggle to recover. In many of these countries, growth since the crisis has been much slower than it was in the years prior. Indeed, when we look closely, we see that the 2004-2007 growth average is higher than the 2010-2013 average in just about all the major advanced economies, and that in some countries this difference is very large:
What’s holding back recovery? To understand this, we need to understand what kind of economic crisis we’re trying to recover from in the first place. Continue reading “Why You Should Get a Raise”
Saudi Arabia under King Abdullah
King Abdullah’s reign in Saudi Arabia has come to an end with his death at age 90. Abdullah became king in 2005, but his rule truly began in 1996, when, as crown prince, he became King Fahd’s regent. Effectively, he was in power for nearly 20 years. It can often be difficult to judge the legacies of democratically elected leaders. Their short terms in office make it difficult to distinguish the effects of their administrations from those who precede and follow them. By contrast, autocratic rulers not only typically rule for far longer, but they also have much greater personal influence over the policies that emerge during their reigns. For these reasons, when a long-serving autocrat passes the torch, it is an interesting and useful exercise to have a look at how much better or worse off their country is now than it was when they rose to power. In March 2013, I ran a similar piece about Hugo Chavez’ 14-year reign. So let’s look at Abdullah’s legacy.
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.
Continue reading “Misconceptions: “Minimum Wage Jobs Aren’t Supposed to be Careers””
Hillary Clinton’s Problems Go Far Beyond Being “Out of Touch”
Hillary Clinton has been getting reamed for being “out of touch” for comments she made regarding the Clinton family’s wealth. The Clintons earned $109 million during their first 7 years out of office (for an average annual income of $15.5 million), but she nonetheless claimed that the Clinton family was “dead broke”and in debt when it left the White House in 2001, and that the Clintons are not truly “well off“. While Clinton badly misses the mark here, what’s far more disturbing is the role her husband’s administration played in enriching people like them at the eventual expense of the wider population.
Continue reading “Hillary Clinton’s Problems Go Far Beyond Being “Out of Touch””
Benjamin Studebaker 