Welcome to another edition of "Signs the Economy is Bad." Got a bit of everything this week, so. . .
Big News This Week
- The big news this week is that the U.S. Labor Department released one of their nice reports on the labor market. This one says that the labor market is strong in the second quarter, although GDP growth is expected to be revised down. Story via Reuters. Naturally, when a report like that comes out, questions I ask include why? Well, the reason given is "the number of Americans filing applications for unemployment benefits unexpectedly fell last week, suggesting the labor market remains strong even as the economy is slowing." Again, this is where I ask why are there less filings for unemployment? What kinds of jobs are people getting, if any? And so on. And as we shall see in the next stories, this boils down to what do those pundits actually know because signs the economy is bad are all over. It is not really that strong if you are paying attention.
Education News
- One of the issues keeping the Bad Economy rolling recently is the Tariffs Wars with China (and pretty much the rest of the world) versus the United States. The catch that, contrary to what the Pendejo In Chief or his pundits may say, tariff wars are not easy to win, and they often have all sorts of pesky repercussions, ricochets, and collateral damage. It's the stuff that no one thinks about right away that really gets you. For example, universities are now worrying that the economic conflict with China means a significant decrease in Chinese students coming to study in the U.S. Why is that a problem? According to this article, via Inside Higher Ed, "In 2017-18, China sent 363,000 students to the United States to study -- the most from any single country, and more than the next six countries combined. This pipeline is so valuable that many higher education institutions in the United States have focused their international recruitment efforts and fiscal margin of safety almost exclusively on the Chinese market." So now they are scrambling to figure out how to replace or minimize the impact of losing their cash cow.
- This is not so much a sign as a bit of useful tips for college students regarding buying their textbooks at the college bookstore. Story via Inside Higher Ed. While I say the tips here are good, the consensus is basically this: buy your books online or wherever they are cheaper, and they will usually be cheaper elsewhere. Do your homework.
- Also, this is where I take the opportunity to tell you all, once again, not to go expecting your campus library to have your class textbooks. While some libraries may have one (two copies tops, maybe) on reserve, usually for two-hour or so use inside the library, we as a general rule do not buy textbooks for the general library collection. So forget the notion you are going to be smart and check out all your textbooks from the library. Not going to happen. Trust me on this one. Want to know more? Leave me a comment, and I will expand on this explanation, but overall, as I said, trust me on this. I get a few students every year trying that only to find heartbreak.
- Meanwhile, in library land, I see heartbreak is still being found as library school graduates continue to discover or experience the epiphany that the job market for our field is abysmal (to put it mildly) while library schools and professional associations like the American Library Association (ALA) keep touting going to library school as a great option for a career and good job. The headline of this article at In the Library With a Lead Pipe pretty much sums it up: “'All I did was get this golden ticket': Negative Emotions, Cruel Optimisms, and the Library Job Search." To be honest, I am a bit surprised that people are still falling for this, and that the LIS Schools and ALA think it is still OK to peddle that bovine excrement. I mean, they were saying it when I became a librarian, and I've been around the block a bit by now. The line has not really changed much. This is also a topic that irks me, and it may be something that I write more about later. Meanwhile, there it is.
Government News
- In government news, just another piece of local political corruption and the need to follow the money. In Waukegan, Illinois, they have truck stops that are not really trucks stops, and electronic gambling machines are seriously gaining in popularity. Story via Pro Publica. And before anyone assumes it is the Party of Stupid, nope. It's the Republican Lite playing this game.
Meanwhile back in the US colony
- As the population exodus continues out of the island of Puerto Rico, the question rises: what do you do with hundreds of closed down vacant schools? Via Hechinger Report.
The Bad Economy Around the World
- Out in Macau, the local casinos are not happy. Why? Apparently those pesky protests in Hong Kong are bumming out tourists and travelers who would go to Macau to gamble at the casinos. Story via Reuters. Apparently protesting for things like democracy and freedom is bad for high end casino businesses.
In Other News of the Bad Economy
- When Reuters points out that the economy strong, less unemployment claims, blah blah blah, did by chance these folks in Ohio? Because, sure, more of them are employed but they are STILL in poverty. Story via Public News Service. Why? Well, for starters, as the article states, let's just say "not all jobs are created equal."
- Speaking of collateral damage from the U.S. picking tariff wars with the rest of the world, it seems this could cost over 78,000 U.S. jobs in the drinks and hospitality industries. Story via The Spirits Business. Oh well.
- Rolling Stone reports that yes, payola on the radio is still a thing. My natural questions were: people still listen to radio? At all? really? why?
- This item just caught my eye. Via Adult Video News (AVN. Warning: while this page is mostly OK, parts of the site can be NSFW), an interesting piece you may missed about Bloomberg News coming out against copyright protection for porn. Read it, then ponder it a bit why it is OK for Bloomberg to have their content protected but not adult entertainers and creators. If you are a writer, artist, or other content creator, this should be of interest.
Hustlin' in the Bad Economy
- Some stories of making do and hustlin' in the Bad Economy via The Spirits Business:
- Apparently, Hooters (yes, the restaurant chain) needs to raise some extra cash. Their solution? Make their own lineup of alcoholic spirits. Makes sense. People go there to eat, drink, and ogle the waitresses, so may as well get them to drink their own stuff. I think that is a form of synergy, is it not?
- Also, it turns out there is some new movement to drink less, "sober curious" they are calling it. Naturally, bars and other drinking holes do not want to be left out, so they are working to adapt to have low alcohol drinks and such. So is stuff like O'Doul's going to make a comeback? If you ask me, I do not think alcoholic drinks and spirits will disappear completely. Interest may go down a bit, or change, but they will always be there. Besides, there is plenty of room for alcohol and non-alcohol.
- How do you get people to donate to food banks? Why, cocktails. A UK bar chain is doing that, offering a free cocktail if you bring in some canned/non-perishable goods to donate to food banks. I am all for anything creative that helps out.
- A couple of items via Boing Boing:
- Ever wondered what a thrift store does with donations of, ahem, adult items and materials? Many likely discard them. This one store in Washington State saves them, then sells them once a year "after dark" adults only sale. Now that is hustlin' in the Bad Economy.
- I am one of many people who tell others that they can save money on books if they borrow from their local public library. Well, some libraries, like this one, now give you receipts of your book checkouts that also tell you how much you save by borrowing the books. In the Bad Economy, it is good to save some money, and saving on your entertainment (libraries also have DVDs and even streaming media options) is a good thing.
- And if you thought things were bad already, well, they are getting worse. Even fortune cookies, yes, those little things you usually get at the local Poopy Buddha after a meal, are now featuring advertising along with your fortune.
This week we have some serious fuckery in the Bad Economy. Just when you thought it was done, these stories make one say:
Hold My Beer
- Did you know a bank could ruin your sexual life? Well, if you run a sex business in any way, shape or form, banks think your money is apparently filthy lucre, and they want nothing to do with it. Story via VICE. This makes life a living hell for your honest sex business operator trying to make a living who needs to do some banking. It's moralistic fuckery from the banks, pure and simple.
- Life is already hard as it is. People in the United States are notorious for not taking vacations, even when their jobs provide vacation benefits. Fact is many people just cannot afford to take vacation. So, what is the solution? If you listen to folks from companies like BankRate as well as media like CNBC and Fox News, the answer is simple: get another credit card and charge that vacation. The fact that "Americans already owe more than $1 trillion in credit card debt, and the average new credit card interest rate is over 19%" is not an issue to these people. Fuck you, get a credit card. Me? I will save my pennies and do a modest staycation instead, which is actually what my family and I did last month: took a nice staycation, some some local things, did not spend much. Give it a try, and don't listen to those "pundits."
- I have said this before, but I will say it again just in case: I have zero sympathy or respect for anyone who does not tip their waiter, waitress, or other food service where tips are part of their compensation (specially because employers pay below minimum wage and would have them as slaves if they could). So people who do not tip are in my personal list of people who deserve the worse karma can offer. Anyhow, before I go on a rant, here is a waitress responding to one of those assholes who did not tip. Her response is certainly more classy that I could ever be. I do agree with her, including this point she makes: "Don't even bother walking into a restaurant if you can't afford to tip. There's a McDonald's down the street if you're that cheap." Poor service is not an excuse not to tip; go complain to management if that is the case. Better yet, lobby for them to get better pay so tips are not needed. Otherwise, STFU, tip or stay home and cook. Story via GOOD.Is.
How are the Uber Rich doing?
- On the other hand, if you are one of those who does not have to concern yourself with tipping because eating out means cost is no object, then you clearly work to avoid eating with the hoi polloi. There is nothing more terrifying to the uber rich than realizing there may be a plebeian that somehow got into their fine exclusive eatery. Well, to avoid this shameful situation, nice restaurants now use Google to research potential customers to make sure they are "special people." Story via VICE. I can tell you this: if they google me, they are going to tell me there is a Taco Bell around the corner, and that is fine by me.
- Speaking of uber, as in the company Uber, they are losing a shit ton of money. In this case, shit ton means a projected $8 billion loss in 2019. To rich people like them, that is no big deal. To peons like me, yea, that is a shit ton of money.
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