Many educated Americans, who have lost their job for nearly a year, find that their unemployment benefit is running out. They are desperate to get a job. Some are willing to work for free, to show that they can contribution and wait for a chance to get a full time job later. Many are willing to work as day labor to get paid by the day.
In the past, during boom times, the free market was able to create jobs. Most of these jobs are created by small businesses. In difficult times, these businesses are not able to get credit, as banks are more cautious. Without credit, these small entrepreneurs cannot grow their business and employ the available labor.
Many people hope that the economic situation will improve. But, it could get worse - and this is the more likely outcome. There has been so much loss of trust in our business, financial institutions and even in the free market.
Many governments reduced interest rate to reduce business cost and encourage business owners to expand this business and create more jobs. This strategy does not seem to be working. It is now time for governments start to create jobs directly. It may be necessary to reduce the length of the work week so that the available jobs can be shared by more people.
The economic system has to change. We may have to go back to some form of central planning.
Tan Kin Lian
Any form of job, no matter how small the salary, should be useful to help an unemployed tide over the economic crisis and to prevent a void in our CV.
ReplyDeleteI worked for a listed company for 2 years 11 months. I got retrenched as the company hired a Chinese at 1/3 of my salary to replace me.
ReplyDeleteThe company paid me 2 months of severance pay but denied me of the prorated 11 months saying that only one year full employment is entitled to the severance pay although there was no such terms in the employment.
Now my saving is running low and can't get a job ... while the president is having his holidays in Spain.
In the latest issue of the CDC magazine where I stay, it quoted the Chairman of the Comcare network that unemployment is the most urgent item on the agenda, and that MOM had identified a group of professionals in their 30s and 40s who remain chronically unemployed. So the govt knows of the problem, but I think it is still searching in the dark for answers that will still boost GDP and keep MNCs happy.
ReplyDeleteI would have to say that more & more, diploma and uni-educated citizens who don't have specialised in-demand skills will form an increasing % of the total long-term unemployed or under-employed. These group of people are caught between the devil and the deep blue sea, with high mortgages & loans on 1 hand, and on the other hand, facing poor re-employment propects against age-bias and swarms of FTs who are cheaper, younger and able to perform executive, IT, engineering and generic admin jobs.
Back in 2006 during the boom times, my uncle who is now happily retired (he was one of the rare uni-grads back in 1969) predicted that if you don't develop a strong marketable value for yourself by age 36, you are like riding a motorbike without helmet and insurance.
How to know if you have marketable value? Well, if you're 40+ a real-world test is to send out resumes and see whether you can secure another job within 2-3 months that offers the same or higher rewards than your current job.
The reality in S'pore today is that if you're 38++ and lose your job, unless you have good networks or in-demand professional skills, securing another job offering the same pay will be really difficult to get.
So plan your big liabilities, such as mortgages and kids to support, around this reality.
Ex-Con
There is always dozen of solutions recommened by economist.
ReplyDeleteTurn left or turn right is a difficult choice of politcal party in power.
Which direction will benefit a politcal party in power?
Tell me in this world, which political party in power implement a policy benefit its opposition and ALL citizen?
If there is, econ crisis has been minimised.
Obama breaks his early election promise - withdrawal of troops from Central Asia. Why?
ReplyDeleteIncrease troops and continue war would increase GDP and protect employment of the defence industry!
Since USA can negotiate with Iran & North Korea. Why can't they negotiate with insurgent in Central Asia?
http://blogs.straitstimes.com/2009/12/3/feisty-lawyer-jolts-heavyweights/comments/8077#comment-8077
ReplyDeleteThe link provides an alternative vision of econ development.
US unemployed does not own a piece of farm land. How they survive?
ReplyDeleteIn China, capitalist acquired land.
Farmers were very happy to sell away land in exchange for cash.
These are easy money than farm work. But, easy money easy gone !
Some involve in crime to survive.
In Thailand, farmers insist of farmland and not intend to sell.
In good time, farmer drive taxi in Bangkok. In bad time, farmer go back to farm.
In Singaporer, whree is our "farm land"? $300b reserve !
In 1990s, I used to have buffet in star hotels with my family once a month. I pay the bill with earned interest from Bank. I drink coffee 360 days at coffee shop.
ReplyDeleteAt near Zero interest today, I don't have spare money to eat buffet. I also don't drink coffee at coffee shop.
In past 2 years, I found coffee shop owner always change hands.
China national workers incresed !
Local worker unemployed !!
To a large extent, social stability including job stability is dependent upon the equal balance among the three forces of corporations, government and labour unions.
ReplyDeleteSo what has changed?
Answer: Globalization.
The power of governments and labour unions remain restricted within national borders. Only corporations (in the form of multi-national corporations) are able to operate globally.
As a result, these multi-national corporations are able to force national governments and labour unions to compete for their investment capital.
One possible solution would be to break up these multi-national corporations by nationalizing their assets. Of course, all the governments will have to agree to work in concert to do this.
Fascist political parties tend to support the interest of business over labour and will NOT support such nationalization efforts.
Source: http://en.wikipedia.org/wiki/Fascism
It's important to realize that fascist ideology is alive and well today. Because Nazi Germany, Imperial Japan and Fascist Italy have totally disgraced fascism during World War 2, the modern day fascist has to keep his beliefs hidden.
One way to identify fascists is to learn to identify fascist symbols.
I promise you it will be worth your time. Take a look at this:
http://en.wikipedia.org/wiki/British_Union_of_Fascists
and this:
http://www.adl.org/hate_symbols/neo_nazi_ss_bolts.asp
and Hitler's brown shirts (SA men):
http://en.wikipedia.org/wiki/Sturmabteilung
Anoymous said:
ReplyDeleteworked for a listed company for 2 years 11 months. I got retrenched as the company hired a Chinese at 1/3 of my salary to replace me.
The company paid me 2 months of severance pay but denied me of the prorated 11 months saying that only one year full employment is entitled to the severance pay although there was no such terms in the employment.
Now my saving is running low and can't get a job ... while the president is having his holidays in Spain.
December 03, 2009 10:43 AM
The president can go for his holidays anywhere in the world because he is earning over 3 million dollars a year for doing his job of guarding our huge reserves. You lost your job because our policies favour the faster, cheaper, younger PRC worker who is all out to please his boss in ways you cannot even imagine. Are you one of the 66% who voted for these policies? If yes, then you get what you voted for. If no, then please be patient, when enough people feel the same way as you do, then we may have a change of policies that favour you and the President will be back in Singapore then.
Reference Anon, 4 Dec: "You lost your job because our policies favour the faster, cheaper, younger PRC worker who is all out to please his boss in ways you cannot even imagine.
ReplyDeleteThis reminds me of the following True story.
One Foreign talent from Hong Kong (middle manager at a big foreign bank) went to his boss' (another foreign talent but from India) condo every morning to start his boss' car. The boss was away on holiday, and the Hong Kong Foreign talent did not want his boss' car to fail to start when his boss return from holiday.
On reflection, I guess it's true. The Singapore worker just cannot compete at this level.