Jobs that are insecure are masked with a good-sounding name–“gig jobs” or the “sharing economy.” Would that the cost of living was covered by these insecure jobs. These jobs are precarious work, a job that places the person under daily financial insecurity while the employer benefits richly from being able to throw away labor without any concern. People in temp jobs or contract work who are not independently wealthy are indeed in a precarious situation.
Senator Mark Warner (a Democrat from Virginia) spoke without fear or worry on this subject, being a millionaire (estimated net worth (2014), $242,889,631) seems to help fuel the luxury of indifference and time to debate while people need to pay bills immediately.
See also Kalleburg, Arne L. (2014). “Measuring Precarious Work. Working paper, EINet Meaurement Group. November. Key quote that should guide policy makers (with a conscience):
Precarious work is usually regarded as work that departs from the norm of standard work (i.e., secure employment with an employer; working full-time, year round; working on the employer’s premises under his or her supervision; enjoying extensive statutory benefits and entitlements; and having the expectation of being employed indefinitely). Precarious work thus falls below socially accepted, normative standards by which workers have certain rights and employment protections and bear the risks associated with economic life.
On financial instability in the United States. With a seemingly hamstrung, self-obsessed personality in the White House, connected to a political-party duopoly (Democrats and Republicans) that are also tied to money and power at the expense of labor and the vulnerable, it seems that there may not be any policy to address the misery of financial insecurity among people who are not part of the 400 wealthy families in the United States.
See Peter Temin’s remarks at the Institute of New Economic Thinking:
Former President Barack Obama to be paid $400,000 for speech at Cantor Fitzgerald, a Wall Street financial services firm. Key quote from the New Yorker magazine article:
But still, Obama does not need this gig. And both his party — and his ideological kin the world over — could really use some distance from Wall Street, given that even the center-left’s own technocrats now recognize that the financial industry is an overgrown parasite whose rapacious rent-seeking immiserates working people.
The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending April 22, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Personnel||Division of Reserve Bank Operations and Payment Systems — appointment of Rebecca Royer and Mark Olechowski as assistant directors.
-Approved, April 17, 2017
|Enforcement||Deutsche Bank AG, Frankfurt am Main, Germany — issuance of a consent order and assessment of a civil money penalty.
-Approved, April 15, 2017
Deutsche Bank AG, Frankfurt am Main, Germany; DB USA Corporation, New York, New York; and Deutsche Bank AG New York Branch — issuance of a consent cease-and-desist order and assessment of a civil money penalty.
-Approved, April 15, 2017
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for April 27, 2017, is below.
[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]
H.4.1 Release–Factors Affecting Reserve Balances
Total factors supplying reserve funds (as of April 26, 2017): $4,516,539 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)