- The age cohort with the grimmest history, of course, is the 15-24 bracket. In real terms, this cohort has the same income as in 1967. However, the 2014 data point is off the 21st century low in 2010, no doubt because it is the cheapest and a relatively abundant source of labor.
Goodhart-Nangle, Demographic Destiny & Varieties of Capitalism
Briefly put, the story runs as follows:
- A combination of the demographic sweet spot (a rising proportion of the population being of working age) and globalisation (the great doubling of the global workforce available to Western capital post-1990) resulted in a global glut of labour.
- Faced with an oversupply of workers, the relative price of labour fell pushing down the labour share of national income in the advanced economies and depressing wage growth.
- The availability of cheap labour reduced the need for labour saving, productivity enhancing capital investment in the West.
- Lower demand for capital (and less inflationary pressure from wages) reduced real interest rates.
The result: lower inflation, weaker wage growth, lower investment, falling real rates and rising inequality. The symptoms of what some see as secular stagnation but what are to Nangle a reflection of the fact that labour bargaining power sets the natural rate.
Lack of Enthusiasm From Supporters May Undermine Clinton’s Lead
Here is a result to unnerve her Brooklyn campaign headquarters: Both Barack Obama and Bill Clinton get a 60 percent favorable rating with 18-to-29-year-olds. She gets 35 percent approval and 57 percent unfavorable.
Demographic Cleansing Of Ad Industry
According to a September report by the U.S. Bureau of Labor, a majority of consumer spending (51%) is now done by people over 50.
.. Nonetheless, if you need an example of the navel gazing of marketers there’s this: millennials, who buy about 12% of new cars, are featured in about 99.9% of new car ads.