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Thread: When Economic Recessions Become "Social Recessions"

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    Default When Economic Recessions Become "Social Recessions"

    At some point, economic recessions trigger social recessions. Individual expectations and behaviors slowly gather the momentum to change cultural values, social relations, and the way entire generations think about key issues such as opportunity, security, prosperity, government, family, and the relative importance of money in life.

    Social recessions appear to be triggered by declines in upward mobility and opportunity and increases in income disparity. In response, the young generations lose faith in the secure financial future that they were once implicitly promised, and they start opting out of careers, marriage, and having children.

    For many citizens, these seemingly normal options are no longer financially viable. As the path to security narrows, young people realize that "following the rules"—studying hard and trying to fit into corporate/government niches—no longer offers the promised payoff. Cynicism replaces hope, and society stagnates and turns inward.

    America is already getting a taste of the social costs of economic decline. Young Americans graduating from college find a world of greatly diminished opportunities for full-time employment and the type of financial security that their parents took for granted.

    In Japan, these trends began after the unprecedented bubbles in Japan's real estate and stock markets popped in 1990. Now, a third of jobs that are available are free-lance/contract or other temp jobs, or part-time positions that pay one-third of typical corporate salaries.

    Lacking sufficient income to be independent, young people are moving back home or staying at home because that is the only financial option open to them. In bonding themselves to the security of their parents, they enter a state of permanent adolescence in which marriage, having children, and making long-term plans have no place.

    It is no secret that Japan's birth rate has been falling for years, but less well-known is the decline in marriage and even relationships.

    In these ways, the social conventions of Japan are fraying or even unraveling under the relentless pressure of an economy in structural decline.

    Full article:

    Guest Post: When Economic Recessions Become "Social Recessions" - Blogs at Chris Martenson

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    Last edited by Cael; 24th October 2010 at 05:05 PM.

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    Low-Wage Economy Destroys The American Dream

    Rising unemployment, soaring health care costs, stagnating wages, crumbling job security--this is the state of working America today. With 41 million uninsured and 30 million working Americans--one of every four U.S. workers--at the official poverty level, it’s time to transform the low-wage economy into a living wage economy that can provide an opportunity for everyone to reach the American Dream.Tyson Workers and Health Care

    Workers in this country are seeing their way of life on the verge of collapse as they work longer and harder for less. Despite a six-percent increase in productivity in the second quarter of this year, compensation isn’t following suit. Unions are providing relief to organized American workers and even others in markets where union density is high. But the attacks on working people show no sign of ending and ‘low-wage workers’ are being hit the hardest.

    These low-wage jobs usually lack health care, child care, pensions and vacation benefits. Their working conditions are often grueling, dangerous, even humiliating. At the same time, more and more middle-class jobs are taking on many of these same characteristics, losing the security and benefits we worked so hard to get.

    UFCW | Low-Wage Economy Destroys The American Dream

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    Socialism destroys peoples expectation like nothing else I hear.

    How does creating new things = a win for me in commie utopia land.

    Excellent OP btw.

    Any pics of this Japanese Tent city?
    Last edited by Telemachus; 24th October 2010 at 07:50 PM.
    ..the Irish nation can become other than white, by privileging the voices of the racialised and subverting state immigration but also integration policies. – Ronit Lentin

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    Quote Originally Posted by Telemachus View Post

    Any pics of this Japanese Tent city?
    There's a vid here. Ironically, you have to watch an ad for business class travel on American Airlines before you get to the report.

    http://www.reuters.com/news/video?videoId=96379

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    Quote Originally Posted by Cael View Post
    At some point, economic recessions trigger social recessions. Individual expectations and behaviors slowly gather the momentum to change cultural values, social relations, and the way entire generations think about key issues such as opportunity, security, prosperity, government, family, and the relative importance of money in life.

    Social recessions appear to be triggered by declines in upward mobility and opportunity and increases in income disparity. In response, the young generations lose faith in the secure financial future that they were once implicitly promised, and they start opting out of careers, marriage, and having children.

    For many citizens, these seemingly normal options are no longer financially viable. As the path to security narrows, young people realize that "following the rules"—studying hard and trying to fit into corporate/government niches—no longer offers the promised payoff. Cynicism replaces hope, and society stagnates and turns inward.

    America is already getting a taste of the social costs of economic decline. Young Americans graduating from college find a world of greatly diminished opportunities for full-time employment and the type of financial security that their parents took for granted.

    In Japan, these trends began after the unprecedented bubbles in Japan's real estate and stock markets popped in 1990. Now, a third of jobs that are available are free-lance/contract or other temp jobs, or part-time positions that pay one-third of typical corporate salaries.

    Lacking sufficient income to be independent, young people are moving back home or staying at home because that is the only financial option open to them. In bonding themselves to the security of their parents, they enter a state of permanent adolescence in which marriage, having children, and making long-term plans have no place.

    It is no secret that Japan's birth rate has been falling for years, but less well-known is the decline in marriage and even relationships.

    In these ways, the social conventions of Japan are fraying or even unraveling under the relentless pressure of an economy in structural decline.

    Full article:

    Guest Post: When Economic Recessions Become "Social Recessions" - Blogs at Chris Martenson
    That's a very good OP, actually. Thanks for that.

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    Quote Originally Posted by YoungLiberal View Post
    That's a very good OP, actually. Thanks for that.
    Tá fáilte romhat a chara.

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    Quote Originally Posted by YoungLiberal View Post
    That's a very good OP, actually. Thanks for that.
    Very sad reading .Do you think it is possible for people to be happy in these circumstances? Is it easier for people to cope if they know that everyone is in the same boat?

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    Quote Originally Posted by olamp View Post
    Very sad reading .Do you think it is possible for people to be happy in these circumstances? Is it easier for people to cope if they know that everyone is in the same boat?
    I imagine it would be. But when we read in the sunday papers that the greedy developers, that bankrupted the country, are being allowed to pay themselves 200,000 euro a year out of Nama money, and keep their fabulous trophy homes, then we know we are definitely not all in the same boat.

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    Quote Originally Posted by Cael View Post
    I imagine it would be. But when we read in the sunday papers that the greedy developers, that bankrupted the country, are being allowed to pay themselves 200,000 euro a year out of Nama money, and keep their fabulous trophy homes, then we know we are definitely not all in the same boat.
    Heard Michael Smurfit on some interview expressing sympathy for a friend who used to be worth 3 billion and is now worth ONLY 100 million!! These guys perception of hard times bears no connection with reality.

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