The Cult of Over-Working: Diminishing Returns and Inflation

Whether you’re a short order cook, a trial attorney, a plumber, Starbucks barista, car mechanic, ER nurse, high school teacher or a Hollywood producer, and whether you’re infatuated with your career & ‘in the zone’ daily, or absolutely hating life while slavin’ away at a meaningless desk job while pleading for the boss to return your red stapler, chances are that you’re working harder & longer today than you would’ve decades ago, with fewer wage gains, savings, social mobility & thus prospects for a sustainable retirement.  All of this despite the government, media and school system from K through 12 through college & grad school preaching to us that our work is our identity & very purpose for living – cultish beliefs that are meant to make many of us keep striving to achieve some ephemeral material dream, let alone somehow just get ahead, despite the rising economic odds.

The other thing:  How is it that we’re the hardest working people in history, yet still find ourselves enduring real decade-plus-long unemployment & underemployment rates comparable to those of 80 years ago?  Or that we’re told that inflation is kept under control and “targeted” while education, property, rents, insurance, medicine & health care costs contribute toward crippling the storied middle class?  I’m relying upon sober, credible statistics, by the way, not government-mandated propaganda posturing as data to further speculate with while capping entitlement payments.

Answers tend to vary in the corporate press, yet rarely do they emphasize the role of imbedded inflation discourtesy of chronic currency debasement over decades.  Yes, even the mere mention makes most either scratch their heads or get the kids out of the room, as it’s considered profane to defame the fiat dollar.  Well, in this 42nd episode of “Money & Fear”, we’ll swim in such profanities while painting a succinct, albeit numbers-abetted, portrait of what’s at the core of the over-working rot that’s turning people from human resources into, well, red staplers.

If you’re not a Newsbud member yet, please join and tell others.  For practically nothing, the site gives you unrivaled information covering current, global and economic news that you’re literally not supposed to know.  The site empowers you to stay ahead of the herd … and to think … like currency-debasing central planners & related exploiters of siphonable mass labor … think.  The time is now to support independent, nonpartisan media, so please consider joining the worldwide Newsbud community today and tell other genuinely curious friends & family out there as well.  Thank you.

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Show Notes

Law of Diminishing Returns

In U.S., wage growth is being wiped out entirely by inflation

Bureau of Labor Statistics - Real Earnings Summary

2018: the year of fake economic data

Uncovering Misleading Government Economic Statistics – an alternative reality

If the US unemployment rate included everyone who says they want a job, it would be nearly double

Federal Reserve Bank of Atlanta - Wage Growth Tracker

Growth (or not) in real wages

For most U.S. workers, real wages have barely budged in decades

U6 Unemployment Rate

Alternate Unemployment Charts - ShadowStats

Unemployment Rate by Year Since 1929 Compared to Inflation and GDP

Consumer Price Index

Chapwood Cost Of Living Increase Index

Generation Debt: The Student Loan & Wider College Rackets

The Inflation Chart That Explains Everything

Change in Purchasing Power of the U.S. Dollar By Decade From 1900

Report paints picture of `overworked and underpaid´ Britain

Overworked America:  The economic causes and consequences of long work hours

I Spent 15 Years Studying Why People Hate Their Jobs. This Is the Top Reason

Do You Hate Your Job? Here Are 6 Reasons Why It's Actually Not Your Fault

Workism Is Making Americans Miserable

Why Do Americans Work So Much?

The U.S. is the Most Overworked Developed Nation in the World

Overworked America: 12 Charts That Will Make Your Blood Boil

The Cult of Overwork

The Sociology of the Ayn Rand Cult

The Three Faces of Work-Family Conflict

Memo to work martyrs: Long hours make you less productive

How the Culture of Overwork Is Damaging Your Productivity and Your Health

The Research Is Clear: Long Hours Backfire for People and for Companies

Why Overworking Doesn’t Work

Why are Americans spending too much time at work?

People Over 40 Shouldn't Work More Than 3 Days a Week, Study Says

Never Retire: Why People Are Still Working in Their 70s and 80s - For some, retirement is a dirty word. Others opt to "un-retire" when they realize they've made a mistake.

Americans: Overworked, Overstressed

Papers

Employment Cost Index - Historical Listing – Volume IV

Economic Possibilities for our Grandchildren  (1930) – by John Maynard Keynes

Books

https://books.wwnorton.com/books/detail.aspx?id=7175

https://www.basicbooks.com/titles/juliet-schor/the-overworked-american/9780465054343/

https://www.penguinrandomhouse.com/books/27862/the-working-life-by-joanne-ciulla/9780609807378/

*For additional footnotes and links refer to the Newsbud article link above

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Comments

  1. Theo Iskra says:

    Pye, would you say that the abolishment of the gold standard and the introduction of the petrodollar standard was the centerpiece of the neoliberal period that has been our economy ever since? Additionally, has the abolishment of protections for workers and the deregulation of capital also contributed to the stalling of purchasing power parity? Lastly, what do you make of the inverting of the yield curve for U.S. Treasury bonds? Do you believe the recession will occur this year or next year?

  2. James Williamson says:

    The cult of work, indeed. In addition to your essential presentation of facts, Pye, which appropriately and fiercely smack the mask of duplicitous government statistics, I especially appreciate the images from ‘Metropolis,’ as well as of Manhattan (that epicenter of enforced workaholism in which I (as did many others) slave on pointlessly for too many tedious years until burn-out. Little did most of us know that we were “being played” (yes, not unlike Elvis by the Svengali and slave-master, the colonel). It’s essential that we all begin to finally discern the true “macro” and “micro” problems of the planet, especially the economic ones. Fritz Lang was ahead of his time.

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