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For example, cars we import from Germany and electronic items we buy from Japan or Korea are likely to include a substantial amount of parts produced in China.

If we conservatively reduce the value-added of the items we import from China by 25 percent to account for foreign inputs, this means the value-added in Chinese exports to the United States accounts for less than 3.

By contrast, following the collapse of the housing bubble, residential construction in the United States dropped by almost four percentage points of GDP.

The piece shows trends in the growth of income and wealth which show the over 65 group doing very well and everyone else not.

This is not a quite a simple granny-basher column, Leonhardt does come around at the end and tells readers:. The young pay the biggest price for these inequities.

First, when it comes to the median income of people over age 65, it is important to note that this is much more likely to reflect the income of a household with at least one worker than would have been the case a quarter century earlier.

The percentage of people between the ages of 65 to 69 who are working rose from This increase in employment among older workers is not all negative.

In many cases, it is due to the fact that older people are more likely to be in good health and to be working at jobs they enjoy.

But in many cases, these are people who are working because they have no other way to make ends meet. In these cases, it is not an apples-to-apples comparison to say that the income of an older worker in is higher than a non-working retiree 25 years earlier.

Economists have been concerned about the sharp slowdown in productivity growth since and wondering whether it will persist indefinitely.

For reasons that are not clear, growth then slowed sharply to a 1. Projections from the Congressional Budget Office, Social Security Administration, and elsewhere assume that the rate of productivity growth will remain slow for the indefinite future.

But there is good news. They apparently all have great plans for increasing productivity at their businesses but are keeping them a secret.

The more rapid productivity growth will mean more rapid economic growth and higher tax revenues. Also, with more rapid productivity growth, there will be less reason to fear that large budget deficits will push the economy too far and lead to inflation.

The NYT did a very simple step today and performed a great public service. In an article on allegations by Texas Secretary of State that 95, non-citizens in Texas might be registered, it put the numbers in the context of the total number of registered voters in Texas.

The piece reported on the conclusions from an investigation which found that 58, of these people voted since The NYT article points out that even if all 58, of these votes were cast in , it would amount to 0.

It notes that no one claims that all 58, votes from these people were cast in This could be due to name changes or simply inaccurate record keeping.

The actual number of non-citizens in this group is certainly less than this figure and possibly much less. Greg Case and Julie Sweet had a column touting the apprenticeship programs arranged through their companies, Aon and Accenture North America.

They argue that these sorts of apprenticeship programs are needed to combat the "skills gap. The key factoid in this argument is the increasing number of jobs requiring college degrees and the loss of jobs that need just a high school degree:.

The problem with this story is that, as the labor market has tightened, wages for workers with just a high school degree have risen far more rapidly than wages for workers with a college degree.

According to data from the Bureau of Labor Statistics, inflation-adjusted weekly wages for the median worker with just a high school degree have risen by 5.

By contrast, median weekly earnings for workers with a college degree have actually fallen by 0. This story is not consistent with a shortage of college-educated workers and a surplus of less-educated workers.

That is the gist of a piece telling us that automation a. Since the Congressional Budget Office CBO and most other forecasters project continued slow productivity growth, the prediction of an imminent surge in automation goes against standard views in the economics profession.

It happens in surges, when companies are given strong incentives to tackle the difficult task of automation. Employers slash payrolls going into a downturn and, out of necessity, turn to software or machinery to take over the tasks once performed by their laid-off workers as business begins to recover.

Employers need to turn to automation out of necessity because they are laying off workers? In the old days, we used to think that the incentive to automate was greatest in the upturn when labor is tight and wages are high.

In the downturn, workers are willing to work for lower pay because they have few other options. Why would companies see this as the time to automate?

Last week, Jack Bogle, who founded Vanguard Funds, died at the age of This is regardless of whether it is their own trading or they have an actively managed mutual fund.

Korean Dramas have been enjoyed massive popularity for the last decades but what makes these series so popular internationally? Do you love following popular Korean singers?

Want to know more about them? Unlock some of the interesting facts about your favorite Korean artist that you may not know ever before.

There is no […]. There is no denying is fact that Korean original soundtracks actually add life to the Korean Dramas. Unlike western countries, Korean drama has lots of songs with lyrics which plays a very essential role […].

There is no surprise in this fact that the quality of Korean dramas is just remarkable as it reflects the actual culture of Korea. Over the years, Korean dramas have introduced various new things […].

Here comes our second comeback video!! We had so much fun doing this dance, we were all smiley!! Have you been one of those who just used to sit in front of the TV and flip channels for hours, dissatisfied with the ongoing programs?

If yes, then it is best to watch […]. Have you discovered there are some new faces in this video? Please enjoy the dance cover and let us know your […].

Our last dance cover in !! More coming in this month ;. Undoubtedly, Jonghyun was one of the superstars of Korean music industry who had actually written and sung heart melting songs and also got millions of views over his releases.

Christmas is just around the corner of this month and soon it will hit the world.

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For this reason, we argued for using macroeconomic policy to get the unemployment rate as low as possible, until inflation became a clear problem.

At that time the unemployment rate was still close to 7. It was still coming down from its Great Recession peak of In fact, this was pretty much the consensus view in the economics profession.

The NAIRU is essentially the target rate of unemployment for policymakers since they want to prevent the accelerating inflation that would result if the unemployment went much lower.

Our argument was directed at these people. We felt the evidence that unemployment rates this high should pose any sort of floor for macroeconomic policy were weak.

We also pointed out that economists had been badly mistaken two decades earlier, in the s, when they argued that the unemployment rate could not get below 6.

Fortunately, the Greenspan Fed ignored that view and allowed the unemployment to fall to 4. This gave us the late s boom, the only period of sustained real wage growth for those at the middle and bottom of the wage ladder since the early s.

Given the enormous gains from allowing the unemployment rate to fall further, we felt the Fed should take the small risk of accelerating inflation, and allow the unemployment to continue to decline below the conventional estimates of the NAIRU.

Thankfully, Janet Yellen, who was then Fed chair, agreed with this position. It helped that our friends with the Fed Up Coalition were also pushing hard in this direction.

Since then, the Fed has had a path of moderate rate hikes faster than I would have liked , that have not prevented the unemployment rate from falling further.

I was going to really tee off on this NYT article , calling Medicare for All an "ambitious and expensive left-wing" policy, but I think Paul Waldman did a nice job making the point in his Washington Post column.

The basic point is that reporters should leave these sorts of adjectives out of their coverage of the debate over reforming the health care system.

Every other wealthy country has some sort of universal health care system, many with government-run insurance that look a lot like Medicare for All.

This has not bankrupted any of them. So the idea that we should move to something like this sort of system in the United States should not be treated as an extreme left far out position.

On the other hand, there is an accurate adjective that could be applied to the assertion by billionaire Michael Bloomberg that a universal Medicare system "would bankrupt us for a very long time.

If the NYT is trying to better inform its readers about health care policy for the election, rather than telling them Medicare for All is an extreme position, it would point out when its critics make untrue assertions about the policy.

This overstates the actual share of Chinese value-added in these exports, since we record the full price of a product as an export, even though much of the value-added comes from other countries.

For example, we would record the full value-added of an iPhone assembled in China as an export from China, even though the vast majority of the value added in the product comes from the United States and other countries.

This is offset in part by Chinese value-added in items from third countries. For example, cars we import from Germany and electronic items we buy from Japan or Korea are likely to include a substantial amount of parts produced in China.

If we conservatively reduce the value-added of the items we import from China by 25 percent to account for foreign inputs, this means the value-added in Chinese exports to the United States accounts for less than 3.

By contrast, following the collapse of the housing bubble, residential construction in the United States dropped by almost four percentage points of GDP.

The piece shows trends in the growth of income and wealth which show the over 65 group doing very well and everyone else not.

Unlock some of the interesting facts about your favorite Korean artist that you may not know ever before. There is no […]. There is no denying is fact that Korean original soundtracks actually add life to the Korean Dramas.

Unlike western countries, Korean drama has lots of songs with lyrics which plays a very essential role […]. There is no surprise in this fact that the quality of Korean dramas is just remarkable as it reflects the actual culture of Korea.

Over the years, Korean dramas have introduced various new things […]. Here comes our second comeback video!!

We had so much fun doing this dance, we were all smiley!! Have you been one of those who just used to sit in front of the TV and flip channels for hours, dissatisfied with the ongoing programs?

If yes, then it is best to watch […]. Have you discovered there are some new faces in this video? Please enjoy the dance cover and let us know your […].

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