This week@work the Swiss electorate rejected a ballot measure to provide a guaranteed basic income for citizens, the college graduate unemployment rate is 2.4%, with history majors matching mid-career salaries of business school grads, Mary Meeker projected her 2016 internet trends and 2,600 workers completed 17 years of work to open the world’s longest tunnel under the Alps.
On Saturday Swiss voters rejected a proposed plan to provide an unconditional monthly income of 2,500 francs by a margin of 77% to 23%.
Philip Oltermann surveyed the growing economic trends toward guaranteed basic income, ‘State handout for all? Europe set to pilot universal basic incomes’.
“Universal basic income has a rare appeal across the political spectrum. For those on the left, it promises to eliminate poverty and liberate people stuck in dead-end workfare jobs. Small-state libertarians believe it could slash bureaucracy and create a leaner, more self-sufficient welfare system.
In an increasingly digital economy, it would also provide a necessary injection of cash so people can afford to buy the apps and gadgets produced by the new robot workforce.
Crucially, it is also an idea that seems to resonate across the wider public. A recent poll by Dalia Research found that 68% of people across all 28 EU member states said they would definitely or probably vote for a universal basic income initiative. Finland and the Netherlands have pilot projects in the pipeline.”
“…when they look further into the future, Americans talk about a national minimum income in the context of a jobless future, an employment apocalypse in which workers compete for fewer and fewer good jobs. Robert Reich, the former labor secretary, sees a national guaranteed income as the most likely endgame in an economy with “more and more people getting pushed out of the middle class into the personal service sector of the economy getting lower and lower wages.” When the Swiss talk about basic income, they’re talking about a utopian vision. When Americans like Reich talk about it, it’s a last bulwark against national impoverishment.”
‘The Upshot’ analyzed the May unemployment numbers and drew a positive spin on disappointing results. “A better gauge of the underlying rate of jobs growth is to take an average over the past three months. By that measure, the labor market is creating around 116,000 jobs per month. This is a notable slowdown from jobs growth in the 150,000-250,000 range over most of the past five years. But it’s a slowdown and not a sudden stop.”
Here’s the good news for college grads. In a separate post, the folks @UpshotNYT posed this question: “What do you think the unemployment rate is for 25-to-30-year-olds who graduated from a four-year college?” Most folks guessed high. The actual rate is 2.4%, without a four-year college degree it’s 7%.
While we’re on the topic of debunking ‘value of college myths’, let’s turn to a story about the much maligned history majors. (Full disclosure, I was one)
Writing in the LA Times, James Grossman, executive director of the American Historical Association lamented the decline enrollment in undergraduate history programs and countered with new research that suggests undergrads might want to reconsider their choice of major.
“Over the long run, …graduates in history and other humanities disciplines do well financially…after 15 years, those philosophy majors have more lucrative careers than college graduates with business degrees. History majors’ mid-career salaries are on par with those holding business bachelor’s degrees. Notably these salary findings exclude those who went on to attain a law or other graduate degree.
The utility of disciplines that prepare critical thinkers escapes personnel offices, pundits and politicians (some of whom perhaps would prefer that colleges graduate more followers and fewer leaders). But it shouldn’t. Labor markets in the United States and other countries are unstable and unpredictable. In this environment — especially given the expectation of career changes — the most useful degrees are those that can open multiple doors, and those that prepare one to learn rather than do some specific thing.”
On Wednesday The New York Times announced ‘the Internet is over’. They are changing their style rule to join the rest of the world to lowercase the word ‘internet’.
“Internet growth is slowing dramatically. Advertisers aren’t spending enough on mobile. Privacy concerns are “a ticking time bomb.”Search is about to be revolutionized…and so are messaging apps.”
Moving from technology trends to engineering marvels, BBC News reported on the opening of the Gotthard Base Tunnel in Switzerland, culminating 17 years of work by 26,000 workers.
“Swiss engineer Carl Eduard Gruner first imagined it in 1947: a massive tunnel, unprecedented in length, buried a mile and a half under Switzerland’s symbolic Gotthard mountain range.
Nearly seven decades later, after redesigns, political disagreements and the long, slow work of drilling beneath the Gotthard massif, as it’s called, Gruner’s dream is complete.
The Gotthard Base Tunnel — a record-setting 35.4 miles long, and farther below ground than any other tunnel — was inaugurated Wednesday. The occasion was marked with a celebration that promoted “Swiss values such as innovation, precision and reliability…”
Now the completed tunnel, delivered on time and within budget, will create a mainline rail connection between Rotterdam in the Netherlands and Genoa in Italy.
When full services begin in December, the journey time for travellers between Zurich and Milan will be reduced by an hour to two hours and 40 minutes.
About 260 freight trains and 65 passenger trains will pass through the tunnel each day in a journey taking as little as 17 minutes.”