What is the value of a job

The New Economics Foundation a UK think tank took a look at 6 jobs 3 high paying and 3 low income jobs and tried to figure out what is the social value of those jobs.

What the study found was was that the 3 high paying jobs they looked at actually created less value (and in some causes actually caused economic and social harm) then the low paying jobs.

here is a look at their findings

for the 3 high earning jobs (Bankers, Advertising executives, and Tax Accountants)

They found that bankers don't actually create wealth but for every pound (or about every $1.64 earned) they earn they actually help destroy 7 pounds (or about $11.42) in social value. This is pretty much due to banks role in the current economic crisis.

because Ad executives jobs are to get people to want something they cause people to be sad and over spend (which leads to stress) because of this the study says that for every pound ($1.64-ish) they make they actually take out 11 pounds (or about $17.94) out of the the social economies networth.

Tax accountants are bad because even though they save their clients money they take away money that could have gone to the government, so for every pound a tax accountant makes they actually take out £47 ($76.63) that could have been used by the government.

Looking at the three low paying jobs (Childcare Workers, Hospital Cleaners, and Waste recycling workers) they found out that these jobs actually created a lot more social value to the economy.

Everyone says the children are the futures and it shows with Childcare workers. For every £1 they earn they actually create £9.50/$15.50 in value for the economy and that is only looking at the fact they allow parents to keep working.

Hospital cleaning staff create £10 pounds (or about $16.31) for every £1 they get paid. The value they create is that by making hospitals clean they cut down on the spreading of diseases.

And finally Waste recycle workers help the environment and for making the world a cleaner place they create £12 (around $19.58) of economical beneficial value for every pound they make.

The study then goes beyond looking at those jobs and looks at the fact that we have been experiencing a widening gap in incomes between the rich and the poor and that there are now less middle class jobs.

They also give a few ideals of what can be done to make sure people actually get a better return from the value they create and those who are harmful pay a little more.

Young Blacks hit hardest by the Recession

The current job market has been hard for people across the board. But the Washington post has an article up showing that African-Americans from the ages 16-24 are being hit the hardest by this recession.

Their unemployment is at 30.5% well above the 19.1% for people in that age group all together, as well as the unemployment rate for African-American of every age (15.7) and the nation the nation as a whole (10.2)

The article focus on a few you people looking for work and bring some of the reason why they are being hit the hardest. Mainly a lot of jobs that target younger people are being filled by older workers as well as being cut, which effects all young people and the fact that they may face the extra challenges such as discrimination and not having the right connections.

Over $5 for a Big Mac! Iceland's economy hit hard

The whole world has been hit hard by this recession but Iceland has been hit extra hard.

The value of there currency the Krona, has dropped over 70% since 2008. To but it in simple turns the cost of Big Mac in Iceland would be 650 krona or $5.50 in US dollars.