The Markets
After last week’s surprisingly strong employment
report, it’s almost possible to picture Ben Bernanke slapping trail dust from
his leg, ducking his head, and saying, “Just doin’ my job.”
After all, running the economy is as laden with
complications and unexpected events as a cattle drive. Richard Graboyes, an
economist who was once the Director of Education for the Federal Reserve Bank
of Richmond, wrote that driving cattle seems “arduous, but simple – walk some
cattle from point A to point B. But, the endeavor is fraught with natural and
human risks for both rancher and driver.”
Clearly, the head of the Fed and the head of a cattle
drive face different challenges. According to The Federal Reserve System: Purposes and Functions publication:
“The Federal
Reserve sets the nation's monetary policy to promote the objectives of maximum
employment, stable prices, and moderate long-term interest rates. The challenge
for policymakers is that tensions among the goals can arise in the short run
and that information about the economy becomes available only with a lag and
may be imperfect.”
Last week, the employment numbers seemed to support
the idea the economy is gaining steam. According to Forbes, employers added
more than 200,000 jobs in October, which was far more than economists had
anticipated. The government continued to employ fewer people (employees
furloughed during the government shutdown were still counted as being
employed). There were 12,000 fewer government jobs in October, and 94,000 fewer
for the year. The biggest employment gains were in the hospitality, retail,
technical services, manufacturing, and health care sectors.
It’s not time to whoop and holler, though. The New York Times reported the labor force
participation rate fell to 62.8 percent, which is a 35-year low. More than
700,000 jobs disappeared during October which was the largest monthly drop
since the end of 2009. A smaller labor force can make overall unemployment rate
appear to be lower than it is. Let’s hope the labor force isn’t like a herd of cattle
that moves too fast and arrives at market a lot skinnier and worth a lot less.
if you were asked to compare teachers’ social status
to that of other
professions, how would it compare? Are teachers like
doctors? Librarians? Social workers? Nurses? Local government officials? Web
designers? Lawyers? Policemen? Engineers? Accountants?
Education
and training have a profound effect on economies and individuals. In the United
States, people who have graduated from college tend to earn more than those who
have graduated from high school. Earning an MBA, JD, or MD can translate into
significantly higher earnings over a lifetime. Clearly, becoming educated has a
significant economic value.
What
value, then, do we place on those who provide education? How much respect do we
have for the people who teach and train us? As it turns out, the answer varies
widely from country to country. According to the Varkey GEMS Foundation’s
Global Teacher Status Index survey, which surveyed 21 countries to determine
the status of teachers, people in China, Greece, and Turkey have the highest
level of respect for teachers and their social standing.
So,
how does the teaching profession compare to other professions? In the Czech
Republic, Egypt, Switzerland, and many other countries, survey respondents said
teachers have the status of social workers. In Brazil, France, Turkey, and the
United States, people think teachers are roughly on par with librarians. The
Japanese think teachers have the same status as local government managers. More
than one-third of Chinese participants said teachers had the same status as
doctors. According to the report:
“The U.S. ranked in the middle of the
Teacher Status Index with a score of 68.0. Notably, the ranking of primary
school teachers is at the higher end of the table and above all the European
countries. U.S. respondents scored consistently across the different variables
in the study, demonstrating moderate to positive respect for their teachers.”
As you might expect, the more respect a country had for teachers, the more likely people in that country were to encourage their children to enter the profession. Parents in China, South Korea, Turkey, and Egypt were most likely to encourage kids to become teachers.
Weekly Focus – Think
About It
“Education is the key to success in life, and
teachers make a lasting impact in the lives of their students.”
-- Solomon Ortiz, Former U.S.
Representative from Texas
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