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Posted by BoldTV on Tuesday, May 30, 2017

Decline in economic dynamism

A recent report by the economic innovation group concluded that there’s been a huge drop in the economic dynamism in America since the early ’90s.

Their analysis showed that business formation has sunk, making the entire country less economically vibrant. The report highlights that “the decline of dynamism has been steep, rapid and pervasive across all states,” and that existing companies are wielding more market power than ever today amidst a nationwide decline in dynamism.

Some states, especially those that attract young people and immigrants and encourage startup culture through lower taxes and regulation, are enjoying more success.

The most economically dynamic states today include Nevada, Florida and Texas, which all have a larger foreign-born worker population than other states.

Strong evidence suggests that immigrants and their children are much more likely to start a business than native-born Americans and those who have been in this country for decades.

Teen unemployment

According to the U.S. Bureau of Labor Statistics, overall teen employment has been steadily declining for nearly 40 years.

In recent years, 16- to 19-year-olds have been struggling to find summer jobs, even within industries that previously relied on teenage workers, like the struggling retail sector.

Unfortunately, this steady rise in teen unemployment has made it increasingly difficult for students to find summer jobs, causing them to miss out on opportunities to develop soft skills. Research has shown that soft skills can predict success in life. Communication skills, teamwork, problem solving and conflict resolution are all examples of soft skills that have an important role in the workplace.

Trouble at Uber

From ripping off their drivers to confusing riders with their new pricing system, Uber has landed in the news quite a bit because of its questionable charge calculations.

Uber issued a statement on Tuesday admitting that it has been miscalculating the payment for tens of thousands of drivers over the past two-and-a-half years, calculating the company’s commission without deducting taxes and fees.

The New York Times explained the error in simple terms: if a passenger paid Uber $20, and $2 of that represented taxes, Uber’s commission was a percentage of the full $20, not of $18, as it should have been.

Now Uber is also facing criticism for its route-based system that charges customers based on their ability and willingness to pay. So, if you Uber from a nicer neighborhood, you may end up paying more.

New TSA rules

Carry-ons have become a nightmare for the TSA ever since airlines began charging baggage fees. Travelers have been stuffing their carry-ons with so much stuff that it’s often hard for TSA agents to screen them.

Airline baggage fees prompt travelers to load up carry-on cases, which has created problems at X-ray machines for TSA agents, who have trouble reading pictures of the inside of cluttered bags, causing delays.

While the TSA is waiting to implement these rules until after the busy summer travel season, there’s little doubt that travelers everywhere will be confused and annoyed by these sweeping changes. TSA says these changes won’t lengthen wait times.

These changes come on the heels of a laptop ban on some flights from the Middle East and Persian Gulf airports. There are also rumors that the laptop ban could be extended to include other overseas destinations such as Europe.

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Header image: Adobe Stock

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Posted 06.02.2017 - 07:48 pm EST