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View Diary: Right-wing myths about merit, money and morality (206 comments)

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  •  He did say 'everyone'. I forget the exact (4+ / 0-)

    % from econ class back in the day, but isn't something like 3.5-4% and below chalked up to 'cyclical' versus 'systemic'?

    NO unemployment does drive up some costs...see the Dakotas in their oil boom right now where junk motel rooms are being converted into $1,200/mo apartments.

    I was gonna listen to that, but then, um, I just carried on living my life. - Aldous Snow

    by GoGoGoEverton on Sun Jul 07, 2013 at 08:43:40 AM PDT

    [ Parent ]

    •  from what I remember (3+ / 0-)
      Recommended by:
      GoGoGoEverton, Ian Reifowitz, JerryNA

      In the early 90s, it was 5-6%.  Then we went under that so we just decided it must be lower.  So from that perspective I am mildly skeptical of the new 3.5-4% figure.  

      It is also worth remembering how unemployment is measured.  One component of structural unemployment is people without [current] skills.  These people aren't counted in the unemployment rate generally if they've gone back for new retraining/education or given up looking.  Also, even if unemployment was 0% there would still be people without a job[or only a part-time job] that could be persuaded to take a full-time job.  In a way it would end up being asymptotic.  Once we get to 1-3%, label force participation would go up to meet labor demands so we'd never actually hit 0% as a practical matter[we are so far from 100% labor force participation that it isn't worth considering].

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