Thursday, October 9, 2014

The peril of Paul

Someone who is actually a serious economist might read Paul Krugman's Rolling Stone sophistry, In Defense of Obama, and give him the horse-laugh he deserves;
The Horrible:
Total employment has barely budged in 7 years, while the employment population ratio has plunged much lower.  We are even seeing a lower employment/population ratio in the key 25-54 demographic, compared to seven years ago.  The U-6 unemployment rate is a very high 11.8%
The Indifferent:
The unemployment rate (U-3) is 5.9%, slightly above the Fed’s 5.6% estimate for the natural rate.
Thanks President Obama, you’ve given us a European labor market.  Workers with good jobs need not fear layoffs; the rest will have to be satisfied with part time work or unemployment.
We laugh.

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