Billionaire Boys Club Member Forum (BBCMF)

[mick]

Our low unemployment really *is* low

Don Luskin writes:

Paul Krugman and all the other leftist economists are fond of arguing
that the present low unemployment rate belies the true devastation in
the job market, because of the large number of "discouraged workers"
who have dropped out of the labor force.

Now a paper by four Federal Reserve economists refutes that claim. As
the investment manager who blogs as "Donny Baseball" puts it,

"I've got to slog through the report to see if the methodology is
sound, but the conclusions of a new Fed report seem entirely logical
and refute one of Paul Krugman's famous threads on which he hangs the
assertion that the current economy is a disaster, namely that
unemployment is understated because so many people are discouraged at
the lack of opportunities and thus are not counted as unemployed.

"With this already dubious argument now gone, I guess he can still
hang economic catastrophe on the fact that the government doesn't
offer unlimited, fully-paid hip replacements."

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Here's a link to the report itself. http://tinyurl.com/oxuhd