So, one issue I had with this is that a big part of the argument is that "when I see shocks to employment, I don't see shocks to LFPR", but we do definitely see

So, one issue I had with this is that a big part of the argument is that "when I see shocks to employment, I don't see shocks to LFPR", but we do definitely see shocks in unemployment rates, and I don't think it's crazy to think that these shocks to employment may transfer to LFPR over long periods of time as different people face different levels of success finding adequate work. I think the strongest argument we can make is that whatever is going on with LFPR has been going on for 50 years, and it does seem to indicate a more difficult job market where people are finding that the jobs available are not better than the alternative.