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> Unemployment is low because people can no longer say no. Succinctly put. I'd say this was also a reason why, 9 years ago during the big crash, we saw "produ
by mgkimsal 8y ago
> Unemployment is low because people can no longer say no.
Succinctly put. I'd say this was also a reason why, 9 years ago during the big crash, we saw "productivity" measures go up, and continue to rise even after the 'recovery', even with companies working with fewer people. They managed to get the same results out of fewer people (or... close enough results), and those people really couldn't say 'no' because... they'd rather have some job than none at all (or, again, they needed something vs nothing).
- jsoc815 8y agoThis is correct. And to add more clarity about the oft-cited labor shortage, I was at an event where the President of the Minneapolis Fed talked about how when he asked employers when the best of times was w/respect to hiring, their response was 2008 - 2010. He went on to say that the issue isn't really about a labor shortage but an unwillingness to raise wages because the employers were spoiled by applicants' desperation during the cited period.
- mgkimsal 8y agoI remember multiple news reports and hour-long news stories on the inability of people to get jobs because of their unemployed status. There were so many people to choose from, companies would generally ignore someone who was unemployed, regardless of the reason, preferring only to hire people who were already employed. I have no doubt that delayed the start of a recovery for months.