4 ms·

> Well, to make unemployment vanish by sleight of hand is a choice. That doesn't mean it's not also a trick. If you look at labor force participation and under

> Well, to make unemployment vanish by sleight of hand is a choice. That doesn't mean it's not also a trick. If you look at labor force participation and underemployment you'll see those stats have remained the same or even improved in recent years. https://tradingeconomics.com/united-states/labor-force-participation-rate https://tradingeconomics.com/united-states/labor-force-parti... https://www.statista.com/statistics/205240/us-underemployment-rate/ https://www.statista.com/statistics/205240/us-underemploymen... http://www.stateofworkingamerica.org/charts/underemployment-education/ http://www.stateofworkingamerica.org/charts/underemployment-... Taking these into consideration that means unemployment dropping seems pretty good.

candiodari 8y ago
Meaning there's a small recovery from the result of the greatest economic disaster of all time ? (2008, meaning compared to the low of 2009-2011) Yes. Compared to the previous high ? (2007) No. Meaning we're even at the level when I entered the workforce (~2000) ? No. Meaning compared to when I was born ? (~1980) Oh my God, no. And then we're not even getting into why people use the term "secular stagnation". So I guess it depends on how you look at it. Or rather it depends on how you pick your comparison. Given that most of the people that lost their jobs in the 90s, 00s are only now, after 10 years of serious problems, exiting the workforce into retirement, I'd say a lot of folks are thoroughly f-cked.
- ams6110 8y ago
  Calling 2008 the greatest economic disaster of all time doesn't strike me as accurate. Maybe it is by total dollars of market value lost or something like that, but we didn't see anything like the 25% unemployment, previously middle class families lined up around the block at soup kitchens, etc. that we saw in the Great Depression
  - convivialdingo 8y ago
    True, but that’s mostly because we papered over the disaster with debt. Personal, student, sovereign and total debt are extremely high. Not that anyone minded - QE was considered a success and allowed the businesses it protected to stay afloat But I do think it could setup the next recession to be harsher. Recessions in the 70s and 80s were bad, but pretty short. Businesses went bust, assets were dumped for pennies, and then 18 months later it was done. There’s some healthy clean up and fresh starts that happen after a typical recession. I guess time will tell what works best. Personally I don’t think the business cycle of boom and bust can be solved with debt in the long run.

candiodari 8y ago

Meaning there's a small recovery from the result of the greatest economic disaster of all time ? (2008, meaning compared to the low of 2009-2011) Yes. Compared to the previous high ? (2007) No. Meaning we're even at the level when I entered the workforce (~2000) ? No. Meaning compared to when I was born ? (~1980) Oh my God, no. And then we're not even getting into why people use the term "secular stagnation". So I guess it depends on how you look at it. Or rather it depends on how you pick your comparison. Given that most of the people that lost their jobs in the 90s, 00s are only now, after 10 years of serious problems, exiting the workforce into retirement, I'd say a lot of folks are thoroughly f-cked.

ams6110 8y ago
Calling 2008 the greatest economic disaster of all time doesn't strike me as accurate. Maybe it is by total dollars of market value lost or something like that, but we didn't see anything like the 25% unemployment, previously middle class families lined up around the block at soup kitchens, etc. that we saw in the Great Depression
- convivialdingo 8y ago
  True, but that’s mostly because we papered over the disaster with debt. Personal, student, sovereign and total debt are extremely high. Not that anyone minded - QE was considered a success and allowed the businesses it protected to stay afloat But I do think it could setup the next recession to be harsher. Recessions in the 70s and 80s were bad, but pretty short. Businesses went bust, assets were dumped for pennies, and then 18 months later it was done. There’s some healthy clean up and fresh starts that happen after a typical recession. I guess time will tell what works best. Personally I don’t think the business cycle of boom and bust can be solved with debt in the long run.