Measuring employment this way, (the u-3) is pretty misleading. All that it tells you is how many people have been looking for a job in the last year. A better m

Measuring employment this way, (the u-3) is pretty misleading. All that it tells you is how many people have been looking for a job in the last year. A better measurement is labor force participation rate, which hasn't been this low, before the virus, since the 1970s. So, I don't agree that you can conclude lack of jobs isn't the issue. https://fred.stlouisfed.org/series/CIVPART https://fred.stlouisfed.org/series/CIVPART