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That graph is over the past 20 years. Even during post-2008 recovery, labor force participation rates decreased. Of course the pandemic is going to cause a spik
by ggreer 6y ago
That graph is over the past 20 years. Even during post-2008 recovery, labor force participation rates decreased. Of course the pandemic is going to cause a spike, but the general trend is undeniable.[1]
1. https://fred.stlouisfed.org/series/LNU01300001 https://fred.stlouisfed.org/series/LNU01300001
- jahaja 6y agoWhat's your point? We already know that high labour costs (as in a liveable wage even for so called simple jobs) doesn't necessarily cause high unemployment. Northern-European countries have proven it for ~70 years.
- ggreer 6y agoI'm sorry, but you're incorrect on two matters of fact. First: the EU's labor force participation rate is significantly lower than the US's (58.3% in 2019 vs 63.4%). If the US had the EU's LFPR, we'd have 13 million fewer jobs. Second: Denmark, Austria, Finland, and Sweden all lack minimum wage laws. They have other programs that benefit poor people regardless of whether they have a job or not.
- jahaja 6y agoWhat are you even talking about? 1. I didn't write EU, I wrote Northern-European countries. 2. While true, it isn't a fact supporting your point. The main reasons for the lack of minimum wage laws are because of high degree of unionisation and the widespread use of collective bargaining agreements.