Wild armchair economist guess: Efficient market theory predicts that in a free market, all labor will be utilized, irrespective of demand dips due to interest

Wild armchair economist guess: Efficient market theory predicts that in a free market, all labor will be utilized, irrespective of demand dips due to interest rate hikes. With the gig economy providing a route around regulatory regimentation of the labor market and inflation having driven down the real minimum wage to below the market value of the vast majority of labor, the labor market has been able to adjust to every economic turn and produce effectively full employment. Going even further out in a limb: I think in a sense, political gridlock has prevented the government from instituting disastrous measures that in the 1930s produced so much unnecessary unemployment, like the FDR Administration trying to fight deflation by imposing very high industry-specific minimum wages that caused the unemployment rate to exceed 20 percent.