Oh fer gawdsakes, let’s not go drama queen shall we?
7 percent unemployment means that 93 percent of all Americans are working, ok?
I think you have to take out the welfare recipients. That would mean that 93% of productive to somewhat productive Americans are working.
If 93% of Americans were productive workers, we wouldn’t be in any mess.
No, it doesn't. It means that 93% of all Americans who are working or are trying to find work are working. Less than 50% of Americans actually have jobs. Which is fine - there are many people who are too young to work, or are retired, or are stay-at-home moms/dads, etc.
Good point. When Reagan was elected he was confronted with an unemployment rate that exceeded 10%. His advisers told him to pull back on his tax cuts and that the Pubs were going to get killed in the next election. Thank God he was his own man. He hung on and we've had 25 years of generally good economies.
our problem is we do not have a Reagan in the WH this time. We have an FDR wanna be.
Actually no it doesn’t.
LOL
Measures of U3 and U6 (7.2% and 13.6% today, respectively) were no higher in Dec 1929 than they are now - maybe a quarter or half %% point higher or lower based on methodology.
I don’t think at all that we’re headed for GD2, but comparing the beginning of this crisis (4 months after the crisis exploded) to the absolute depths of other crises (12-36 months after the crisis) isn’t very useful or convicing.
“7 percent unemployment means that 93 percent of all Americans are working, ok?”
No; it doesn’t. Those who have given up on searching for work and those who don’t work at all for other reasons are not counted among the unemployed. Stay-at-home moms, retirees, college graduates who decided that their degrees were worthless and stopped trying to find work, the disabled, among others.
Part-timers or those working several part-time jobs are not counted as unemployed.
U6 is at 13.5% (pre-Clinton adjustments).