You folks don’t get it. This will fix the unemployment, and put millions of people back to work. Let’s say you had 40 people working 40 hrs/week. If you cut them all back to 29 hours, then you will have to hire 15 more part-time employees to keep your manpower hours at 1600/week. This will drop the U3 unemployment rate.
Hoooray!!! Obama created more new jobs!!!!
And it creates more dependency sine few can live on hours reduced like that.
YP. I called it “Obama’s Job Sharing Plan”
“If you cut them all back to 29 hours, then you will have to hire 15 more part-time employees to keep your manpower hours at 1600/week. This will drop the U3 unemployment rate.”
I had an older auditor tell me that Portugal did this decades ago to combat unemployment; they simply mandated that people work something like 30 hours per week. I believe this was after the end of the Angola war, when many Portuguese returned from the colonies to an already-high unemployment rate.