Posted on 09/10/2014 5:11:06 AM PDT by Sir Napsalot
5.5 percent unemployment is now "full employment." Horse manure.
When they can’t meet established performance standards, the left makes up excuses, lowers the standards, and, if necessary, revises history along the way.
In economics, there’s hardly a better of example of this kind of deliberate responsibility avoidance than what has happened to the idea of “full employment.”
Full employment is supposed to occur when “all … who want to work and are allowed to work are able to find employment.”
The unemployment rate associated with full employment obviously can’t be zero, because there will always be people out of work who are voluntarily or involuntarily moving from one job to another.
What unemployment rate represents full employment? The architects of the Humphrey–Hawkins Full Employment Act of 1978 thought it should be 4 percent for Americans age 16 and over. That benchmark is what Richard Nixon used when presenting “full employment” budgets during much of his time in office. .......
(Excerpt) Read more at pjmedia.com ...
Under Obama, McJobs are McCareer. But that's ok, because they have HOPE.
And CHANGE.
And who can forget “We are losing 500 million jobs per month (under Bush economics)” Pelosi?
And a BIG difference when Bush had 5.5% and now. The jobs when Bush was prez were almost entirely full time, while jobs under obama are largely part time AND, when Bush had 5.5% unemployment, EVERY ONE was being counted. Under obama, millions of people are no longer in the equation, having given up on finding jobs.
Full employment used to be considered 4 percent (unemployment) Because some will be unable to work due to injury or illness, some will opt out for family reason (childbirth) or to pursue additional education, and some will just not want to work. It was also a act that the majority of those employed had FULL TIME jobs with benefits, Something that is NOT the case in todays economy.. Welcome to Obamanation................
5.5% is a lie. It is at least twice that, maybe even three times.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.