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Deplorable KGB Agent

If only there had been such interest in reporting bullshit numbers during the past eight years, e.g. "jobs *saved* or created", reporting U3 without U6, and so on.


DKA: Yes, I do bring up those things here even in the last 8 years. The number to focus on is the percentage of people considered in the labor force. If you click on the Economics posts, you will find many of them. Also, Chapter 6 of my book is a comprehensive discussion of all the nuances of counting jobs, and that came out a few years ago.


Someone in the NY Times described the parking garage model of employment. Cars arrive, cars leave, what matters is how full you keep the garage. Helping auto workers is not that worthwhile if it pushes up car prices, leaving people with less money to spend on other things, leading to loss of jobs in that part of the economy.

In Australia we had a prime Minister who proudly proclaimed that he was about job creation and would create a million jobs. Now with population growth of 2% and about 10 million employed, to keep track there will be about 200,000 jobs created per year just to satisfy the growth, so over 5 years that will be a million jobs. Unfortunately that also means the unemployment rate remained unchanged.

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