Paine said...
2019 till "full employment"
Kinda crucial what "full "
Means here eh?
Say we get the old 6 % gag as
The non accelerating inflation rate of unemployment
NAIRU
Hey maybe NAIRU defined as full employment is marching north
to meet actual unemployment moving south
With fits and starts
Only once since the dismal decade of the 70's did we go below the official NAIRU
And that was the Clinton miracle term II
it was also the only time since david frost was considered a journalist
That the bottom 20% of the wage structure made any decent progress
Wanna know
The reason we don't use fiscal policy to restore higher employment ?
It works thru job class households income not credit line
If we allowed job markets to tighten enough we could power strong production with earned income not borrowed funds
It's amazing after a minsky crisis and a balance sheet recession
Macro big feet are still talking about monetary policy
Except in liquidity traps
Why?
well the Indy fed runs credit
Not the POTUS plus congress
And corporate amerika likes adding debt load to job class households much more
then tight job markets
Of course human capital is only worth it's wage
And house lots are simply elvis plates
Once the bubble machine explodes
Reply Monday, February 06, 2012 at 03:26 PM
