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Lost Bet on Unemployment

MiddleclassMom Wrote: Oct 08, 2012 6:29 AM
For well over a hundred years the labor requirements have evolved. Once most people were involved in producing food, now less than 1% are thus employed. Also common were jobs that are no longer necessary, such as candle makers, wheelwrights, coopers (barrels). Now we have occupations that were not even dreamed of even half a century ago, such as web designers. With technological advancements the labor force continues to evolve. So to answer Fabius, yes the world can support full employment, but the mix of industries evolves to meet the changing world. We just need a government that supports free enterprise that will allow the labor force to evolve, instead of stiffeling business startups.

On Friday, I lost a bet made in March of 2010 regarding unemployment. I bet that the unemployment rate would not dip below 8% before June 2015.

I crunched numbers many ways and simply decided there is no way the economy could possibly grow enough jobs. It didn't and still won't.

I posted this chart at the time.
 
At the height of the housing bubble, the economy only added 212,000 jobs a month. I figured we would not...

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