It shows the real unemployment rate, counting short-term discouraged and marginally attached workers, to be around 22-23% today. That's up from around 12-13% before the 2008 recession.
It shows the real unemployment rate, counting short-term discouraged and marginally attached workers, to be around 22-23% today. That's up from around 12-13% before the 2008 recession.
Especially when that survey matches with literally all of the private measures of employment.
I'd like to conduct an experiment in special economic zones as was done in China and other developing areas in the recent past. Designate some place (my choice would be an impoverished inner city ghetto area) as an SEZ, and make it: no corporate taxes, no income taxes; no municipal, county, or state taxes; no unions; and minimal regulations - e.g., waive EPA environmental impact studies, waive minimum wage (down to some minimal amount like $4/hour). Guarantee these conditions for the next 10 years.
I suspect you'd see factories, plants, and offices flock to such a zone, and there'd be a mad scramble for real estate. Ancillary services would also boom--taxi, food, construction, office supplies, delivery and courier services, etc.
I doubt it would ever happen given the number of laws and rules you'd have to waive, but it would be an interesting experiment in cutting through the red tape and getting back to basics.
The closest analogue I can find is the labor force participation rate, which has dropped steadily by a total of 3% since 2008[1]; this number doesn't seem to square with his chart, however, so I'm curious if you know his underlying data source.