Labor Shortage: The Fed's Get Out Of Jail Free Card [Ep. 99]

Eurodollar University · Sep 13, 2021 · 1h 13m

PART 1: 'Maybe the economy isn't in as good a condition as you economists / academics / technocrats think it is,' says the labor force participation rate. 'The economy is in fantastic shape,' says the unemployment rate. Which one is correct?

PART 2: Labor shortages are normal, at the microscale, from time to time, in this or that industry. Yet since 2008, establishment economists use "labor shortage" as an excuse to: A) support a misleadingly low unemployment rate and, B) explain away the participation problem.

PART 3: In 1971, US Treasury Secretary John Connally told a group of European…