A nuanced examination by our Dan in DC. As usual nothing is as simple as you would like it to be.
Commenting on a talk about rethinking the unemployment rate:
As far as I’m concerned, the key factoid is near the end, where he points out that we would have 10 million additional working-age men productively employed if the rate of employment today was the same as it was in 1965.
And that’s largely the fault of government programs – such as unemployment insurance, disability, Obamacare, licensing, etc – that make it easier for people to choose to be unproductive.
And the Wizard of Id takes down the welfare state. h/t Dan.