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•73% Informative
Patrick Watson reckons the potential for mass unemployment is lower than it used to be, so wonders if the US can have a recession if unemployment can’t rise.
He reckons we have a different situation than existed in 2008 , 2000 , and other modern recessions.
The new demographic balance is producing a chronic labour shortage, he says.
An economy with stable, labour-intensive aggregate demand and shrinking labour supply is kind of bulletproof.
But if it’s right, we can’t count on monetary policy to bail us out of crisis.
Eventually, some kind of crisis will come. We all gripe about the Fed . We don't want to go back to the era before modern central banks.
VR Score
78
Informative language
76
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52
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English
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40
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3
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1
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