Monday, June 16, 2014

Economists Don’t Go Around Saying that Labor Markets Are Weak When They Aren’t

It’s a popular meme around the country — students say it, politicians say it, and the legacy media says it — but it isn’t true.

Labor markets just aren’t that tight; from Greg Mankiw’s Blog:

Yep: 2014 is as bad as 2004. Y’all remember 2004, right? President reelected. Economy in the 5th longest boom since World War II. Real GDP growth rates that Obama can only hope for? We’re back to that.

Do note that most of the people who say labor markets are weak also seem to have a weakness for supporting their position with anecdotes instead of data.

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