1. The term full employment has been badly distorted.
2. The measurement of *current* unemployment has also been distorted.
So, not only can those in power draw the finish line, they can also lengthen or put obstacles on the path required to reach it. 1/
2. The measurement of *current* unemployment has also been distorted.
So, not only can those in power draw the finish line, they can also lengthen or put obstacles on the path required to reach it. 1/
3. They also propagandize so people don't even know which direction to go.
Further, the Fed's mandate of maximum employment is, roughly, "to keep as many employed as possible, as long as it doesn't trigger inflation." So now it's quadruply meaningless 2/
Further, the Fed's mandate of maximum employment is, roughly, "to keep as many employed as possible, as long as it doesn't trigger inflation." So now it's quadruply meaningless 2/
4. because hardly anyone understands what inflation really is. 3/
In other words, the Fed's mandate is almost entirely arbitrary, and those doing the measurement increase their financial wealth by increasing the number of unemployed. 4/
In conclusion, those in power have nearly infinite tools to keep people unemployed but at the same time pretend they are doing everything in their power to employ us all.
Good times.
5/5
Good times.
5/5
