Time for smaller governmentan

By Terry Paulson:

 

The March unemployment report by the US Bureau of Labor Statistics indicates that, in February, the unemployment rate remained 4.1 percent for the fifth consecutive month and the number of unemployed persons was essentially unchanged at 6.7 million. Without question, the economy is humming right along, and America is close to, if not at, full employment. It’s taken longer than many economists expected. President Obama certainly wanted full employment, but he wanted his regulatory agenda more.

President Trump has done what he can to release the Obama brake, and the economy has quickly responded, averaging almost 3% GDP growth over the last nine months of 2017. Of course, according to labor statistics data, we still have 6.7 million workers who don’t have jobs. Some people lack the skills needed for today’s jobs or just can’t find work at the wage they feel they deserve. Some are between jobs and are temporarily unemployed. But the ratio of non-workers between the age of 18 to 65 to the total potential workforce is 3.7%. That ratio was at 3.9% when the economy bounced back from the recession of 2000-2001. This suggests that full employment has been achieved.

 

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