Not sure about that anymore. We wouldn't need full employment if we had a universal basic income. We can probably now afford to get rid of work as a form of social control.
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I cannot even believe people are talking about inflation as a thing to worry about. The interest rate is 0%. Inflation hasn't crested 4% annually for 15 years, and in most years it has been under 2%. This isn't 1977. Nobody needs to worry about inflation except as a boogeyman.
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The only way the GOP operates is with a boogeyman. Plus also whatever party Larry Summers and all his friends are in.
End of conversation
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it's fascinating to me that the case for full employment is so compelling, and the case against so self-evidently lame that critics have to speak exclusively in terms of metaphors like "overheating" and never cite any literal consequences
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I'm less for full employment and more for universal healthcare, housing, and income as hedges against poverty.
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Agreed, for most of us. But employers prefer high unemployment (even if it makes them worse off overall) because it depresses wages and reduces turnover.
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The US hasn’t met inflation targets for two decades. The tools to control inflation are both well-understood and too easily used. The upside in relieving ecomomic injury is huge with generous relief checks. Inflation concern is a bad faith argument.
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Money isn't real
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Worrying about over heating with interest rates this low is like worrying about drowning in the desert.
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You'd have to close the borders to do it. There is an endless supply of unemployed people who would willingly do what you do for less. They might not be as good at it, nut they're cheap and they're more "diverse".
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