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Great jobs report this morning. And you know what? It ought to make you angry. Like really angry. Because here we are, more than decade after Lehman, and *12 years* since the last peak in the prime-age employment rate, and we're still not at full employment.
That giant red space represents a few things. It represents a staggering lack of urgency on the part of policymakers. It represents, if we're being charitable, a bizarrely distorted view of the costs of underemployment relative to the costs of a period of above-target inflation.
It also represents people who can't find the job they need, or get the hours they need, or get the raise they deserve. And who therefore struggle unnecessarily to meet their obligations, care for themselves and their families, and have a life less troubled by economic insecurity.
We're talking billions of people-hours of lost employment. God knows how much lost labor income. Lives irreparably scarred by more than a decade of preventably weak labor demand.
And if you think policymakers are done underestimating the economy's potential to put people to work, I've got some bad news.
Agree that prolonged unemployment is a terrible loss to the economy. But why is "full employment" equal to the pre-crisis peak? One would rather associate that with an overheated economy and not with a zero output gap (the NAIRU, which is usually referred to as full empl).
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