Forgotten People

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That's just the way our policymakers like it, for it makes their phony unemployment statistics look far better than they really are.They can go around and claim the UI rate is "only" 6 or 7 percent or whatever instead of the 24 or 25 percent it really is, especially if you include people like me who aren't really gainfully employed at all but work hit-and-miss. A new report suggests that the long-term unemployed – those who have been out of a job for six months or more – are having no effect on the labor market, either good or bad. Their unfortunate unemployment situation “exert[s] little pressure on wage growth or inflation”, reports the Brookings Institute.That's an enormous number of people without any kind of financial footprint. . . .

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