Paul Krugman writing in the NYT today.
There was a message in the latest jobs report that is consistent with what these reports have been telling us for at least the past year or two. Namely, the workers are alright.Paul Krugman
Well who am I to disagree with Paul Krugman?
John Philpin - that's who. And I completely disagree.
As always, its what's not being said that matters. The elephant [efn_note]elephants?[/efn_note] in the room cannot be ignored, and I am disappointed that someone like Krugman should waste his time on this kind of 'opinion'. Yes, we have 'great' employment figures. But that’s because as usual, we measure and comment on the wrong things. 'Everybody' having a job is not the point (if a large chunk of the workforce is excluded from the count of 'everybody'). It is everybody (not just 25 to 54-year-olds) having one job, that is paid fairly, so doesn’t need to work a second job to make ends meet. That is what we should be looking at.