...in May's far stronger than expected report, the two for the first time were almost identical: the Establishment Survey reported an increase of 280K jobs, while according to the Household survey 272K jobs were added. ...the biggest surprise came from Table 7, where the BLS reveals the number of "foreign born workers" used in the Household survey. In May, this number increased [by a] monthly jump of 279K...So, the number of new jobs and the number of new immigrant workers is just about identical? Normally you'd only expect to see that if we had reached structural unemployment levels, so that the only way you could grow the workforce was by bringing new people in from outside the country. Instead, we have a U-6 unemployment rate of 10.8%.
Economist Tyler Cowen suggests that maybe it just isn't going to get better. I think we can all think of ways that would make it better -- a vast deregulation, starting with repealing Obamacare, would be my first suggestion -- so I don't accept the idea that we would be powerless were we able to form a unified political will as a polity and act upon it. Still, I do agree that there are some problems that won't just smooth out and get better, because they were allowed to fester for so long.
Speaking of which, how's that national debt problem?
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