“We have seen meaningful progress in the labor market,” Federal Reserve Vice Chairwoman Janet Yellen said last week during her testimony. “What the [Fed] is looking for is signs that we will have growth that’s strong enough to promote continued progress.” That could be a while. Take a look at the special unemployment rate U-6—those who have stopped looking and those who have settled on part-time work.
In the meantime this is a classic tale of dollar debasement.
At the end of the day there is no free lunch.
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