Being mathematically incorrect but practically correct, 5% is full
employment. The 5% are folks who collect welfare, some able and some
deserved. In some countries where if you do not work, you do not eat,
their 'full' employment is 1%. We also do not count those who give up.
Welfare is supposed to be a temporary safety net to most. Many times we
have counted folks taking two or more jobs more than one time.
Are we
better this time? No, it is due to our lower average salary compared to 2007, not
to mention 2000, which could be the peak. Also we have to factor in
inflation (about 3% average annually).
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