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With all the talk of the Fed raising rates, I ask this question: Is it good for our economy to allow the Fed to adjust rates as often as they do?
We need to stop using the unemployment rate as a term of art politically. It was always a tool for economist and it has some big well known flaws.
These flaws if you don’t know many use this rate to argue points that erroneously under report the statistic due to the fact that those that drop for long enough are no longer counted. Labor force participation must also be considered in this calculation.
The difference is even larger in rural areas due to common practice of cash work, and fewer job opportunities.