<http://www.bloomberg.com/news/2010-09-07/your-fat-paycheck-keeps-your-neighbor-unemployed-kevin-hassett.html>
Yes, the solution to the unemployment problem is to reduce wages until businesses can afford to hire people. Because in an economy *completely dependent* on consumer spending, giving consumers less to spend is going to fix the problem. Then he asks the mind-bogglingly stupid question "If North Dakota has a 3.6% unemployment rate, and Nevada is 11% why aren't people flocking to North Dakota"? Here, lets school this "economist" some math: North Dakota has a population of 646,844, 3.6% of that is 23,386. Nevada has a population of 2,643,085 11% of that is 290,739. If everyone who was unemployed in Nevada moved to North Dakota to take a job, North Dakota's population would swell by 44% to 937,583, and the unemployment rate would skyrocket to 28.5%. Do they think we're stupid or just profoundly innumerate? (and notice, he very carefully glosses over CEO pay in that list of 'who should take a pay cut') -- Bruce Johnson University of Arizona College of Pharmacy Information Technology Group Institutions do not have opinions, merely customs -- You received this message because you are subscribed to the Google Groups "StrataList-OT" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/stratalist-ot?hl=en.
