Yesterday's Wall St. Journal had a front page column which raised
questions about the Fed's policy (?) of striving for full employment.
The San Francisco Chron carried a feed from the LA Times pointing out
that the Fed is getting a pass from everybody in asserting that we are at
full employment now, with 6% being the agreed on full-employment number.
Why do we, at PEN-L, along with big labor, little labor, and all
the activists groups, let the Fed get away with this? Or am I the only
one who thinks there are people unemployed? Factories unemployed?
Transportation systems unemployed?
I track electricity production and for the year-to-date
production is up only 2.8% over a year ago. There is some weather in
this number, up or down, but I don't believe we can be calling this a
"boom" with electric production up only 2.8%. All those fully-employed
factories must have switched back to hydro power, with belts and pulleys
running the machines.
