

Why It Doesn't Feel Like A Recovery: at 3% growth it's 2020 for 5% unemployment - skmurphy
http://www.washingtonpost.com/wp-srv/business/the-output-gap/

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skmurphy
Summary: to shrink unemployment the economy has to grow faster than the growth
in the labor force and the increase in productivity of the currently employed
to create demand for new jobs.

Key graf:

The nation’s economic woes boil down to this. Compared with a healthy economy,
about 7 million working-age people and 5 percent of the nation’s industrial
capacity are sitting idle, not producing what they could. The economy is
growing again, but at a rate--less than 2 percent in recent months--that’s too
slow to keep up with a population that keeps increasing and workers who keep
getting more efficient.

