Liveblogging World War II: July 31, 1945: Fugitive Vichy Leader Pierre Laval Surrenders in Austria

Must-Watch: Really, really bad news for the American economy. Alan Krueger concludes that we are now near "full employment" in a monetary policy-Federal Reserve-inflation sense. The implications? The implications are:

  1. that the failure of the government and the Federal Reserve to more aggressively boost recovery has turned what was excess cyclical non-employment into structural non-employment,
  2. that essentially none of the drop in production relative to the pre-2008 trend can or will be recouped without noticeably higher inflation.

Alan Krueger: Labor Force Participation: <(https://vimeo.com/134932856)>:

Via Mark Thoma.


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