While the Fed and government policymakers fret over “full employment,” a new study by one of America’s leading demographers and economists argues that in fact we are in the midst of a full-blown unemployment crisis — one that remains, in his words, “hidden.”
This Friday, a new jobs report will come out. If the Wall Street consensus is correct, it will show the unemployment rate continuing to hover around 5% while nonfarm payrolls will grow about 180,000 for the month. But that won’t tell the whole story.
Nicholas Eberstadt, a fellow at the American Enterprise Institute, argues in a new book called “Men Without Work,” due out next week, that we’re suffering not from full employment, but massive underemployment — in particular, nearly one out of six working-age men have no job and are no longer looking for one. A release for his book calls this “a hidden time bomb with far-reaching economic, social and political consequences.” With 10 million fewer male workers in the labor force than we should have, it’s hard to disagree.
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