"It is easy to confuse what is with what ought to be, especially when what is has worked out in your favor."
- Tyrion Lannister

"Lannister. Baratheon. Stark. Tyrell. They're all just spokes on a wheel. This one's on top, then that's ones on top and on and on it spins, crushing those on the ground. I'm not going to stop the wheel. I'm going to break the wheel."

- Daenerys Targaryen

"The Lord of Light wants his enemies burned. The Drowned God wants them drowned. Why are all the gods such vicious cunts? Where's the God of Tits and Wine?"

- Tyrion Lannister

"The common people pray for rain, healthy children, and a summer that never ends. It is no matter to them if the high lords play their game of thrones, so long as they are left in peace. They never are."

- Jorah Mormont

"These bad people are what I'm good at. Out talking them. Out thinking them."

- Tyrion Lannister

"What happened? I think fundamentals were trumped by mechanics and, to a lesser extent, by demographics."

- Michael Barone

"If you want to know what God thinks of money, just look at the people he gave it to."
- Dorothy Parker

Friday, January 09, 2015

Fed Fail: labor force participation rate edition

America’s Workforce: The Mystery of the “Missing Millions” Deepens by John Cassdiy
The Labor Department’s participation-rate figures tell the story, but they don’t really convey what it means in human terms. For that, it’s useful to do a bit of back-of-the-envelope arithmetic and convert them into an estimate of the number of workers who have gone “missing” from the labor force, for whatever reason. Early last year, based on a report from the Congressional Budget Office, I did that exercise and came up with a figure of roughly six million, which isn’t much short of the entire population of the Dallas-Fort Worth metropolitan area. 
Based on the latest job figures, six million might even be an underestimate of the number of missing workers. In December, 2007, the participation rate was sixty-six per cent, more than three percentage points above the current figure of 62.7 per cent. If the rate had rebounded to its pre-recession level, there would now be roughly eight million more people in the labor force.

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