Unemployment and Inflation
The Feldsteins’ column about the unemployment rate and its bearings on inflation missed one vital point.
The Feldsteins refer over and over again to the Reagan Administration’s erroneous and shrewdly manipulated figure of a 6.5% unemployment rate. Someone should tell the Feldsteins that never before in our history has any other administration until the Reagan Administration counted the part-time workers into the tally of the employed to arrive at a rate of unemployment.
Deduct the 20 million part-time workers from the employed rolls and the unemployment rate would be 8.5% to 10.5%. Who is kidding who?
JACOB SIDNEY GRILL
Los Angeles
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