An aggrieved billionaire this week lamented that workers had grown lazy and "arrogant" during the coronavirus pandemic and that many of them needed to be made unemployed for the situation to improve.The Australian Financial Review reports that Tim Gurner, the founder and CEO of the Gurner Group, exp...
Unemployment needs to jump 40-50%??? Is this guy seriously that utterly disconnected with reality? In Aus it’s never hit more than 12% in the last 4 decades, the economy would just collapse if unemployment got that high. It only got to 32% during the Great Depression in the US.
That’s the difference between percentage and percentage points. If the unemployment rate were 5% then a 50% increase would make it 7.5%
An increase of 50 percentage points would make it 55%
I think he means 40 to 50% higher than now. It’s historically quite low at the moment.
It is low now, but also (in the US) the last few administrations played games with how they defined it, mainly by excluding people who had basically given up on finding employment.
That’s nothing new. That’s how it’s always been defined. I’m not unemployed if I’m not looking for work. Otherwise housewives would be unemployed, disabled people, pensioners, etc.
The one weird part is people transitioning just are counted towards the unemployed numbers even though they have a job coming.
They expanded the definition 5-10 years ago at various times, which resulted in a lower reported rate.
You have a cite for that?
According to this it hasn’t changed since 1945 when it was defined.
https://www.pewresearch.org/short-reads/2017/03/07/employment-vs-unemployment-different-stories-from-the-jobs-numbers/#:~:text=Since 1945%2C the official definition,in the past four weeks.
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is there another way to accumulate that amount of wealth?
having said that, if unemployment is 10% and he thinks it needs to jump (and not to be 50%) then unemployment would be at 15%
If unemployment is 10%, then the actual amount of people who aren’t employed anywhere is 50%. Because the laborforce participation rate is only 60% of the population.
I was baffled by that comment. Did he mean 40-50% higher or 40-50%. Huge difference.
If I understand his business correctly, that amount of unemployment would cause him to fail
His wording means it should increase 40-50%. Not that it should be 40-50%.
Do you know what percentages are?