Blanchflower: U.S. Nowhere Near Full Employment

The video discusses the misconception of full employment in the US, highlighting the gap in job numbers compared to 2008. It critiques the Federal Reserve's actions and Obama's policies for not resolving wage inequality and the gig economy. The potential for a fiscal stimulus under Trump is explored, emphasizing the need for a concrete plan to create jobs in specific regions. The video also draws parallels with economic challenges in the UK, particularly in areas affected by Brexit and long-term decline.

What evidence does the speaker use to argue that the US is not close to full employment?

• The number of gig economy jobs has decreased.

• The current unemployment rate is at an all-time low.

• The employment rate is 3 percentage points below 2008 levels.

• Wages have been rising steadily across the country.

What does the speaker suggest about the effectiveness of Federal Reserve actions and fiscal measures under President Obama?

• They successfully solved the wage inequality issue.

• They were effective in boosting the gig economy.

• They failed to address key economic challenges.

• They led to a significant increase in employment rates.

Why are markets optimistic about a potential fiscal stimulus under Trump, according to the speaker?

• Due to expectations of increased demand and economic growth.

• Because it will focus on cutting government spending.

• Because it promises to reduce taxes significantly.

• Due to plans to increase interest rates.

What challenge does the speaker highlight regarding the implementation of a fiscal stimulus?

• Reducing the national debt while increasing spending.

• Ensuring job growth in specific regions like Ohio and Pennsylvania.

• Focusing on urban areas rather than rural development.

• Balancing tax cuts with increased government revenue.

What parallel does the speaker draw between the US and the UK regarding economic decline?

• Both countries have successfully revitalized their industrial sectors.

• Both have experienced a decline in tourism due to economic policies.

• Both face challenges in reversing long-term economic decline in certain regions.

• Both have seen a significant increase in coal mining jobs.