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    Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 26865847 times)
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    Torque
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    May 06, 2022, 03:31:09 PM
    Last edit: May 06, 2022, 04:16:53 PM by Torque
    Merited by psycodad (1), julian071 (1)

    Isn't unemployment 3.6% in the US right now? Yes there was a big spike because well hey fuck the workers long live capitalism, but 3.6% is even lower then the 3.8% we have in the Netherlands right now, and it's really hard to get new staff here right now.

    I just don't buy this doomsday talk.

    You have to look at the bigger picture. Low unemployment rates don't really mean anything, because they are always relative to total current actively searching or recently employed within the last 12 months. They don't take into account people who have permanently exited the workforce for good.

    You have to look at long term labor charts, like this:

    https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm

    See what has been happening there? You don't see a problem with worldwide population rising while at the same time employment constantly falling over the last 20 years? If more jobs were being created every year, then labor force participation would be rising along with population growth, not falling.

    And yeah there may be plenty of jobs at the lower end out there, but if they don't pay a livable wage (ie, can't pay rent, eat, bills, etc.) then nobody will take them.

    Also, financing a government isn't really that hard, in the big picture there's plenty of money and all the government has to do is find the right balance of taxation and spending. As the US government is always reluctant to tax the rich they will always struggle a bit. Then again, they can always privatize even more stuff and make regular people pay double (like they did with health care) for half the services.

    This was written in 2020, so just imagine how much they have to borrow now... it's really quite unsustainable long term.

    Quote
    Another useful assessment that provides context for the national debt is its relationship to government spending: the U.S. government borrows about 42 cents of every dollar it spends. And approximately $1 out of every $4 dollars that it borrows goes to pay just the interest on the national debt.
    https://www.debt.org/government/
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