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What Unemployment?


a memo from the president

Received: 21Jan2011

Subject: Unemployment

I have solved the unemployment problem consistent with my methods.

Given that full employment is defined as:

Each employable person has a job.

Analysis

So I submit that those who cannot find a job after 99 weeks are classified as unemployable.
Therefore they become part of the "hardcore unemployed".

Eureka

I hereby decree that full employment is redefined to be ONLY 10% unemployed.
In the blink of an eye, we have achieved full employment and I did not have to create one job1.

I'm about due for a second Nobel prize don't you think?

bho

1. Even having such an illustrious acedemic background, I never got around to learning how to create jobs.