NAIRU is so passe . . .

[Max Sawicky]

>> . . .
Which number -- well, nobody can really tell.  So instead they just assume
that growth is becoming unsustainable when unemployment gets below 3% -- it
isn't "sustainable" to have less that one in 25 people out of work, y'see.
>>

3% is real progress.
We could work with that for a while,
until it became obvious that we could
go to 2%.

mbs