``This and related research suggests to me, first, that a broad-based cyclical shortage of demand is the main cause of today's elevated unemployment rate, and, second, that whatever problems there may be today with labor market functioning are likely to be substantially resolved as the broader economy improves and bolsters the demand for labor.''
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In other words, these things happen and we are going to do nothing.
Why post this bullshit?
Yes they seem to understand the statistics they look at, but that leads to nothing. The use of the word `cyclical' is in contrast to the alternative `structural'. Cyclic phenomenon go away if you wait. Structural phenomenon imply that you have to something and take action to change. If it is cyclic then it's just a matter of time to adjust without action.
And sure enough the entire government apparatus has assiduously done nothing, a waiting recovery. Gee why is it taking so long?
But under employment and the unemployed are not the only areas of do nothing. Virtually every problem and concern on a liberal list of must-do, has gone begging for action and got nothing.
Why even read their blather? I suppose it's a matter of hygene. But really, why bother?
CG