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06 December 2019


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I understand the general opinion to be that the President Trump is citing the "U3" rate of unemployment, and that the U6 rate or the labor participation rate would better reflect unemployment and economic distress in our citizenry. This criticism applies to prior administrations as well, and was likely the argument made by Trump during the Obama administration. It's fair for Trump to cite improvement in the U3 rate, and biased to argue he shouldn't make that comparison with U3 under Obama. It would be nice if he could also say that he wants to improve the U6 or labor participation rate, which would be consistent with his criticism prior to be elected.

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