Mark Perry has a nice graph on jobs since 2007. Private sector jobs have almost recovered but if you look at the oil industry specifically you find +50% employment.

Why in the world would anybody think that aggregate demand is a useful concept? A general stimulus will help “the economy”? Of course not. There are pockets – geographic, demographic, industry specific, … – that are doing fine, doing badly, doing great. Nothing administered top-down in a blanket fashion could possibly be anything more than a waste.

-JD Cross

 

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