“Tim Worstall is an Englishman who has failed at many things.” I agree with this statement. I don’t agree with his rosy assessment about unemployment. What about all of the people out there who are underemployed? They are still counted but are not working to their full potential and salary. What about all the blue-collar workers who are accepting pay and benefit cuts because they face the tough decision of working for $10 an hour or being out of work? What about the fact that the price of gas, food, medical expenses and consumer goods are rising much faster than wages which have stagnated over the past decade? While we should be looking for optimistic news about the economy twisting definitions and data to come up with employment to population ratio crap does not help our situation.
