utterly disconnected with reality
is there another way to accumulate that amount of wealth?
Comment on Watch: Billionaire CEO says unemployment 'has to jump' to put 'arrogant' workers in their place
princessnorah@lemmy.blahaj.zone 9 months ago
Unemployment needs to jump 40-50%??? Is this guy seriously that utterly disconnected with reality? In Aus it’s never hit more than 12% in the last 4 decades, the economy would just collapse if unemployment got that high. It only got to 32% during the Great Depression in the US.
correcthorsedickbatterystaple@kbin.social 9 months ago
Otome-chan@kbin.social 9 months ago
If unemployment is 10%, then the actual amount of people who aren't employed anywhere is 50%. Because the laborforce participation rate is only 60% of the population.
hitmyspot@aussie.zone 9 months ago
I think he means 40 to 50% higher than now. It’s historically quite low at the moment.
squiblet@kbin.social 9 months ago
It is low now, but also (in the US) the last few administrations played games with how they defined it, mainly by excluding people who had basically given up on finding employment.
wintermute_oregon@lemm.ee 9 months ago
That’s nothing new. That’s how it’s always been defined. I’m not unemployed if I’m not looking for work. Otherwise housewives would be unemployed, disabled people, pensioners, etc.
The one weird part is people transitioning just are counted towards the unemployed numbers even though they have a job coming.
squiblet@kbin.social 9 months ago
They expanded the definition 5-10 years ago at various times, which resulted in a lower reported rate.
wintermute_oregon@lemm.ee 9 months ago
I was baffled by that comment. Did he mean 40-50% higher or 40-50%. Huge difference.
If I understand his business correctly, that amount of unemployment would cause him to fail
ribboo@lemm.ee 9 months ago
His wording means it should increase 40-50%. Not that it should be 40-50%.
wholeofthemoon@lemmy.world 9 months ago
Do you know what percentages are?
joel@lemmy.dbzer0.com 9 months ago
That’s the difference between percentage and percentage points. If the unemployment rate were 5% then a 50% increase would make it 7.5%
An increase of 50 percentage points would make it 55%