A Quote by Austan Goolsbee
In Michigan, in the mid-'80s, the unemployment rate goes way up because a lot of factories shut down. And then, the mid-2000s, to pick a date, the unemployment rate in Michigan isn't that much higher than in the rest of the country. But the main way that happened is people moved.
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The black unemployment rate has to be twice that of the white rate in the US. If the national unemployment rate were 6.8 percent, everyone would be freaking out. We ought to not take too much solace in the 6.8 percent, but ask ourselves what can we do to bring that down to white rates, which are below 4 percent now. Some of that has to do with education, but that's just part of the story. You find that those unemployment differentials persist across every education level. I think it means pushing back on discrimination and helping people who can't find work get into the job market.
I can't possibly predict precisely what the unemployment rate will be at the end of one year. I can tell you that over a period of four years, by virtue of the policies that we'd put in place, we'd get the unemployment rate down to 6%, and perhaps a little lower.
The higher the unemployment rate, the more leverage I have to 'encourage' you to 'do what it takes' to keep your job. And so you work even more hours, pushing unemployment up and wages down. And that, my friends, is one of the little tricks that keeps you poor and me rich.
My predecessor taxed wealthy, successful people at a higher rate than ever before. And what happened? They left. And what came of it? Did unemployment drop? No.
Well, our economy is very strong and growing. We have created 5.4 million new jobs in the last 3 years. Our unemployment rate is better than the average unemployment rate of the 1960s, 1970s, 1980s, and 1990s.
Unemployment determination in a modern economy was the main subject area of my research from the mid-1960s to the end of the 1970s and again from the mid-1980s to the early 1990s.
During Governor Jennifer Granholm's administration, Michigan has experienced job losses, declining personal incomes, diminishing home values, and the highest unemployment rate in the nation.
The 'black rule' is that youth unemployment is, on average, double a country's unemployment rate.
In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.
Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.
The economy is better than the one President [Barack] Obama inherited, and unemployment is lower, but the unemployment rate gap remains large.
But do let me reiterate the spirit of Michigan. It is based upon a deathless loyalty to Michigan and all her ways; an enthusiasm that makes it second nature for Michigan men to spread the gospel of their university to the world's distant outposts; a conviction that nowhere is there a better university, in any way, than this Michigan of ours.
To reduce repossessions caused by unemployment, Gordon Brown needs to look at cutting the rate of corporation tax for small companies to 20 per cent and the main rate to 25 per cent, while reducing the rate of employers' national insurance by 1% for the smallest companies.
The unemployment rate today for people with our-year college degrees is 4.1%, which is almost none. That's people switching jobs basically. That tells you that education is the only way up and the only way out. If that is the fact, then we've got to get more of it for more people.
Michigan State is always welcome at Ann Arbor. Your teams in all the various branches of athletics are more frequent visitors here than those of any other institution. This is as it should be, for not two universities are closer together in every way than Michigan State and Michigan.
I do know that all of the Michigan delegation worked very hard as related to the revival of the auto industry. There was really a choice between bankruptcy and liquidation. There was no one that was willing to come up not only with the cash to keep them afloat but also to serve the warranties of everyone, you and I that drive all these cars. There was no one that could have picked up those pieces other than the federal government. [The auto bailout was] bipartisan from the get-go. [Without it,] Michigan would have hit 40 percent unemployment rates.
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