princessnorah comments on Watch: Billionaire CEO says unemployment 'has to jump' to put 'arrogant' workers in their place

[–] princessnorah@lemmy.blahaj.zone 38 points 3 years ago (12 children)

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.

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[–] joel@lemmy.dbzer0.com 17 points 3 years 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%

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[–] correcthorsedickbatterystaple@kbin.social 16 points 3 years ago* (1 child)

utterly disconnected with reality

is there another way to accumulate that amount of wealth?

having said that, if unemployment is 10% and he thinks it needs to jump (and not to be 50%) then unemployment would be at 15%

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[–] Otome-chan@kbin.social 5 points 3 years 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.

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[–] hitmyspot@aussie.zone 8 points 3 years ago (5 children)

I think he means 40 to 50% higher than now. It’s historically quite low at the moment.

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[–] squiblet@kbin.social 4 points 3 years ago (4 children)

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.

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