Paul Ryan’s Magical Jobs Plan
According to Ryan Avent, the Heritage Foundation analysis upon which Paul Ryan is relying is even worse than I realized: “That sounds unbelievably good, and for good reason—the figures in the Heritage analysis are simply outlandish. According to the study cited above, Mr Ryan’s plan will bring the unemployment rate down to 6.4% next year, 4.0% in 2015, and 2.8% in 2021.”
2.8 percent in 2021! There no way of doing this short of shooting unemployed people in the back of the head. Even in a healthy economy, some firms are always going out of business or scaling back operations. And the people who lose their jobs don’t just instantaneously find new ones. Nor should they. People, quite sensibly, actually want to look for a decent job.