Friday, September 05, 2008

History of Unemployment after World War II

The US Economy absorbed new female workers, unemployment spiked under Reagan and had 3 peaks after that during Bush 41 and Bush 43. Carter saw uneployment go down, but the golden age was the Johnson years, with years under 4%. 2 of the most Liberal Presidents: Johnson and Clinton both saw the lowest unemployment. Marx argues that high uneployment benefits the Capitalist class, by providing a surplus of labour. But on the other hand high unemployment undermines consumer economic spending. For this reason we see Republicans will to tolerate higher levels of unemployment but Presidents of both party working to reduce the level on uncertainty of unemployment. The US economy even in the 21st Century is more stable and employed than at anytime in the Reagan years.
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