Megan McArdle — the Famous 17.6 million Jobs Created, “Jobless” Recovery
Posted by admin - 30/01/10 at 05:01 amPundit (un)cool: “Where’s ma job at “duuuuuude.” Seriously. McArdle, speaking in the Atlantic.
She’s a bit off on the numbers, too.
As noted here, by actual blogger Tbogg (not to be confused with “Tbow” who is Donkey Joel – Here might be the most ignorant and presumptuous media post ever — Achenbach’s “man“):
Megan McArdle – neither economist nor historian:
But the last two recessions were characterized by lingering unemployment–the infamous “jobless recovery” under Clinton and Bush.
When Clinton was in the White House, the economy generated 17.6 million jobs during the corresponding period — from January 1993 to December 1998.
The Unemployment Rate Was 4.2 Percent in 1999 — the Lowest Since 1969. The unemployment rate was 4.1 percent in December bringing the average unemployment rate for 1999 to 4.2 percent — the lowest since 1969. The unemployment rate has fallen for seven years in a row. It has remained below 5 percent for 30 months in a row. For women the unemployment rate was 4.1 percent — the lowest since 1953.
Obviously unemployment is not understood by those who should be unemployed.
A professor weights in on McArdle, on another occasion:
But the punchline for this story is that Megan McArdle in fact knows very little — not nothing, but not much either.
Which brings me back to my headline. I don’t read McArdle much because I know she doesn’t know what she’s talking about, and the glibness of her ignorance and the infantile quality of her ideology … piss me off.
Well, at least, for a person who claims to be an economics expert, McArdle knows her unemployment facts.
Something short about the blog and or author(s). The heading and/or photo could be linked to the about page.