Economists… Gotta Love Em

Did a commenter over at Cheap Chalupas just shit all over their bloated jargon-fest? Why, yes, yes he did!

Steven Kopits

This is moronic. If you[‘ve] been unemployed, your unemployable! I know any number of investment banker types who have been unemployed a long time. None of them are unemployable.

What we have here is an old-fashioned oil shock. Not more, not less. We called the recession for the fall in April, based on the historical relationship of oil prices to the economy. To date, that call is looking pretty good.

It’s not that these folks are unemployable. It’s that–on average–they aren’t allowed to use any more oil when they’re employed. We’re supply limited, just as I said we would be in my October 2009 piece for Oil & Gas Investor. There is nothing obscure going on. People are not unemployable. We are unable to form new jobs because we haven’t got the energy to do so.

I’ll add that the migration of millions of low skill peasants hasn’t exactly been a boon to the employability ranks, now has it, TCCC? Perhaps you should consult with open borders fanatic scott sumner on how best to muddy the waters for the nativist layman.

Happy Labor Day!

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