I found this on the net. It may explain why the IT industry was as well as others gutted.
" The Federal Reserve subscribes to the Phillips Curve theory, which equates high employment rates with inflation. This correlation causes the Fed to believe that if too many people find jobs that the economy will "overheat" and cause inflation to shoot through the roof...."
"The Phillips Curve was a relationship between unemployment and inflation discovered by Professor A.W. Phillips. The relationship was based on observations he made of unemployment and changes in wage levels from 1861 to 1957. He found that there was a trade-off between unemployment and inflation, so that any attempt by governments to reduce unemployment was likely to lead to increased inflation. This relationship was seen by Keynesians as a justification of their policies.
The curve sloped down from left to right and seemed to offer policymakers a simple choice - you have to accept inflation or unemployment. You can't lower both.... "
--- So it looks like a permanet level of unemployment is already calculated into our economy no matter who is in office. And I guess they flip a coin to pick which industry(people) would be targeted.
Human capital! Your life measured in dollars!
Slashdot Mirror
I found this on the net. It may explain why the IT industry was as well as others gutted. " The Federal Reserve subscribes to the Phillips Curve theory, which equates high employment rates with inflation. This correlation causes the Fed to believe that if too many people find jobs that the economy will "overheat" and cause inflation to shoot through the roof...." "The Phillips Curve was a relationship between unemployment and inflation discovered by Professor A.W. Phillips. The relationship was based on observations he made of unemployment and changes in wage levels from 1861 to 1957. He found that there was a trade-off between unemployment and inflation, so that any attempt by governments to reduce unemployment was likely to lead to increased inflation. This relationship was seen by Keynesians as a justification of their policies. The curve sloped down from left to right and seemed to offer policymakers a simple choice - you have to accept inflation or unemployment. You can't lower both.... " --- So it looks like a permanet level of unemployment is already calculated into our economy no matter who is in office. And I guess they flip a coin to pick which industry(people) would be targeted. Human capital! Your life measured in dollars!