Full employment doesn’t take into account “underemployment”, whereby someone with a college degree who has lost their job due to outsourcing, offshoring, etc. is now working at McDonald’s instead of where they previously worked and they’re not utilizing their education or their job skills most effectively. Yes they’re employed – but that’s not the whole picture. Republicans love to trumpet the low unemployment rate – they just don’t bother to get into the nitty gritty details.
Coming now to the housing market we have a number of people who appear to be “over-housed” so to speak (living in houses they can ill afford and should never have qualified for in the first place). I trust that when the housing market falls apart, the administration will blame Bill Clinton for causing it.
