Business Insider: The ‘supply-and-demand model of labor markets is fundamentally broken,’ and that’s why you’re not getting a pay raise anytime soon

Part-time “underemployment” has, statistically replaced the mass unemployment we remember from the 1980s. As Johnson says: “A majority of people who are classified as poor now live in a household where someone is in work. This is a complete turnaround from 20 years ago when two-thirds of the poor lived in workless households.”

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Ronald Reagan and Norman TebbitIn the 1980s, Ronald Reagan and Norman Tebbit blamed the unemployed for being poor. But their beliefs no longer make any sense in a world of full employment.Dan Chung and Mal Langsdon / Reuters


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