Article by:
Gili Malinsky
In a mid-March interview on ABC’s “This Week” with George Stephanopoulos, Treasury Secretary Janet Yellen expressed optimism about the United States’ economic outlook, based on passage of the American Rescue Plan. “I’m hopeful that if we defeat the pandemic, that we can have the economy back near full employment next year,” she said.
Economists define the term “full unemployment” differently, but generally speaking, full employment means that as many people who want a job as possible have one without there being so much competition that employers have to hike up wages and risk causing inflation. Even an America enjoying what counts as full employment, then, would still have some level of unemployment. Read full employment article here.
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