Which of the following statements is true of the growth in...

Which of the following statements is true of the growth in government employment in the last 58 years? Today, more Americans are employed by the government than by the entire manufacturing sector of the U.S. economy. Most growth in government employment from 1959 to 2015 has been at the national level. All in all, the three levels of government employ more than 50 percent of the civilian labor force. Government employment increased during President Ronald Reagan's first four years in office.

Transcript

00:01 So here we are talking about the us labor market.

00:02 I'm going to go through each of these in turn and try to give you some intuition for which is right and which is wrong.

00:08 So the first option a is that many created and few destroyed, right? this is not sustainable, right? if this was the case, things, it simply couldn't go on forever, right? if many more jobs are being created than are being destroyed, you are going to get many, many, eventually, you know, you're going to have far more jobs created than is necessary.

00:39 This is simply not sustainable.

00:41 Roughly speaking over the long term, unemployment is about constant, right? unemployment, you know, is not on a long term upward down trend.

00:49 It's always, you know, a few percent.

00:52 This is just not sustainable, right? you can't continually create infinity more jobs than are destroyed.

01:00 The other part is that job search today takes much longer than in the past.

01:09 This is just a fact that today job search takes a very long time compared to historically.

01:18 And so the second part of this statement is also false, right? that job search right now is basically the slowest it's ever been in american history.

01:32 So few creations and destructions.

01:40 So i would also call, right, this one is false, this one is false.

01:44 You have millions of jobs created and destroyed in a month, maybe not millions in months...

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