Hereiam2005
Hereiam2005's JournalNeed help from Bernie's supporters to understand his economic plan.
Well, here's the thing. I was reading Professor Gerald Friedman's analysis of Bernie's economic plan, which painted a very optimistic picture of our economy 10 years into Sandersnomic: 5.3% per annum GDP growth, 36 millions new jobs, reduce unemployment to 3.8%, raise wage growth rate to 2.5% by 2026 and more.
Needless to say if such plan can be realized, it would completely change America as we know it, for the better. I love it.
Except there is one small problem: how can we create 36 millions new jobs in 10 years?
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According to Bureau of Labor Statistic, the total number of people willing to take a job in the US (U6) is currently 15.9 millions.
The US population would also grow. In 15 years, US working age population would grow by about 10.1 millions, according to the most recent Census data.
Assuming all of them works instead of trying to get a college degree (the number of which should increase due to debt-free education system in Bernie's plan), in 2026, there will be at most 26 millions people willing to take a job.
Here lies the problem: how is it possible to create 36 millions new jobs with only 26 millions people at most willing to fill them?
If someone can explain the flaw(s) in my back-of-envelope-calculation, it would be greatly appreciated.
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Member since: Thu Mar 10, 2016, 12:45 PMNumber of posts: 23