Can The Economy Stand A Million More Jobs?Dean Foust
Among the monetary mandarins at the Federal Reserve, it is a long-held dogma that too much employment can be a dangerous thing. That's because Fed officials--and most private economists--believe that when the jobless rate dips too low, employers are forced to bid up wages to attract the best workers. With payrolls representing two-thirds of business costs, inflation is certain to rise.
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