Sounds Familiar?

reserve-armyBrad DeLong reprints this chart from Elise Gould, Prime-Age Employment-to-Population Ratio Remains Terribly Depressed. He also quotes the explanation,

The green circle shows the slow climb as the recovery began to take hold…. Then, early this year, the EPOP stalled out (see the red circled region)…. July’s rate of 77.1 percent is still below the last two troughs.

Isn’t this econo-speak for what someone — what was his name? — used to call the “reserve army of the unemployed”?

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