TO economists and politicians, "full employment" does not mean what the words suggest: a job for absolutely everybody who wants one. Instead, the working definition has long been a jobless rate no higher than 4%. Even by that measure, the U.S. has rarely enjoyed full employment since World War II; the last time was in the closing months of the Johnson Administration and the early days of the Nixon era. Now the President's aides are redoubling efforts to bring the jobless rate back from nearly 6% toward full employment by the elections....
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