Reimagining Full Employment: 28 Million More Jobs and a More Equal Economy Fact Sheet
July 21, 2021
Key Facts:
- Common metrics for measuring the labor market—such as the unemployment rate—often underestimate the number of people available for work and thus the growth potential of the economy and the need for public investment to achieve an economy that works for everyone.
- Based on models that correct for pervasive racial, educational, and gender discrimination, we find that with sustained strong demand, a 68 percent employment rate is possible by 2031 (compared to the CBO’s 58.2 percent projection); that’s equivalent to 28 million more jobs.
- With this new benchmark, we can achieve a level of growth capable of reducing discrimination in the job market and shrink race, education, and gender employment gaps.
- To reach true full employment, the government must continue making essential investments in long-neglected spheres like climate and childcare—which will permanently increase labor force participation and accelerate innovation and productivity.