America's official unemployment rate remains stubbornly near 10%, the real unemployment rate is likely well north of 20% and neither the president nor any of the major presidential challengers appear to understand this essential truth: Our malaise is NOT simply a short term cyclical problem amenable to even more profligate Democratic stimulus or knee jerk Republican flat taxes.
Some of the experts call it cyclical, others say it is structural, and there are those who attribute it to being a combination of the two.
It is a concept that attempts to show whether government finances would be in balance if it weren't for short term cyclical factors like the current, protracted global economic slowdown.
Probably my favorite Scott Sumner post is the one where he offered what I called a cyclical monetary theory, meaning that monetary theory is itself cyclical.
"The recycling industry is what we call cyclical," Foss said.