The Price of a Free Market

Last Friday, the Department of Labor released its monthly jobs report, and the numbers were...disappointing. Expectations had rested around adding approximately a million jobs, and April yielded a meager 266,000. In a rare moment of genuine surprise in Washington, some economists said they didn’t know the exact cause of the drop. But for weeks prior to the report, the press had offered stories across the country with a simple explanation: there are jobs, but no one wants them. The great labor shortage. And as anecdotes of fast food chains begging for workers and local restaurants limiting hours poured in, so did theories of an alleged culprit keeping potential employees away: covid-era unemployment benefits were depressing America’s work ethic. Bob spoke with Heidi Shierholz, director of policy at the Economic Policy Institute, and former chief economist for the Department of Labor during the Obama administration, to find out what the numbers can really tell us, and what they can't.

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