Can a Rising Tide Raise All Boats? Evidence from the Kennedy-Johnson and Clinton-Era Expansions
Author(s)
Wray, L. Randall
Abstract
The question examined here is whether the apparent employment gains enjoyed over the Clinton Expansion were shared across the working age population. Does a rising economic tide lift the boats of those with lower skill levels, or are specific policies required to provide opportunities for them? To determine whether job opportunities for the low skilled did rise, job creation and employment rates are examined. It is concluded that a rising tide by itself, regardless of how robust, is unlikely to generate a sufficient number of jobs for all who might wish to work.
