NAIRU: Bad Economics & Now Bad Politics

Janet Yellen has long believed it's possible for “too many” Americans to have jobs. In her view, shared by many of her generation in the economics profession, consumer prices will rise too fast unless millions of people remain unemployed. Despite this, the outgoing Federal Reserve boss is generally liked by the Left and is sometimes described as a “hero” for workers. Fed board nominee Marvin Goodfriend, however, was lambasted by Democratic Senators Sherrod Brown and Elizabeth Warren during his confirmation hearing for expressing similar opinions.