Commentators have repeatedly asked the question “why does the unemployment remain elevated?” While there are literally hundreds of significant factors, one of the most important is how our various political leaders choose to regulate and over-regulate the job market. John Goodman has an excellent article today that details some of the reasons (new and old) for elevated unemployment rates (and, even more importantly, depressed work force participation rates) as seen in the chart below.
What can be done? Simply put, when you are in a hole, stop digging! Stop enacting additional rules and regulations that pile costs on top of the rules and regulations already in existence. You can sign a petition to stop a proposed hike in the Bernalillo County minimum wage. Also, send an email to all County Commissioners at: firstname.lastname@example.org
Of course, while I am not holding my breath waiting for Washington to act to liberate the job market, there are several things that can be done right here in New Mexico that would help put people back to work. Check here, here, here, and here for some specifics.