The Federal Reserve's crusade against the ghost of inflation has driven unemployment much higher than the official numbers suggest. It's not technology that's keeping down wages -- it's the policy of America's politically insulated central bank.
The great untold story of the American economy in the 1990s is the disguised
high rate of unemployment and its direct impact on stagnating living standards.
Properly calculated, our rate of joblessness is well into double digits. No
wonder workers have no bargaining power to get their share of an increasingly