As I said, it isn't enough, but full employment is the only mechanism to make the "rising tide lifts all boats" thing true. If the Fed always takes the punchbowl away - which it will inevitably do if its notional "inflation target" is actually an "inflation maximum" as they have essentially said - then the non-yacht boats are going to be grounded. I don't see one inflation concern headline related to the jobs report on CNBC.com. I guess these are only concerns when Democrats are in power.
