Kathryn Anne Edwards

And I can add to your troubles.

It's not just that it's an aging population and an elderly population.

It's a horribly organized sector.

I mean, I suppose maybe to answer your question a little after the fact, Scott, I don't necessarily like health jobs because it is such a bloated sector that's poorly organized and is not—I mean, it's not sustainable private markets, right?

It's propped up by government intervention 15 different ways.

hundreds of billions of dollars.

So to me, I think it's its own kind of bubble in that the more we rely on healthcare sector for jobs, the less likely we really want to look under the hood and see how that sector is performing or organized or how reliant it is on public spending.

So let me just add to your worries there.

But yes, I think through numbers alone, the fact that we're only adding jobs from health is likely the biggest concern.

The rest of them are all there.

We don't know exactly how they're combining in the labor market to create weakness, but in some ways we don't have to.

The direction matters more than the data point.

I know that it's putting downward pressure on the labor market to be deporting immigrants, in particular workers.

I don't know the exact number.

And I mean, talk about data with a lag.

That takes a long time to figure out because of the relationship that unauthorized people have with paperwork and with federal surveys.

But I mean, I know that it's downward.

I don't know the exact degree, but the direction matters more.

Top of the list, we need a new unemployment system.

Our current system of unemployment was created in the Social Security Act of 1935.