[Intro – Pensive piano, light brush drums] [Female Voice – Understated, bemused] They called it “Full Employment”— Said I earned it with grace. But last week I graphed the recessionary gap… It’s literally still in place. [Verse 1 – Measured, then tightening] We’re below potential GDP, But they’re popping corks for me. As if a title means the labor force Suddenly found elasticity. Unemployment's at five-point-two, But I see the U-6 rate too. You’d think they’d mention underemployment Before they printed my nameplate new. [Pre-Chorus – Strings subtly add tension] Phillips Curve? A slippery slope— Tradeoffs dressed in anecdote. “Inflation expectations are anchored,” they sigh— Cool. Tell that to my rent and rice. [Chorus – Snark layered with sincerity] They gave me “Full Employment” With a plaque and a brand-new chair. But wages? Flat. Demand? Thin. And real folks? Still nowhere. We’re hugging that LRAS like a bad date, Smoothing the output gap while ignoring the wait. Maybe I'm just the wrong type of win— An efficient allocation of original sin. [Verse 2 – More pointed, more bold] Don’t tell me NAIRU’s “non-accelerating”— That phrase alone feels isolating. Natural for who? What about me? What about Jamal? Or the girl with a B.A. and three degrees? The model says “wait”—inflation will come. Meanwhile, folks ration heat and chewing gum. I model marginal decisions all day, But this policy mix is M.I.A. [Bridge – Spoken-sung, dry delivery] Fun fact: If your curve says folks should stay unemployed to keep inflation low… It’s not a natural rate. It’s a policy choice. [Final Chorus – Climactic but personal] So here’s your “Full Employment”— Built on slack, sealed with spin. I took the job, but I’m not sold, If no one else gets to win. Forget the curve, I want a bridge— To something real, not some theoretical ridge. You want long-run output? Here's a plan: Try building it for every woman and man.
