HLFS (Household Labour Force Survey) defined unemployment is at its lowest rate since the survey started in 1986. Then, under 7 percent of working-age people relied on welfare.
Today, however, over 10 percent of working-age people rely on welfare.
We have, like most extensive welfare states, a good deal of hidden unemployment.
And to put the current level of dependence in context, in 1970 under 2 percent of working-age people were on welfare and more than half of those were widows.
Israel Kirzner’s Hayek Medal Lecture in Berlin — June 2015
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