How, how does that demand side, uh, part of the equation work?

I think it would be helpful if I went through the reasons why I think that full employment is, uh, conducive to promoting productivity growth.

The first one is as you get closer to full employment and the longer you stay at full employment, the further workers climb up the job ladder in terms of prod- productive jobs, high quality jobs, high paying jobs.

So you can think about jobs as on a ladder.

During a recession, workers fall off the ladder.

Uh, they're unemployed.

They'll take whatever job they can get, and then over time they will move to better and better jobs, and I think that's part of the productivity story.

... percent rates of the post-recession, Great Recession period.