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MarketWatch First Take: Jobs guarantee plans bring uncomfortable truth about the Fed to the fore

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Jerome Powell’s about to get in the business of killing jobs. Bernie Sanders says he wants to guarantee them.

The cause célèbre on the left is something called the jobs guarantee plan, put forward by think tanks and embraced by likely 2020 Democratic presidential candidates including Sens. Cory Booker, Kirsten Gillibrand and Bernie Sanders.

According to the Washington Post, Sanders put forward a version where local and state governments would put forward proposals for public works projects, and after they are vetted, workers would be hired for at least $15 a hour with paid family and medical leave.

The practical questions abound, from how much it would cost, to what kind of useful jobs can be created when it’s unclear whether there will be labor to fill it, to the impact on companies that currently employ low-income workers.

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