Any economists out there who can explain something to me?
When in high school I recall that an unemployment rate of 4% is considered full employment as the 4% count for those sick, disabled, junkies etc............eg those unable to hold a job for reasons out of their control (debatable with substance abuse but were included anyway as "out o their control). The current unemployment rate is officially 4.1% in the US and ironically exactly the same in Australia. When you have full employment the economy is booming, as are government revenues is what logic dictates.

So I ask how can it be that the government is running a deficit at all? Let alone a large one like in the US and Australia. Do I recall correctly that 4% unemployment is considered full employment? Is it because we count unemployment differently or are our governments just wasteful?
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[fiscaldata.treasury.gov]

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