WI: Humphrey–Hawkins Full Employment Act fully enacted?

So what happens to the economy? What will the effects be under any other reasonable alternate history scenario?

This act provides a permanent job guarantee scheme for any American. This should help theoretically to combat unemployment permanently.
 
. . . This act provides a permanent job guarantee scheme for any American. . . .
It’s my understanding the stated goal was quite a bit more modest. Something to the effect, the fullest possible employment consistent with smart policy on inflation, or words to that effect.
 
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