> Higher unemployment means people work less.

Higher unemployment typically mean that people who are employed work more and under worst conditions - because their negotiation positions is much worst. Just about the last thing high unemployment means is that "the average employed person has more leisure time" or "average person in general have easier life".

Conflating high unemployment with "worker has more free time" is beyond absurd.

But OK, I dont read telegraph nor seen what that hedge fund guy was saying.