Tuesday, April 13, 2010

Reich on the jobs picture

And it is not pretty. The former Secretary of Labor and current professor of public policy at Cal-Berkeley wrote a stimulating (as usual) WSJ op-ed piece yesterday which made the following key points: (1) the March jobs report was not all that great because it was skewed upward by Census jobs; (2) it is hard to see where future jobs growth is coming from given households' heavy debt burdens, declining home values and tight credit conditions; (3) the Great Recession has accelerated outsourcing and substituting computer capital for labor; and (4) many job seekers will have to settle for much lower wages than they were expecting.

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