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View Diary: A recovery that's 11 million jobs short (82 comments)

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  •  There's a good article in Foreign Affairs (4+ / 0-)

    on the jobs crisis this issue. You do have to register, but the link is here.

    Essentially, since 1990 labor productivity in the tradeable sector of the economy has skyrocketed as positions with lower productivity has shifted overseas and new positions are forced to be very productive in order to compete abroad. However, there has been essentially zero job growth in this sector for 20 years. Meanwhile, almost all job growth has come from the nontradeable sector, particularly health care, education, etc. but labor productivity in the non-tradeable sector has flatlined.

    "It is, it seems, politically impossible to organize expenditure on the scale necessary to prove my case -- except in war conditions."--JM Keynes, 1940

    by randomfacts on Thu Jul 07, 2011 at 08:01:59 PM PDT

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