Take a look at this graph. The job problem is different than most investors think. First, you will notice the graph covers only normal recessions, not any of the financial panics. Second, job growth after recessions did not return to the "average" after 2001. We have been growing jobs below trend for ten years already. Third, the variance below trend is greater now than any time in this graph. Bottom Line: It is very grim, indeed!
This below-trend period coincides with the rise of globalization. If we could measure the benefits of globalization as easily as we measure job growth, we would still remain committed to globalization. The benefits will far exceed the costs.
But, we could have done a much better job of preparing our workers, especially in entrepreneurship. Now, it is too late, because we can no longer afford it?? Besides, who is "we"?
