Here’s a little paradox for you. Even with unemployment officially sitting around 10%, studies continue to suggest that America is deficient when it comes to having a skilled workforce.
A new survey by the Business Roundtable finds that many businesses say they can’t get as skilled-enough workforce for what they need. Remember, we’re in the middle of period where there’s a record number of jobseekers for every listing.
But of course, it’s really not much a paradox at all. After years and years of a housing bubble, we have millions of Americans trained in some capacity relating to housing, and those skills are no longer needed. Concepts like this should shred anyone’s notion of an output gap. Sure, American hands are underutilized, but if those hands don’t have anything to do that’s productive, can they really be considered unused “capacity.” No, they can’t.
And this is the problem with big, macro-thinking. You can point to two GDP trendlines and say “Look, undercapacity…” but that totally ignores the ground level where real employees have to find jobs that they’re suited for, and no amount of expansionary practice can change that problem.
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