Fed Chairman Greenspan: Education, not protectionism answer to Job Loss

[tnitsuj]

from USATDOAY.COM

 

[BaliBabyDoc]

He said it would be more fruitful to consider reforms in the education system to ensure that workers with needed skills in technology are available. That would have the coincidental benefit of easing some of the pressure that has driven wages of highly skilled employees up while pay for less-skilled workers has been virtually stagnant.

So basically what he's saying is that if you are out of work today . . . don't expect a decent job for several years. If you have a low-skill job, you shouldn't expect a decent standard of living anytime soon unless you gain the skills for a more advanced job. And if you have a high skilled job, US public policy should be directed at reducing inflation in your pay . . . assuming of course we cannot find someone abroad willing to do your job for less.

 

[dmcowen674]

Originally posted by: tnitsuj
from USATDOAY.COM

3-11-2004 Greenspan: Employment Will Begin to Grow

Wading into the hot-button political issues of job losses and Social Security (news - web sites), Greenspan said that erecting protectionist barriers was not the answer to foreign competition and that Congress would at some point have to address the problem of the pending retirement of 77 million baby boomers. He repeated his warning that Congress will have to trim future Social Security benefits.

As our economy exhibits increasing signals of recovery, jobs loss continues to diminish," he told the House Education and Workforce Committee. "In all likelihood, employment will begin to increase more quickly before long."

Since President Bush took office in January 2001, the country has lost 2.2 million jobs.

Greenspan said that the extended period of job losses has heightened fears that U.S. workers are losing out to foreign competition and spurred a number of proposals to erect protectionist trade barriers.

"We do not have enough in real resources to meet the promises that have already been made. We will not be able to fully meet the benefits to the next generation, the baby boomers that are retiring," Greenspan said.

"Time and again through our history, we have discovered that attempting merely to preserve the comfortable features of the present, rather than reaching for new levels of prosperity, is a sure path to stagnation," Greenspan said.
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Oh, now we face "Stagnation"? What the hell do you call the last 3 years??? Idiot

Interesting how his 2+ million jobs lost number stays "stagnate" yet keeps having to "revise" individual job loss reports including chage reports that were showing huge gains into, Oh it was a NET LOSS.

I have the answer to the SS problem of being able to pay everyone the money that they put into the SS.

Ship everyone off to where the Government and their RBC (Rich Boys Club) sent their money, India.

 

[Zebo]

uh-huh..I know a couple engineers with MS/Phds and major experiance, don't get much more educated than that, who have lost thier jobs over the last couple years and are relegated to doing any work they can to support thier family. One's a bartender so he can look for work during the day another is working at his wifes kindercare center...seems low skills are in demand not education. We recently had a chemist position come up which required skills in all analytical lab instrumentation and got over 200 apps for this one position...all qualified..all looking...all educated...unfortunatly we could hire only one. Sure allen keep spouting the corporate line but those in the trenches live in reality. Without industry/manufacturing to support these "educated" there simply is'nt enough demand for them to warrant more and continued education.

 

[BaliBabyDoc]

One's a bartender so he can look for work during the day another is working at his wifes kindercare center...seems low skills are in demand not education.

I think you are addressing a connection that few policymakers really want to acknowledge . . . what's good for business ain't always good for labor. There is a need for highly skilled labor. It's just that most companies don't want to pay US wages/benefits to acquire that labor. From a financial standpoint it's perfectly understandable but here's a case where Greenspan-speak borders on intentionally misleading. He appears to imply that all people need is more education and there will be jobs a plenty. The truth is that MORE education and accepting LESS pay is the real ticket to employment. But you would need a used car salesman to move that lemon.