Post by unlawflcombatnt on Feb 18, 2008 5:28:56 GMT -6
Amidst the never-ending propaganda about an impending "labor shortage," a review of the current labor market is in order.
US Labor Market Overview
The United States currently a Working Age Population of 232.6 million workers, while only 146 million are employed. This puts the total surplus of potential workers at +86.6 million.
In 2007, the number of working age Americans increased 3,000,000—while the total number of employed Americans increased only 333,000. Thus the number of potential workers in the United States increased 10 times as much as the number of employed Americans.
In order to keep up with working age population growth, while maintaining the current 62.9% employment-to-population ratio, 2007 employment would have had to increase by 1,887,000—instead of only 333,000. This leaves a 2007 job deficit of -1,554,000. This is just in the last year alone. Does this sound like a labor shortage, or portend a future labor shortage?
Since 2001, the Working Age Population of the US has increased over 30 million, while the number of those employed has increased only 9 million during the same time period. Applying the same 62.9% employment-to-population ratio to all 7 years of the Bush administration, and multiplying times the working age population increase of 30 million, would have resulted in an employment increase 18.887 million, instead of the 8.7 million actually created under Bush. That's a 7-year job deficit of -10.1 million. The number of jobs created since January 2001 was less than 1/2 of that necessary to keep up with the Working Age Population growth. Does this look like a "labor shortage" to anyone? Does this portend a future "labor shortage."
And if there was ever any doubt about wage suppression from the increased labor supply, that dispute is refuted by the -1% fall in real weekly wages in 2007. Average real weekly wages have increased only +0.37% since December 2001. The real wage decline suggests there is NO of "shortage of workers." To the contrary, it suggests there is a surplus of workers, and a "shortage" of jobs, and a shortage of employers willing to pay enough to hire Americans.
The NeoCon-Artists, and even some alleged "liberals" (such as Robert Reich), need to stop their unsupported and idiotic propagandizing about a future "labor shortage." There is no evidence to support those claims.
US Labor Market Overview
The United States currently a Working Age Population of 232.6 million workers, while only 146 million are employed. This puts the total surplus of potential workers at +86.6 million.
In 2007, the number of working age Americans increased 3,000,000—while the total number of employed Americans increased only 333,000. Thus the number of potential workers in the United States increased 10 times as much as the number of employed Americans.
In order to keep up with working age population growth, while maintaining the current 62.9% employment-to-population ratio, 2007 employment would have had to increase by 1,887,000—instead of only 333,000. This leaves a 2007 job deficit of -1,554,000. This is just in the last year alone. Does this sound like a labor shortage, or portend a future labor shortage?
Since 2001, the Working Age Population of the US has increased over 30 million, while the number of those employed has increased only 9 million during the same time period. Applying the same 62.9% employment-to-population ratio to all 7 years of the Bush administration, and multiplying times the working age population increase of 30 million, would have resulted in an employment increase 18.887 million, instead of the 8.7 million actually created under Bush. That's a 7-year job deficit of -10.1 million. The number of jobs created since January 2001 was less than 1/2 of that necessary to keep up with the Working Age Population growth. Does this look like a "labor shortage" to anyone? Does this portend a future "labor shortage."
And if there was ever any doubt about wage suppression from the increased labor supply, that dispute is refuted by the -1% fall in real weekly wages in 2007. Average real weekly wages have increased only +0.37% since December 2001. The real wage decline suggests there is NO of "shortage of workers." To the contrary, it suggests there is a surplus of workers, and a "shortage" of jobs, and a shortage of employers willing to pay enough to hire Americans.
The NeoCon-Artists, and even some alleged "liberals" (such as Robert Reich), need to stop their unsupported and idiotic propagandizing about a future "labor shortage." There is no evidence to support those claims.