Why Washington Doesn't Create Jobs

A recent Financial Times article questions whether America can regain a dynamic labor market.  After reviewing the current and arguably difficult trends, it concludes with a quotation by former Obama administration budget director Peter Orszag. "The truth is that we don't know how to fix the US labour market -- we are in uncharted territory," says Peter Orszag, now a vice-chairman of Citi. "It would help to spend more on retraining and on infrastructure and to have a more rational immigration system. But these wouldn't fundamentally transform the situation for the middle class ... It is not yet clear what, if anything, could." The thesis of the article, and evident in Orszag's quotation, is that America has lost the dynamic job-creation capabilities it has enjoyed over the last fifty years.  More troubling is that the country is losing the middle class to low paying-jobs or no jobs at all. So how do we begin to look at this broader issue from a political point of view...(Read Full Article)

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