Tuesday, October 07, 2014

Jobs Truth

Jared Bernstein: It's Not A Skills Shortage That's Keeping Wages Down | Crooks and Liars:

The missing piece that economist and former White House advisor Jared Bernstein knows and is too nice to say, is that the Powers That Be set out to deliberately suppress wages, to the point where hiring an engineer in America won't cost any more than hiring one in Pakistan. But I'm not that nice, so I'll say it for him. Whenever you see the president making his speech about STEM (Science, Technology, Engineering, Math) training for good jobs, what he really means is that corporations demand a glut on the market that will drive down wages. Because we already have plenty of unemployed people in those fields, people employers don't want to hire at the rate their skills demand. And new graduates are also having trouble getting hired. So when employers talk about a STEM skills shortage, they almost always mean "trained people who will work for peanuts." See how that works?...

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