Former Labor Secretary Robert Reich says the outlook for jobs is miserable. Reich who work for the Clinton Administration says the nation lost 11 million jobs (8.4 million since December 2007 and government didn’t crate 2.7 million jobs to support the 8.4 million.)
Reich said to get to December 2007 levels 300,000 people needs to hired over the next five to eight years.
Outsourcing which was common during the last recovery has expanded during this recession. Companies find that workers in Latin American and Asia are competitive to American workers thanks to Computer software and high technology.Also companies improve earnings by trimming payrolls.
Wall Street Journal has more.