Sunday, July 17, 2011
Greenspan lashes out at US young workers
Source: Press TV
Former Federal Reserve chairman, Alan Greenspan, has lashed out at America's younger workforce, saying they don't match up to the 'baby boom' generation.
Mr. Greenspan said the U.S. is in the process of seeing the baby boomers, which he called 'the most productive, highly skilled, educated part of our labor force' retire.
'They are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades,' he added in the interview with Globalist.
He went on to say how the average income of U.S. households headed by 25-year-olds and younger had been declining in comparison to the average income of the baby boomer population.
Mr. Greenspan suggested it would be better for America to hire skilled immigrants to counter the worrying trend.
'Most high-income people in our country do not realize that their incomes are being subsidized by their protection from competition from highly skilled people who are prevented from immigrating to the United States,' he said. “But we need such skills in order to staff our productive economy, so that the standard of living for Americans as a whole can grow”. Daily Mail
FACTS & FIGURES
The official jobless rate in the United States is over 9 percent. Econpost
In fact, when unemployment is measured according to the formula that was used when President Bill Clinton took office, it is actually around 20%. Free Republic
The unemployment rate for people without a college education is twice what it is for people with at least a bachelor's degree. Las Vegas Sun
More than half of the U.S. labor force (55 percent) has “suffered a spell of unemployment, a cut in pay, a reduction in hours or have become involuntary part-time workers” since the recession began in December 2007. The Economic Collapse