Quote of the day

The quote below was taken from the abstract to a worthy article (h/t Yves Smith) written by Robert J. Gordon, an economist located at Northwestern University:

The US is missing millions of jobs. This column argues that the total is 10.4 million. It claims that 3 million of these can be traced to the weakened bargaining position of labour and the growing assertiveness of management in slashing costs to maintain share prices. Moreover, this employment gap is not shrinking because of the ‘double hangover’ effect — an excess housing supply and besieged consumers unwilling to spend.