Word: slaughtered
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Dates: during 2000-2009
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...SLAUGHTER: Innovation in services, like leisure and hospitality and education, is not the classic idea of guys in labs with test tubes. To have that kind of innovation, you need educated, experienced, motivated workers. So, are we cranking out these kinds of workers in the U.S.? Income inequality across skills--the earnings of a college graduate relative to a high school graduate--is widening. The really highly skilled group, they've had pretty good real wage growth in the last three or four years. It's everyone else that's had virtually no real wage growth...
...SLAUGHTER: One thing that's been completely lost is that the labor force is going to grow much more slowly. That's largely determined by the population. So the overall growth of the U.S. labor force in the next 20 years is going to be half of what it was in the previous 20. When you think about where in the U.S. economy we're going to get these kinds of highly skilled workers, suddenly you need to be talking about immigration. Yet in the post-9/11 world, U.S. immigration policy has gotten more restrictive than open...
...SLAUGHTER: Because these are the smart kids that drive innovation. But with the rising global engagement of China and India, these students could have better options back in their home countries...
...SLAUGHTER: Much of the discussion is breathlessly waiting for next month's unemployment report and seeing how many manufacturing jobs there are in Ohio and Florida. That is nowhere near sufficient to grapple with the sort of issues we've talked about. The median person in the U.S. labor force today has a high school diploma and about one year of post-high school education. That person is going to have a job, but how productive and how highly compensated is that job going to be? Maybe we could have tax cuts for less skilled Americans...
...SLAUGHTER: I would also love to hear more discussion about immigration...