Word: slaughtered
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...losing in this discussion is, Is outsourcing bad for America? Is globalization good or bad for America?" Baumol, along with his fellow panelists on TIME's Board of Economists--RON HIRA of the Rochester Institute of Technology, CATHERINE MANN of the Institute for International Economics and MATTHEW SLAUGHTER of the Tuck School of Business at Dartmouth--proceeded to delve into that hotly contested question. Under prodding from TIME's JYOTI THOTTAM, the panel wrestled with issues of policy, politics and economic philosophy, sometimes clashing sharply. But in the end they agreed on a sobering call to action. The future...
...MATTHEW SLAUGHTER: There is something lost in the discussion about trying to identify the number of jobs lost to outsourcing. Counting jobs in these snapshots misses the point. Globalization for the U.S. economy continues to create very large gains, but those gains don't accrue to every single worker. There's too much focus [on] policy solutions for those directly impacted. Given the fluidity in the labor market, these pressures are really spread economywide...
...SLAUGHTER: I think we're at a really important point. An important political decision needs to be made about how much we're going to allow this globalization of industries and labor forces to continue. We've got the capacity now to globalize production in a much wider range of economic activities. When I go to my dentist's office, I look at the wall behind the receptionist, and it's all these paper files. That's all going to change. Maybe some of that will get digitized, maybe some will go to India or China or God knows where...
...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...