A Quote by Ben Bernanke
In any given month, a large number of workers are being hired or are leaving their current jobs, illustrating the dynamism of the U.S. labor market.
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Private sector labor market flows provide additional indications of the strength of the labor market. For example, the quits rate has tended to be pro-cyclical, since more workers voluntarily quit their jobs when they are more confident about their ability to find new ones and when firms are competing more actively for new hires.
Apparently, union bosses are so distraught about declining enrollments they will stoop to exploiting illegal workers. There is no doubt that this would hurt American workers, who would suddenly face a flooded job market full of cheap foreign labor. It would depress the wages of the American workers and cost them jobs.
The longer workers are unemployed, the greater the likelihood that their skills will erode and workers will lose attachment to the labor force, permanently damaging the economy's dynamism and potential output.
Unemployment is 'involuntary' when the price is above its market clearing level. Workers are unemployed because jobs are not available at the prevailing wages, period. The only recourse is to either expand the number of jobs or somehow lower the wage.
During my three years as chief economist of the World Bank, labor market issues were looked at through the lens of neoclassical economics. A standard message was to increase labor market flexibility. The not-so-subtle subtext was to lower wages and lay off unneeded workers.
You go ask any founder of any company why he or she did it, you will never hear, "I wanted to create jobs for the community" as the number one, number two, number three, number four, number five, number 10 reason for doing so. That is a result of the success the business enjoys. Creating jobs is not why people start businesses. Creating jobs is not how people innovate in business. It's not how they compete.
Our economy today depends upon women in the labor force. One out of three workers is a woman. Today, there are almost 25 million women employed, and their number is rising faster than the number of men in the labor force.
We should strengthen our immigration laws to prevent the importation of foreign wages and working conditions. We should make it illegal for employers to lay off Americans and then fill their jobs by bringing in workers from overseas. Any U.S. employer who wishes to hire from abroad - even for temporary jobs - should have to recruit U.S. workers first. And we should end the unskilled immigration that competes with young Americans just entering the job market.
Donald Trump claims - he did interview after the debate where he said, well, gosh, you can't find Americans to do these jobs to be waiters or waitresses or bellhops.What ridiculous nonsense. "The New York Times" reported roughly 300 Americans applied for those jobs. He only hired 17. Instead, he brought in foreign workers, because they're captive workers, because you can pay them less because they can't leave.
When the press writes scare stories about the global labor supply draining jobs from rich to poor places, the story is usually presented as a "race to the bottom" simply in terms of wages. Capitalism supposedly looks for labor wherever labor is cheapest. This story is half wrong. A kind of cultural selection is also at work, so that jobs leave high-wage countries like the United States and Germany, but migrate to low-wage economies with skilled, sometimes overqualified workers.
If cheap immigrant labor is made unavailable, employers can hire Americans at a higher wage, or replace low-wage immigrant workers with technology and automation, which will create a smaller number of skilled jobs for Americans.
Ford is leaving. You see that, their small car division leaving. Thousands of jobs leaving Michigan, leaving Ohio. They're all leaving. And we can't allow it to happen anymore.
The job market of the future will consist of those jobs that robots cannot perform. Our blue-collar work is pattern recognition, making sense of what you see. Gardeners will still have jobs because every garden is different. The same goes for construction workers. The losers are white-collar workers, low-level accountants, brokers, and agents.
Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.
The first Friday of every month is what we call Numbers Day - it's the day that the Bureau of Labor Statistics releases the monthly jobs report. We have a ritual at the Labor Department - at 8 A.M., we gather around a table in my office, and the commissioner of labor statistics briefs me and the department's senior leadership on the numbers.
When American workers are losing their jobs to people in other countries, Washington cannot afford to ignore this disturbing trend any longer. While Democratic presidential candidates want to just blame U.S. corporations, the reality is that their strategy won't help protect American workers or save their jobs.
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