According to one estimate, U.S. employment growth is 7.7 million workers below where it should be at this point in the typical business cycle recovery.
So what explains why we aren’t seeing normal jobs growth? Is outsourcing to blame? Lingering aftereffects from the excesses of the late 90s? Above average employment costs (health care, pensions)? Government red ink?
Morgan Stanley’s Steve Roach and Dick Berner debate, you read.