Monday, August 09, 2004

More Economic Illiteracy from a Usual Suspect

Today's has a story by Edmund L. Andrews, It's Not Just the Jobs Lost, but the Pay in the New Ones, from which one gleans these tidbits:
The stunningly slow pace of job creation, which sank to growth of just 32,000 in July, has provided new ammunition in an intense political debate over job quality.

For months, Democrats have said that the long-delayed employment recovery was concentrated in low-wage jobs that paid far less than those that were lost. White House officials replied that the available data failed to settle the matter one way or the other....
It may or may not be true. But, so what? The market's the market. What should we do, appoint a labor-market czar to dictate how many new jobs should be created, what they should be, and what they should pay? That would be a big help.