So were seeing corporations enjoying big profits. They have greater productivity. Theyve got higher stock prices. But we still have an awful lot of uncertainty out there and employers are wary, they dont want to hire. And that reluctance to increase the payroll has created this enormous pool of unemployed, but willing workers.
We have more than 13 million people who are seeking jobs. Most employers dont have to offer higher wages to retain their existing workers or to attract new ones from this giant pool of unemployed people.
And then theres globalization. Right now, there arent nearly enough jobs being created in the United States. But in places like China and India, they are. Theyre creating jobs, theyre creating consumers, and those people are pushing up the demand for food and fuel and other commodities.
So thats really the core of the problem. Weve got slack job grown here in the United States but were shopping for the same food and fuel and iron that people in other countries want too. So that gives Americans a pretty painful mismatch. We have low wage growth but high commodity prices.
HANSEN: Doesnt sound very encouraging for the average consumer.
GEEWAX: Well, its not because there arent any easy fixes for this mismatch. What would help would be a surge in job creation in the United States. That would put upward pressure on our wages. And we also need a big boost in the output of food and energy to relieve and get rid of this mismatch.
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