>Page 21: "[The Federal Government] talks of retraining the newly unemployed
>to fill high-tech jobs that don't exist."
>
> --Stagnant real wages are--according to Janet Yellen--the result
>not of
> the fact that new jobs are by and large bad, low-wage, low-skill
>jobs, but
> the result of declining real wages at old, already-existing jobs.
Yellen's point doesn't answer B&S's claim, which in this case is true, since growth in "high tech" jobs, actual and projected, is a lot lower than you'd guess from reading the papers.
And surely the job mix - the decline of manufacturing, the rise of retail and business services - has had some depressing influence on the average wage.
Doug