SUSIE GHARIB: The recent uptick in job creation is welcome news, but
tonight`s commentator says problems in the labor market still run deep.
He`s Glen Hubbard, dean of Columbia University`s graduate school of
GLENN HUBBARD, DEAN, COLUMBIA GRAD. SCHOOL OF BUSINESS: The
employment situation for January set forth many high fives in Washington,
but there`s a problem with America`s job machine. Instead of momentum, at
the pace of job growth over the past two years, it will take us two more
years just to get back to the number of jobs we had in December 2007. But,
of course, we have more people now who could be looking for work.
The ratio of employment to population has dropped about five
percentage points since mid-2009 and it isn`t getting better. The drop in
the unemployment rate in the past two years has come from the fall in labor
force participation, not from jobs for a given population. That`s bad news
and it doesn`t have to be that way. Memo to Washington: how about
delivering fiscal sanity, promoting innovation and investment, making
credit available to job creators and easing regulatory burden on business?
I`m Glenn Hubbard.