Maybe saying "never" is being too negative.
But honestly i don't see where the jobs are going to come from that quickly. Small gain 4Q 2011?? Lets face it, this country will never be what it was 30 years ago when it comes to jobs. The Gap between the rich and poor is huge.
Really the amazing thing was that there was ever a brief period of toleration of working class well being.
I agree.
Though janitors don't deserve $60k a year anymore than a Wall Street CEO deserves $60M.
(My father used to do income tax preparation years ago, one customer was a veteran union member who worked as a janitor at an automotive factory, and his income was just over $60k. That's ridiculous money for a mop-jockey.)
Not really. Seems about right. How else do you expect him and his family to live a decent middle class existence?
Nobody should get paid any more or less than P*MPL (which should equal the wage). Which I expect is much lower than 60k.
As for the main topic.
I expect to see rather anemic growth in the job market. Many of the lower tier jobs will be replaced by automated technology (recovery may even entail increased spending in productivity boosting capital as opposed to additional hiring). I expect both the scale and substitution effects to not favor labor over the long run.
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