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A Generation of Under-Employment

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    Former U.S. Department of Labor chief of staff Paul Conway weighs in on jobs and unemployment.

  • Duration 3:49
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And but right now -- -- the morning jobs report.

And the fact -- -- 146000.

Jobs added.

In November and the fact that the unemployment rate fell to seven point 7% both of those things we know by now both for better than expected.

But the thing we're gonna focus on here with our next guest is that the big story behind all of this.

Maybe the fact that a generation.

Of Americans are being impacted by the lack of a full time job.

Paul Conway is a former chief of staff with the US -- -- department joins us now.

From Washington DC so this kind of a wider point Paul -- -- is good because.

We talked so much about the the -- issue of the day and you know how would we -- vs expectations in this particular report.

But -- matter how you interpreted the idea that people have to settle for less than they want is a big big story.

It's a huge starving here a couple of quick points so the numbers came out today it's seven point 7%.

And a 146000.

Jobs are created in the story underneath this is the most important one this is America what we -- -- the creation of more opportunities the reason why that unemployment number went down is because.

350000.

Americans decided to no longer participate in the workforce.

That's not a good thing that's not how we measure progress.

And on top of these numbers today what's going on is this you have over nine million.

Americans based on BLS data.

Who say that to -- researchers into the statisticians that they are underemployed meaning they are in jobs that don't match their skills and they don't match their education.

So the implications for this long term for these Americans -- for the unemployed Americans -- us.

You have an entire generation of people move into the workforce right now -- -- not doing the key things they need to do managing projects managing budgets managing people.

In order to get more experience in -- get more income throughout their career it's because I'm not a great story here.

They are educated which is interest seeing as you point out in Mena and and at this point there -- over educated because they're in.

As those nine million or that would indicate people are and you know they're they're basically.

Let -- sit under employed.

So it's not think and one of the big problems we talk about all the times the fact that we have to have our education system keep up with the rest of the world.

That we have to get better and an -- and there's a lot should step by the white.

But this brings up -- much bigger point that people are getting educations is not be able put them to use what are you afraid -- what do you think this is gonna lead to.

My biggest concern I mean here we are in the holiday season and in there's a personal side of this that I think doesn't get as much attention on numbers take.

Every single one of these numbers represents an individual who's.

Trying very hard it's not the individual's fault.

The problem here is a long term thing which is American competitiveness if you cannot take that intellectual capital -- human capital put it to work for America.

And for America's principles.

You're looking at a country that's at a competitive disadvantage long term with countries like China and India.

I don't think there's a quick fixes there but give us an idea what you do you think we should be doing that were not.

Well our I think one of the quick fixes.

Is is simply stepping back on a day like this when people are fighting up on the hill about the fiscal cliff and understand.

At a personal level what's going on an individual's lives as we head into the holiday season here how it's playing out at their table.

And through their checkbooks and through their accounts and in -- understand that the number one goal for both parties here.

For the president and the congress has had a would create more jobs more full time meaningful jobs.

And apart from the finger pointing that is the essence of leadership.

Letting people pursue.

Their dreams and did it achieve -- income so they can get married have families do whatever they want this is America put the focus needs to be on job creation.

And not -- analyzing the very people who have the courage and resources.

Your taxes and regulation to create the jobs the government will never create the level jobs that are needed to put America back to work Paul thanks Paul Conway appreciate you coming on.

Sure thing.

I next get fed --

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