Busted: Bankers and The Global Economy

September 25, 2007

Fed Discusses U.S. Competitiveness Concerns

Filed under: banking, federal reserve, government, money, politics — Tags: , , , , , , , , — digitaleconomy @ 10:20 am

Bernanke discusses the importance of education and training for the global labor market. I hold that as a nation, we do entirely too little to train and retrain workers in this country. The Bush Administration and previous administrations would rather give money away than retrain or actively assist workers in employment efforts to keep the economy and gross national product strong. Bernanke is very mild is expressing the true need for training, instead emphasizing higher education as an earmark for success.

“Ongoing globalization of economic activity will also lead to continuing changes in the structure of the U.S. economy–including the composition of our output of both goods and services, and thus the structure of our labor force. The world economy is benefiting from the expansion of trade and the rising productivity of countries abroad that are making great strides expanding both their infrastructure and the educational attainment of their workforces. That can be good for them, and for us. Importantly, our ability to reap the benefits of globalization will depend on the flexibility of our labor force to adapt to changes in job opportunities, in part by investing in the education and training necessary to meet the new demands (Bernanke, 2004).”
~ Chairman Ben S. Bernanke at the U.S. Chamber Education and Workforce Summit, Washington, D.C. on September 24, 2007

Education and Economic Competitiveness

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