Charles Hugh Smith: Here's Why Wages Might Rise Despite Millions of Unemployed Being Available for Work

``... we have a diminishing number of jobs that can be outsourced and a diminishing number of qualified people who can do the work.'' -- We think CHS highlights a number of important issues here, but he does over-emphasize sociological reasons for structural unemployment at the expense of economic ones. In truth, there's nothing inherently deficient about Americans compared to societies where "structural unemployment" is much lower. What we do have here is vastly more economic dysfunction, distorting the cost structure, and especially the labor market, making more people effectively "unemployable".