William J. Holstein

Whoopee! 32,000 jobs
MAY 5--

The private sector added 32,000 jobs in April, according to a report by payrolls processor ADP Employer Services today. Economists had expected a rise of 30,000 jobs, based on a Reuters poll. Clueless economists are crowing that this is big, really big.

Well, according to my calculations, it will take 312 months of job growth at that rate to create the minimum of 10 million jobs that the United States needs. That's 26 years.

Somebody wake me up when economists are finally ready for a real discussion about the structural changes that are necessary in this economy to create desperately needed high-value jobs. The economists are still waiting for Godot.