Large firms play a dominant role in gross job creation, at least for U.S. manufacturing. The strong economy provides good prospects for reemployment of displaysed workers, often at comparable wages. Media stories exaggerate the overall significance of corporate job cuts, ignoring job creation by the same companies. Solid evidence of worker anxiety is virtually nonexistent, despite media accounts. Trade and immigration are largely positive factors for the U.S. economy.
Unions face an uphill battle to maintain their current share of worker representation.
Broad-based indicators of Americans' living standards show strong gains. Overstatement of inflation by the consumer price index distorts measures of real economic progress. Total compensation is a much better measure of employee's pay than hourly earnings. Increasing wage premiums for skill and education have created a growing wage gap. Most gains from raising the minimum wage do not go to the working poor.