The weakest payroll gains this year, but markets are acting like that's not nearly weak enough to slake Powell's thirst for the poverty of American workers.
A conversation with Jeffrey Korzenik on rebuilding the US labor force with "second chance hiring"
Tuesday, October 18, 2022
Welcoming the millions of Americans with criminal records can solve an historic labor shortage.
Update to Strategic View
2.3 million Americans, mostly men, are incarcerated. 19 million have felony criminal records. At the same time, labor force participation, especially male participation, has been falling for years, creating an acute labor shortage -- job openings this year are at an all-time high. Robust programs by employers to first select and then support hiring from the former-criminal population creates a virtuous cycle by ameliorating the labor shortage at the same time as it creates a path to productive non-criminal lives. "Second chance" hires can be among the most productive and loyal -- and thus cost-effective -- workers. Public policy to support this has previously been a bi-partisan matter, but that consensus is fraying now in the face of new extremist approaches to policing and criminal justice reform.