Greed is to blame for lack of jobs

This Washington Post columnist, Harold Meyerson, explains how businesses are "defying gravity" while refusing to expand payrolls. More economists and commentators are beginning to see what is causing the economic bottleneck. Once again, it's our old nemesis, greed.

Everything is in place for the economy to grow. Bailout and stimulus packages have been provided by the government. Financial reform will create a more level playing field for businesses. Profits are up. The pool of talented people looking for work has never been more robust. Yet, employers still won't hire because they've learned to make a buck with fewer employees and have shipped many jobs overseas.

What these employers fail to understand is that by shutting the door on American job-seekers they are sealing their own fate. With no money circulating through the U.S. economy, consumers will buy less and eventually profits will go down. These businesses are also burning out their current employees and degrading the quality of whatever it is they are trying to sell. Additionally, many corporations are boosting the economies of places like China, which provides cheap, abundant labor, not to mention inferior products. Oh, and let's not forget that China isn't exactly our friend.

It seems more evident by the day where the blame lies for the lack of true economic recovery and the destruction of the American workforce. It's going to take a unified effort by the government and private sector to save this country. There is no more time to waste on politics and greed. Read more.