Detailed text transcripts for TV channel - CNN - 20110519:00:46:00
Jobs. >> why is this happening? you highlight two fundamental causes. >> there are two things. one is technology. if you look at the american technology now, we are back to precrisis level of gdp which is about $13.5 trillion. we've gotten there. we're producing the same number of goods and services as we did in 2007 with 7 million fewer workers. so at some level, that's a productivity increase, right, which is admiral, but what it tells you is we are achieving producti protivety when you can get gdp growth without hiring more people, in fact, firing people. you look at every industry, technol...