America's best -- and most cash-rich -- companies aren't helping fix the labor gap. But it's not because interest rates are too high.
Despite moderate growth in the economy and historically low interest rates, the American labor market still hasn't fully recovered since the big hit of the global financial crisis. True, the unemployment rate has fallen by 3.8 percentage points since its peak in 2009, but the percentage of Americans employed has barely changed. At last week's conference in Jackson Hole, Wyoming, Federal Reserve Chair Janet Yellen and other worthies lamented the difficulty of using monetary policy to address this problem. But the questions they should be asking are more fundamental.