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Howard Gold’s No-Nonsense Investing: This Labor Day, let’s acknowledge why our job-creation machine is broken

It’s Labor Day weekend, and despite unemployment under 5% and nearly 15 million private-sector jobs created since February 2010, nobody’s celebrating.

Workforce participation is stuck near historic lows, six million people are part-timers but want to work full time, and wage growth remains subdued.

Both presidential candidates have talked a good game about jobs and the economy, but neither addresses the real problem. The U.S. job-creation machine—once the envy of the world—is broken, because American corporations cannot create steady, well-paying jobs here in the USA while also providing maximal returns to their investors, who are really in charge.

So says Gerald Davis, a professor at the University of Michigan’s Ross School of Business, who has studied these issues for years.

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