] Although in recent years the proportion of our labor
] force made up of those with at least some college has
] continued to grow, we appear, nonetheless, to be
] graduating too few skilled workers to address the
] apparent imbalance between the supply of such workers and
] the burgeoning demand for them. Perhaps the accelerated
] pace of high-tech equipment installations associated with
] the large increases in productivity growth in recent
] years is placing unachievable demands for skilled
] graduates over the short run. If the apparent
] acceleration in the demand for skilled workers to staff
] our high-tech capital stock is temporary as many presume,
] the pressure on our schools would ease as would the
] upward pressure on high-skilled wages.
In english: "We needed a lot of engineers to set up the new infrastructure over the past few years. Admins, Programmers, Network Engineers, etc... We're done doing that now. We don't need ya'll anymore. Thanks for all the productivity growth. I'm sure you can find a suitable job in another industry at a significant reduction in pay. You can rest assured that the overall economy has benefited greatly from your work. We're not planning to share the rewards with you, because you don't own it. We own it. We're looking for people who own stock to do really well in the coming years. We're exited about that, and we think you ought to be excited for us. Oh, and BTW, I'm cutting your pension. Have a nice day."
FRB: Speech, Greenspan--Critical role of education in the nation's economy--February 20, 2004