Among the reasons are a decline in innovation in the aftermath of the tech boom, leading to fewer new businesses, and the aging of the population.

Are we not being creative enough?

The percentage of adults who are working has fallen from 64 at the end of the Clinton era to only 59.5 now. Some of those dropouts are retirees, but some may be responding to the economy’s declining dynamism.

Along with double-digit unemployment, the country is facing a second potential scare headline: falling wages. In June, overall wage growth was zero. Zandi thinks the United States could see negative wage growth.

The Way We Live Now - The New Joblessness - NYTimes.com