http://www.epinet.org/content.cfm/webfeatures_snapshots_08112004 "Snapshot for August 11, 2004 Current recovery blind to education attainment When asked to testify on labor market problems in the current economy last March, Federal Reserve Chairman Alan Greenspan emphasized the importance of higher educational attainment {it's time for the senile man to go}. Unfortunately, higher education has not been providing the cushion against economic shocks that it once did. [snip] The current recovery has been marred by the persistent lack of job creation for workers of all educational levels. The present economic woes are not due to failures regarding the supply side of labor (such as too few college graduates), but rather they are the result of a persistently low demand for all labor..."
That suggests to me that the USA has reached a plateau with regards to need for people to do work. Is this what happens when automation etc take over? Or when you import a lot of what you need?