America's Skilled Worker Shortage

According to economists Laurence Kotlikoff and Robert Pozen,

"Every day, 10,000 baby boomers — Americans born from 1946 to 1964 — leave the work force. Most of them have not saved enough for retirement; at least one-fifth have basically no retirement savings. Our economy has a shortage of skilled workers.
Keeping older Americans on the job therefore benefits everyone: It is crucial to maintaining economic growth, and it will help the boomers to preserve and increase their savings if longevity continues to rise."
- Laurence Kotlikoff and Robert Pozen, Let Older Americans Keep Working, New York Times, August 14, 2015

If America has a shortage of skilled workers, why are so many recent college graduates either unemployed or working at jobs that do not require a college degree? On the face of it, it appears whatever skills they get in college are not a good match for what is needed by the economy.

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