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DAVOS, Switzerland – Economists and officials say a host of new training programs are needed to rebuild the job market after technological gains and the financial crisis wiped out millions of middle-class jobs over the past five years.
IMF Deputy Managing Director Min Zhu said governments aren't paying enough attention to training amid a widespread push for austerity. Eric Cantor, a Republican Congressman from Virginia, says training is needed to give workers the tools they need for the "new labor force."
They spoke Friday at an Associated Press debate at the World Economic Forum in Davos, Switzerland.
Italian Finance Minister Vittorio Grilli, also at the debate, warned that shrinking birth rates are making economic prospects even worse: "To get people employed you need young people to be born."