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To: Rob S. who wrote (65751)	7/1/1999 10:42:00 AM
From: Sam Citron	Read Replies (3) \| Respond to of 164684

Rob, Interesting post. I agree with most of what you say, especially about labor being the main inflationary ingredient at present. This is an extremely important issue because Greenspan's policy levers, namely his interest rate lever and mouth are ineffective at addressing the labor bottleneck, which is most keenly felt in technology industries. Rather these issues are more properly addressed by Labor, Education and Immigration (INS). My opinion is that a trilateral commission is essential to study and properly address this issue, namely the chronic shortage of Americans with the skills necessary to sustain the American economic expansion. It would be a terrible waste if the Fed felt it needed to slow down the economy due to this labor shortage. Rather than attempting to lower aggregate demand, the solution lies with raising the aggregate supply of skilled laborers primarily through more rigorous science and math training in schools, more vocational training efforts by technology companies reaching down to local levels and high schools, and, of course, through more responsive H1B quotas to immediately address the shortage at the margin.