Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Michel Euler / AP

For Americans, it seems like a terrific jobs market, with an astonishingly low,4.3% unemployment rate. Yet a closer look reveals a middle class hollowed out by automation, says Larry Summers, the former Treasury Secretary.

"This question of technology leading to a reduction in demand for labor is not some hypothetical prospect ... It's one of the defining trends that has shaped the economy and society for the last 40 years."

In an interview with Axios, Summers points out that 5% of American men aged 25 to 54 were jobless in 1968; today, that number is 15%. In this statistic, the U.S. trails most of Western Europe.

Expand chart
Data: OECD; Chart: Andrew Witherspoon / Axios

Why it matters: If the participation rate for this age group were at its 2001 peak, there would be millions more workers in the economy, making both the country and many families richer.

Summers says a lot of economists advocate "more dynamism and flexibility," but that the U.S. already has a freer market than most other wealthy countries. More flexibility isn't going to make a big dent in this jobs crisis. Meanwhile, "it is a close race between the United States and Italy as to who is going to avoid the cellar of the major industrialized countries" in terms of prime-age male joblessness, he said. And it doesn't seem likely to improve soon. Here is Summers again: "I suspect that if current trends continue, we may have a third of men between the ages of 25 and 54 not working by the end of this half century, because this is a trend that shows no sign of decelerating. And that's before we have ... seen a single driver replaced [by self-driving vehicles] ..., not a trucker, not a taxicab driver, not a delivery person. ... And yet that is surely something that is en route." What it says it about policy: Both Democrats and Republicans believe that able-bodied men and women should work. But there's a growing body of evidence that the conventional U.S. strategy of low taxes, skimpy welfare benefits, and prohibitively expensive higher education won't result in more of them getting jobs.

Mass incarceration could play a role: Former Obama Council of Economic Advisers Chair Jason Furman has presented evidence that the rise in prison populations have something to do with the problem, as employers often shy away from hiring ex-convicts, who are also barred by law from certain jobs.

Go deeper

Ina Fried, author of Login
27 mins ago - Technology
Column / Signal Boost

Huawei sanctions snarled chip supply chains

Illustration: Sarah Grillo/Axios

The largely successful U.S. effort to hobble China's Huawei has benefitted a host of other tech companies — from smartphone makers such as Apple and Xiaomi to chipmakers like Qualcomm to network vendors including Nokia and Ericsson.

Yes, but: The massive disruption to the industry furthered an industry wide mismatch between supply and demand, exacerbating the global chip shortage.

Tina Reed, author of Vitals
47 mins ago - Health

Overturning Roe could strain abortion access even in blue states

The Supreme Court is reflected in a woman's sunglasses during a march Oct. 2. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

If the Supreme Court overturns Roe v. Wade, abortions could be harder to access even in states where they remain legal, because those clinics could be flooded with patients from states that have cracked down.

The big picture: This has happened before, and clinics fear the crush of demand would be a major problem in the immediate wake of a decision that would allow states to ban abortion.

A critical race theory founder says he's being inundated with threats

Richard Delgado. Photo: Courtesy of Richard Delgado

Richard Delgado, one of the founders of the critical race theory movement, tells Axios he and his wife have been receiving a steady stream of threatening messages since the coordinated, conservative campaign against critical race theory began.

Why it matters: Educators across the country — even some elementary school teachers — have faced harassment and threats over the past year over lesson plans that teach about system racism in the U.S.