Why Won't Apple Hire Me?

[Commentary] Despite moderate growth in the economy and historically low interest rates, the American labor market still hasn't fully recovered since the big hit of the global financial crisis.

American businesses including Apple, Google, and Oracle sit on piles of cash that in total amount to more than $1 trillion. If Apple thought it profitable to invest this money, surely it would. But it apparently does not see a viable strategy for such growth. Even companies without hoards of money sitting on the sideline are operating well below capacity; much of their physical capital sits unused.

[Altman teaches economics at New York University's Stern School of Business and is chief economist of Big Think]