The real crisis in the U.S. labor market is not, as we keep hearing, that there are not enough people who can work. The real crisis is all the working-age people on the sidelines, not even looking for a job. Yes, the unemployment rate is low, but that statistic covers only those who have looked for a job in the last four weeks. The labor-force participation rate, which measures the share of working-age people working or at least looking for work, shows a long-term decline, especially for men without a college degree, and practically in states like Michigan. When able-bodied men are not even looking for work, a host of social problems ensue — from crime, to drug addiction, to family breakdown.
Read MoreCommentary: The Real Job Crisis in Michigan
