"[T]here does seem to be an imbalance in the power relationship between capital and labor"

But I do think you — there probably should be something done to rebalance that relationship. Nonetheless, when I look at the jobs numbers — and I think they’re disappointing. Somebody pointed out, if we were in a normal recovery, we would have six million more jobs than we have now.

And so I look at what’s causing all the sludge in the economy, whether we’re not innovating enough. And there’s some evidence of that, some stagnation in that. A lot of people have just dropped out of the labor force. And that long decline — Doug Elmendorf, the head of the CBO, was asked.

One of the things that is moderating growth, it’s the aging of the population, shrinking of the labor force. And if you don’t have a lot of people working, paying taxes, making stuff, you’re just going to have a sludgier economy. And so there’s a whole bunch of reasons. Some have to do with the complexity of the government, which imposes costs, the complexity of the tax code.