Today we're reading the disturbing news that pay in private sector jobs is shrinking to historic lows, the long term job losses that America faces, and an interesting op/ed with commonsense solutions to tackle Washington's fiscal irresponsibility.

Private Pay Shrinks to Historic Lows - Dennis Cauchon, USA Today

"Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds. At the same time, government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high during the first three months of 2010. Those records reflect a long-term trend accelerated by the recession and the federal stimulus program to counteract the downturn. The result is a major shift in the source of personal income from private wages to government programs."

Monumental Job Losses in America - Clive Crook, Financial Times

"Unemployment in the US is high not just by its own past standards but by international standards, too, which is doubly strange. Figures also show a startling rise in long-term unemployment, to levels previously associated with Europe’s broken labour markets."

Washington's $1 Trillion Opportunity - Paul Light, Wall Street Journal

"If the [President's Fiscal] commission wants a more positive note the next time it meets, it should take a look at the $1 trillion opportunity that resides in comprehensive bureaucratic reform. Not only is the rate of return high, the reforms are well within reach and long overdue.

The savings will not be found in hiring freezes and pay cuts—which inevitably lead to backdoor pay increases through promotions and title creep—but in streamlining the government's antiquated systems, duplicative programs, and needlessly dense organization chart."