Reflecting on the labor market on this Labor Day, we note that many economists are predicting that, unlike prior recessions, employment and wages will not bounce back after the current economic downturn that began in 2008. Employers will retain significant bargaining power in US and overseas labor markets, likely leading to diminishing job security and real wages. Benefit cuts are sure to accompany this trend. However, the legal structure designed to protect workers, wages, and benefits remains in place,which could mean not a labor peace born of fear, but an era of increased tension and legal conflict between employers and employees. Of course, none of this is news to those of us in the trenches. An article in this morning’s Washington Post by Robert Samuelson surveys the landscape and economists’ predictions about it.