Those who follow the rants from our business leaders and their allies in politics and the media have been struck by a disquieting cry in recent months. We have been repeatedly told that, even though we have more than 25 million people unemployed or underemployed, businesses are unable to find qualified workers.

For example, last week New York Times columnist Thomas Friedman took us to Illinois where Doug Oberhelman, the CEO of Caterpillar one of the largest companies in the country, complained that he could not find qualified hourly workers for his manufacturing facilities. Oberhelman went on to complain that he also could not find engineering service technicians or and even welders.

Friedman also recounted a conversation with Chicago’s new mayor, former Obama chief of staff, Rahm Emanuel. According to Friedman, Emanual complained about “staring right into the whites of the eyes of the skills shortage.” Friedman recounts a story from Emanuel about two young CEOs in the healthcare software business who claimed that they have 50 job openings today, but can’t find the people.

There are many other accounts like the ones in Friedman’s column of businesses who find their growth prospects stunted by their inability to hire good workers. There are two parts to this story that should bother people.

First, in spite of all the complaints in the media about businesses not being able to find good workers, this problem doesn’t seem to show up in the data. According to the Bureau of Labor Statistics, the overall ratio of job openings to existing jobs is just 2.3 percent. This is down by almost a third from its pre-recession level.

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