The Fed has generated a somewhat rosy forecast for jobs through the year 2020. But some experts are very skeptical.

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The Bureau of Labor Statistics predicts the creation of more than 20-million new jobs by 2020 and an increase in employment of more than 14 percent. Much of that growth - more than 2 million positions - will come from low-paid openings for home health aides (mean annual wages of $21,760) personal care aides -- people who look after the elderly and infirm but do not administer medications (mean annual wages of $20,420) and retail salespeople (mean annual wages $25,000). Registered nursing, the occupation expected to add the most jobs -- 712,000 -- offers a bright spot, with mean annual wages of $67,720 in 2010.

Economic Analyst Patrick O'Keefe of J-H Cohn in Roseland takes those optimistic predictions with a large grain of salt. He says, "what we can know with absolute certainty is that those jobs which will be worth having in the future will be jobs that require education, experience and skills.

The Fed says registered nurses and biomedical engineers are two of the jobs that will be in demand and will command very credible salaries by the end of this decade.