This is the Zero Marginal Product hypothesis. Assorted econobloggers have been engaging in quite a bit of discussion of it. For more info:

http://www.marginalrevolution.com/marginalrevolution/2011/01...

http://www.marginalrevolution.com/marginalrevolution/2010/07...

http://econlog.econlib.org/archives/2010/07/the_zmp_hypothe....

It's certainly consistent with the data. The data shows that corporate profit, GDP and industrial production have all recovered. This is exactly what you expect when a recession ends and aggregate demand recovers. However, employment did not recover, suggesting that the workers unable to find a job have a marginal product close to zero.

http://research.stlouisfed.org/fred2/series/GDP

http://research.stlouisfed.org/fred2/series/CP

http://research.stlouisfed.org/fred2/series/INDPRO

http://research.stlouisfed.org/fred2/series/CE16OV