An executive recently told me that his company had almost gone belly-up this year. It laid off 70% of its employees and barely survived. Things are looking up now, he said.

When I asked how many employees had been rehired, he answered, “Why, none.” He went on to explain that his company now saw it could be even more profitable than in the boom years with a substantially reduced workforce. Employees are working harder but getting the job done. There are no plans to do any hiring.

On the one hand, Wall Street has quickly resumed its other-worldly status, economists say the recession is over, and the Obama administration speaks daily of ongoing economic economy. On the other hand, the Main Street and off-Main Street crowds feel like citizens of Mars. It’s becoming clear that my executive friend’s strategy isn’t a one-off aberration. It’s the norm.

CNNMoney.com points to a tepid recovery at best and warns of being on the verge of “the mother of all jobless recoveries.” USA Today reports that job seekers are having more luck finding jobs overseas than at home. Slate Magazine emphasizes that layoffs are continuing even at blue-chip companies and suggests that employers will respond to any rising demand for products and services by coaxing existing employees to work harder, not by hiring. The New York Times questions the government’s current upbeat assessment (here), details the toll unemployment is having on family life in America and the long-term emotional damage it does to children (here), and says that the proportion of workers who have been out of work for a long time is higher now than it has been since the Great Depression (here).

Maybe it’s time for employers to consider sticking their toes in the hiring waters for the common good. Now that the government has fixed Wall Street, it should turn to streets on which more people live and used to work.