Unless you are highly skilled and educated, the American worker can look forward to a life of low-paying jobs which might require him or her to work several jobs in order to make ends meet according to an article by the Associated Press, “Future hiring will mainly benefit the high-skilled.”
“Many people will have to lower expectations and living standards as they enter fields with less pay and less job stability,” said Dan Finnigan, CEO of online employment service Jobvite.
“People who are unemployed have to embrace this future that they are going to have many jobs,” he said. “We will always be working on the next gig.”
Couple this with the soaring costs of obtaining a higher education and the increasing amount of student loan debt college graduates are burdened with every year — I can’t believe this is a recipe for an economically healthy America.
Add to this the fact that real job growth will not be seen until the next economic “bubble.”
“‘Most big booms come from a particular sector that moves the rest of the economy,’ said Richard Freeman, a Harvard labor economist.”
“Technology spurred job growth after the 1982 and 1991 recessions. The PC became revolutionary in the early 1980s. Internet use exploded after the Mosaic Web browser was introduced in 1994. Housing eventually lifted employment after the 2001 dot-com bust.”
I can see why bubbles are great, but is it healthy to have such economic bubbles? Look at the fallout from the collapse of the housing market.
The bright side is there will be job growth in some sectors of the American economy in years to come, namely health care, information technology and new industries such as data analysts. New jobs could also be created from new technologies that do not exist at this time, according to the article.