As time progress, automation on the supply side and efficiencies on the demand side work together to reduce the need of labor. It is similar to a computer processor that Intel produces each year that is faster and the OS from Microsoft that add features, but is written more efficiently to require less computer power to perform. Both of these factors work together to reduce the amount of energy required each generation. This energy on the economics side is labor and jobs. I am looking at future technologies that are coming up such as electric cars which will unify the energy that powers our homes with our cars, self driving cars, solar power, the internet. Consider the following facts:
1. The U.S. has tried to cover up massive unemployment by increasing the percentage of people in college from 1% of the total population in 1950, to 4% in 1970, to now almost 7-8% at 20 million people. I will argue in another thread that with technology, we should actually be spending less time in college!
This population of people tied up in college each year is over 12 million people which exceeds the population of unemployed workers now.
The default rates on student loans is astronomical at ten percent with the government providing an instant bailout to the banks. Instead of a massive bailout to prevent bankruptcy, the government gives them out slowly over time for each person that defaults. The student loan industry is unsustainable without government assistance.
2. Another loan the government gives out but will be unable to pay in the future is to itself to pay for massive defense spending and other programs that if shuttered would result in millions more being unemployed. Another tactic to hide the fact that our economy can not produce the number of jobs required to meet the basic needs of people.
3. Free trade is another method to shift unemployment from your country to another by dumping your products and overtaking their production of goods and services.
4. Finally, the housing crisis which is another type of tactic to hide massive unemployment by giving loans to people for housing they can not afford by inflating the economy to lower unemployment temporarily and hide the fact that capitalism can no longer sustain jobs.
5. Prison - If we had an incarceration rate similar to other countries, we would have 1 to 1.75 million people in the workforce.
6. Workers that have given up or not counted, homeless, live on government assistance and underemployment.
We need political leadership that understands this problem and may have to embrace other economic systems or methods to improve the living standards of its citizen. The path we are on is unsustainable.
1. The U.S. has tried to cover up massive unemployment by increasing the percentage of people in college from 1% of the total population in 1950, to 4% in 1970, to now almost 7-8% at 20 million people. I will argue in another thread that with technology, we should actually be spending less time in college!
This population of people tied up in college each year is over 12 million people which exceeds the population of unemployed workers now.
The default rates on student loans is astronomical at ten percent with the government providing an instant bailout to the banks. Instead of a massive bailout to prevent bankruptcy, the government gives them out slowly over time for each person that defaults. The student loan industry is unsustainable without government assistance.
2. Another loan the government gives out but will be unable to pay in the future is to itself to pay for massive defense spending and other programs that if shuttered would result in millions more being unemployed. Another tactic to hide the fact that our economy can not produce the number of jobs required to meet the basic needs of people.
3. Free trade is another method to shift unemployment from your country to another by dumping your products and overtaking their production of goods and services.
4. Finally, the housing crisis which is another type of tactic to hide massive unemployment by giving loans to people for housing they can not afford by inflating the economy to lower unemployment temporarily and hide the fact that capitalism can no longer sustain jobs.
5. Prison - If we had an incarceration rate similar to other countries, we would have 1 to 1.75 million people in the workforce.
6. Workers that have given up or not counted, homeless, live on government assistance and underemployment.
We need political leadership that understands this problem and may have to embrace other economic systems or methods to improve the living standards of its citizen. The path we are on is unsustainable.
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