clifp
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Oct 27, 2006
- Messages
- 7,733
There is no fixed number of jobs. If/when more people come in to the labor market, wages will go down and more people will be hired (eventually) as the US becomes more competitive with foreign labor rates. We don't have to match Sri Lankan hourly rates for US workers and businesses to become more competitive and for our economy to flourish and employment rates to stay high. The US infrastructure, transparent corporate governance, good capital markets, and high English literacy are all significant plus factors that will allow us to do well in a global economy--but not if we are paying workers $30 per hour. So, we'll see a drop in hourly pay from the artificially high levels that we enjoyed from WW-II through the mid-70s. America, welcome back to the real world, the same one our grandparents knew. In this environment, you want to be an investor and have your capital producing your income. If you are earning a living by the sweat of your brow, life will not be a picnic.
The older folks will be there alongside everyone else.
I think Sam is right. There is no reason we can't have more job in the US (or the world for that matter) it is really a function of wages, productivity and the amount of capital available.
We are already starting to see some company bring back some jobs to the states that outsourced to India. The generic call center/chat center jobs are ideally handled by senior citizen. Their life experience often make the more emphatic than a 20 year with his first non McDonald job. Even if the worse NY or southern accent is more understandable to me than a typical Indian accent. I imagine companies are even willing to pay premium for American workers, the problem is that number is certainly closer to 50-100% higher wage, not the 5 or even 10x differential we have seen in the past.