A New Jobless Era?

I was just reading an excellent article in The Atlantic: How a New Jobless Era Will Transform America – Magazine – The Atlantic

It discusses the long term implications of unemployment on individuals and our society. What I thought was particularly interesting (and scary) was the coupling of the personal impact of unemployment financially and emotionally with the current “millenial” generations’ personality. We’ll see how things play out. This is well worth a read.

2 thoughts on “A New Jobless Era?

  1. Phil…
    Part of the answer to this is more micro entrepreneurship.We already see a lot of this disguised as “contract work”. The overhead cost of traditional employees has hit the tipping point (SS.,Medicare,unemployment tax,workman’s comp.,Union expenses,health benefits,retirement costs,etc).

    This is not all bad, just different. Workers will have many clients/customers/patients making for more job security and diversity. Cries of Armageddon are greatly exaggerated and remind me of a book I am reading,The Twilight Years,about a call for the end of civilization by philosophers and pundits after WWI.

    I’m not saying we haven’t gotten our hair mussed since the Great War, but…we’re still here. This generation may not have the pensions and comforts of their parents, but they are savvey, tough, and inventive. I don’t fear for them.
    FGC

    • I agree. I see more people I know and students looking to develop multiple income streams and become independent operators. The challenge with that is always the start-up and sales costs in time and energy. On the other hand, there is greater freedom to move in and out opf situations. I agree that things aren’t “terrible”, but I don’t think people (or government statistics) are catching the fundamental shift you point out. I have always assumed I was on my own for retirement and tell students to plan that way. If you get a pension, then it’s bonus money. But don’t count on it.

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