I have been listening to Janet Yellen’s testimony and one of the idea that always remerges is the condition of the labor market. Is it as healthy as the Fed believes as companies continue to shutter their businesses and move jobs overseas to jurisdictions with much lower labor costs? Republican candidate Donald Trump has gained popularity by raising this question. He has tapped into sentiment of growing uncertainty and general anger over the fact that companies are choosing profits over American jobs. However, I do believe that there is very little Trump can do to bring these jobs back. Just look at the trade policies he proposes; they will only exacerbate an already critical situation.
The reality is there is no quick fix to the problems that the U.S. economy faces. Unfortunately, we are going to go through a painful transition period but through a strong leadership committed to strengthen our education system, the nation will come out of this in a much stronger position.
However, we can’t look to the future if we are focused on the past. I don’t find Trump very inspirational because all he does is focus on what the U.S. has lost instead of what it can gain if it embraces new technology.
One comment that Yellen made was that she believes that as one sector lags behind another will grow in its place. She also noted that it might take some retraining for people to take advantage of these new opportunities.
The reason I believe this is true is because I have seen it in my sector. I started working as a journalist when I was 18 years old and have seen the sector shift into the digital age. The internet has killed so many high-paying newspaper jobs but it has already created other opportunities, and opened up the marketplace.
Paper, ink, presses, payrolls, office rent, it is very expensive to run a traditional newspaper; however, you can create and run a news website in a home office. If you don’t know how to create a website, you can hire a web developer to create one for you. That is a career that didn’t really exist 30 years ago. I personally had to adjust my skills, learning all about digital photography and HTML coding, which has made me more marketable in my chosen profession.
It wasn’t easy to transition to the digital age but I did and am now able to support my family. How many out of work restauranteurs have turned their careers by operating a food truck – an industry that has boomed over the last decade.
The reality is that societies evolve over time and new opportunities can pop up where you least expect them. How many jobs have been lost in the transportation industry as plane travel has become more accessible to the public? Are we still mourning for the carriage makers and blacksmiths who lost their jobs because of the advent of the automobile? How devastated was the textile industry after the steam powered looms were invented.
We can’t solve our economic problems in a catchy soundbite; it is going to take hard work and patience. If we can support and strengthen our educational system, we, as a society, will be able take advantage of further evolution.
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