A Permanent Great Depression
- President Trump is trying to create jobs, but technology is abolishing jobs faster than they can be created.
- While jobs are being abolished by the millions we see our open borders politicians continue to import wave after wave of cheap foreign labor.
(CBS News) - Ball State University sits in Muncie, Indiana, at the heart the "Rust Belt," so educators there have the right to be pessimistic about the drift of the U.S. economy. But a report by the school's Center for Business and Economic Research goes even further.
"We found a toxic brew," said CBER Director Michael Hicks. " is likely to replace half of all low-skilled jobs, and roughly one in four of all American jobs are at risk from foreign competition in coming years."
This is happening right on Hicks's doorstep. While the nation's most vulnerable area is the Aleutian Islands, some of the hardest hit places are likely to be Midwestern counties only 15 minutes from his office.
These areas face a downward spiral fed by shrinking job opportunities and the severe damage that can have on entire communities. As people lose their ability to make a living, they lose their resilience to bounce back, get retrained and transition to other careers.
There are fewer new jobs in the entire region, so the surrounding communities also grow poorer. Many residents find it necessary to move, which not only disrupts their families, but their children's education as well, undermining their chances of advancement.
While the nation has largely recovered from the 2008 recession, the disparities between rich coastal areas and poor Midwestern ones remains. For example, during the recession Montgomery County, Maryland saw its unemployment rate reach 6 percent, while in Elkhart, Indiana, it soared to 20 percent. The relative decline in joblessness since the recession hasn't changed the basic equation.
According to the study, these include so-called STEM, or science, technology, engineering and math, jobs, such as computer programming, data entry, electrical and electronic drafting, and computer and information research.
Among the occupations most likely to be in the years ahead are some people in the mathematical sciences, such as math technicians, who typically work on engineering projects or are involved in scientific research. Technology also threatens to make insurance underwriters obsolete.
"Considerable labor market turbulence is likely in the coming generation," Hicks said. And with a note of sarcasm, he added, "If you liked the economy over the last 15 years, you'll really like the next 15 years, too."
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