Future Shock Has Arrived
By Edward E. Gordon
The 2024 election results indicate the U.S. economy was the number-one issue. A majority of voters felt that inflation and lower paying jobs had left them behind. They believed that they lost jobs with good pay and benefits due to automation, immigrants, or unfair competition from foreign counties.
Yet America’s economic growth is now the highest among higher income nations. The stock market hovers around record highs. While U.S. unemployment is low, a large number of skilled jobs are vacant in many sectors of the economy. Most-better-educated workers have prospered since the end of the COVID-19 pandemic. Why do so many Americans feel betrayed by the current economy?
Computer Technology and Change
In the 1970s the computer revolution that has transformed today’s workplaces was just beginning. In 1970 basic skilled jobs were plentiful; a high school education was the meal ticket for most into the middle class. Only about one-third were high skill jobs requiring some form of education beyond high school such as apprenticeships, or some form of post-secondary education. Public education and government programs were largely well-aligned with the needs of the labor market.