Thursday, February 23, 2012

In this article the author, David Francis, expresses a concern that even though we are likely headed into a recovery, it will likely be what is considered a "jobless recovery". Jobless Recovery basically means that the economy is improving, but there aren't many jobs created/available in the process.

As the economy improves some new jobs will become available but some of the old ones, such as manufacturing jobs, will no longer be available in such large numbers as before. These manufacturing jobs for the most part have been shipped over seas or their pay has been dropped so much that no "American" would be willing to take the pay cut. Francis explains that since many old jobs are disappearing and different ones are being created, the only way to keep up with the growth of the country is education. He explains that people must go back and "retrain" (go to college) so they will have marketable skills that can get them a decent job. The people currently preparing to go into the workforce also need to make sure they equipped them selves with skills that are necessary to get a job in the near future, and hopefully get them by the rest of their lives. Francis also points out that as college become more important, the cost has gone up significantly. So, for those who can't afford the big universities, community college is a decent plan B that can still help these unemployed get back on their feet. Other wise, people will remain unemployed and keep this cycle of recovery from reaching it's full potential.


Daniella said...

This is actually a really good idea that Francis brings up in this article, especially because we will soon be picking a major. This jobless recovery however is not such a pleasant idea, people who don't have a job will still be struggling or continue to live off unemployment. As a senior I encourage all of us to see what jobs are opening and train for that so we won't have to retrain, so we don't have a degree in economics but end up selling DVD's at Best buy.

GageLane said...

I understand this fully but what if people figure that they need a job immediately following the graduation from high school? Would it not seem like the most advantageous decision at that point? Why would someone who is trying to earn a living go to college and obtain a degree if in this economy you aren’t even guaranteed a better job than what you could get right out of high school, and on top of that an enormous amount of student loan debt.

D.McKee said...

I really appreciate your discussion of a 'jobless recovery.' It is a nightmare for any political figure trying to solve this crisis, as well as for the average American. The one concern that I would like to point out is the fact that elderly people are not retiring. Instead of the 55 plus age of retirement, people are keeping their jobs in fear of another recession. I wouldn't blame these people for wanting a stable retirement. However, this creates a nasty cycle for the job market where new jobs are not readily available. Another thing to consider is the fact that the limited job market forces it to be ultra competetive. This is why we are in the current, 'I have to be a doctor' mindset. As college tuition rises, less people will be able to afford it, leaving the economy with a catch 22. Either people will have an advanced college degree and will be fighting to get a job, or they will not be affluent enough to attend college, basically disintegrating their future chance of success.