The truth is out. We are living in a time when a shocking four out of 5 U.S. adults will struggle with joblessness or poverty. This revelation not only flies directly in the face of another drop in unemployment, but reconfirms what many of us had already known, we’re in trouble.
If you find yourself looking for a job, you’re in an over-crowded market where the young and educated are relegated to jobs well below their intellectual station. This is due in part to the heavy competition at the of the top of the job market among the highly-skilled. Basically, those left out of the jobs they really want are knocked down a peg, creating what Economist Paul Beaudry calls “cascading.” The top pushes down on the middle and the middle pushes down on the bottom, burying those who are most vulnerable and under-qualified.
This phenomenon stems from what’s been deemed “The Great Reversal.” That is, there used to be an over-abundance of high-paying jobs that required skill, intellectual capital and education, but now there just aren’t. In fact, demand for those types of jobs peaked all the way back in the year 2000. That’s right, even with all this talk of a “skills gap,” the need for high-skill jobs actually stopped growing 13 years ago.… Read the rest