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American Workforce in Future Economy

In: Business and Management

Submitted By rajhelaiya
Words 370
Pages 2

One of the growing problem in USA is the growing unemployment and income inequality. The reason for this is technological change. To avoid this there needs to be a reform in education. College degree holders are not willing to work the jobs which once school dropouts used to do. Because of which there is increase in competition of jobs. The long term causes of income inequality though unknown can be questionable. Can we survive huge gap in income levels or will there be a crisis? Should the minimum wages further be increased from their current level? These question can only be answered in the coming future. Technology has been ever changing in the past few decades. It is causing rapid job loss. On the other hand, new technology is providing jobs to others. So on one side there is job loss, but jobs are being generated on the other end. To stop job loss due to technology we need to stop introducing new technology in US. But in "A Farewell to jobs" it is argues that it won't stop other countries from introducing new technology . The expanding world market and increasing global demand is due to improvements in worldwide communication and transportation. Because of Global network there are few barriers to entry and companies are moving to other countries .Outsourcing of projects to companies to India and China is causing job loss in USA. But the spreading of jobs to developing nations will obtain high volume and standardized products more cheaply then before. Everyone around the world is buying the skills and insights of Americans to manipulate oral and visual symbols. The demand for symbolic analysts such as scientists and researchers is increasing. These people are bringing huge money into America. On the other hand routine producers are being paid minimum wages. There is also decrease in union participation and an increase in…...

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