> Those displaced people may never have a job again.
The unemployment rate is at the lowest level since 2001, and excluding 2000-2001, the lowest level since 1969.
https://www.google.com/publicdata/explore?ds=z1ebjpgk2654c1_...
The unemployment rate is at the lowest level since 2001, and excluding 2000-2001, the lowest level since 1969.
https://www.google.com/publicdata/explore?ds=z1ebjpgk2654c1_...
Automation is exploding at a dizzying rate for a decade now. Our ability to accommodate will be exceeded soon.
Further, that graph looks like what happens when people fall off the employment rolls - they quit looking for a job and no longer show up as 'unemployed'. How can we tell that's not responsible?
https://www.google.com/publicdata/explore?ds=z1ebjpgk2654c1_...
Automation may change that in the future, or people may insist on dealing with humans, or new jobs may emerge. Who can predict the future?
This quote: "Using this approach, we estimate large and robust negative effects of robots on employment and wages across commuting zones. We bolster this evidence by showing that the commuting zones most exposed to robots in the post-1990 era do not exhibit any differential trends before 1990. The impact of robots is distinct from the impact of imports from China and Mexico, the decline of routine jobs, offshoring, other types of IT capital, and the total capital stock (in fact, exposure to robots is only weakly correlated with these other variables). According to our estimates, one more robot per thousand workers reduces the employment to population ratio by about 0.18-0.34 percentage points and wages by 0.25-0.5 percent."
The more realistic measure of unemployment, the Civilian Labor Force Participation Rate is at about 63%, back to where we were in 1977. And a lot of women have joined the workforce since then.
Population over 18: roughly 240M
In college: 20M
Collecting Social Security: 60M
Labor force: 160M
https://www.census.gov/prod/cen2010/briefs/c2010br-03.pdf
https://www.statista.com/statistics/183995/us-college-enroll...