The wiki page can describe the benefits of such a system in much more detail than I can, but I can offer one salient piece of information: the system works, and it works quite well.
I think you'll be a good parent if this is your attitude. I hate to say it though, but in the words of the Boss:
Foreman says these jobs are going boys and they aint coming back; to your hometown
While there is a demand - and I believe always will be - for tradespeople and skilled professionals (i.e. Electricians and Mechanics) the blue collar labour that we've known from the 20th century is dead and gone. It's good to understand this - High School and continued education matter, because nobody is getting a good union job at the factory any more.
I think that's a very important distinction that you have mentioned.
There will always be positions for skilled professionals. I'd go one step beyond that and say that there will also always be positions for unskilled workers in fields that must remain local - construction, food preparation, etc.
Other unskilled workers need to be careful -- white or blue collar.