Why is it that we still have high unemployment (around 8%) and, at the same time have more than 3 million jobs available? I've talked about this problem in previous blogs.The acquisition of skills is the most important factor. Its not, as some "experts" say, that manufacturing jobs have declined over the past 30 to 40 years (Manufacturing jobs are down 40% from the peak in 1978 and are back to roughly where they were during World War II.)
But this does not mean that manufacturing is in decline. Manufacturing jobs are down because productivity has improved so much. We still produce as much or more than in the past, but with far fewer employees. We are still the number one manufacturing economy in the world and manufacturing shipments have about doubled in the past two and a half decades. By itself, manufacturing would be the ninth largest economy in the world. And, it could grow much more in the years ahead if some of those 3 million jobs could be filled.
Why aren't they being filled? The new and available high paying manufacturing jobs require serious skills and technical know-how, that many of the younger generation do not have, even if they possess a college education. The skills required for these new manufacturing jobs are sometimes called STEM skills -- knowledge of science, technology, engineering and math. Many in the younger generation will acquire these skills because that is where the money is. However, it will take time. But once skilled labor is back in the U.S., manufacturing will see massive gains over the next couple of decades.
The younger generation are going back to school in droves and piling up a lot of debt in the process. But if they are thinking that just having a degree is going to get them a job, they are wrong. They need skills that may not even require college. We need to encourage and direct our youth toward acquiring STEM skills.
GO FORTH and DO GOOD!
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