We've been talking a lot about how wealth is becoming concentrated in a smaller %-age of the population. Our changing world is part of the reason.
The deeper problems fostering unemployment in America today can be summarized in three paragraphs:
Global competition is stiffer. [snip]
Then, just as the world was getting flattened by globalization, technology went on a rampage — destroying more low-end jobs and creating more high-end jobs faster than ever. — destroying more low-end jobs and creating more high-end jobs faster than ever. What computers, hand-held devices, wireless technology and robots do in aggregate is empower better-educated and higher-skilled workers to be more productive — so they can raise their incomes — while eliminating many lower-skilled service and factory jobs altogether. Now the best-educated workers, capable of doing the critical thinking that machines can’t do, get richer while the least-educated get pink slips. (We used to have a receptionist at our office. She was replaced by a micro-chip. We got voice mail.)
Finally, just when globalization and technology were making the value of higher education greater than ever, and the price for lacking it more punishing than ever, America started slipping behind its peers in high school graduation rates, college graduation and global test scores in math and critical thinking.Beyond the recession, this triple whammy is one of the main reasons that middle-class wages have been stagnating.If you want to know who’s doing the parenting part right, start with immigrants, who know that learning is the way up. Last week, the 32 winners of Rhodes Scholarships for 2011 were announced — America’s top college grads. Here are half the names on that list: Mark Jia, Aakash Shah, Zujaja Tauqeer, Tracy Yang, William Zeng, Daniel Lage, Ye Jin Kang, Baltazar Zavala, Esther Uduehi, Prerna Nadathur, Priya Sury, Anna Alekeyeva, Fatima Sabar, Renugan Raidoo, Jennifer Lai, Varun Sivaram.
Do you see a pattern?