Many in their late middle ages can't afford to pay the rent or the mortgage. This is good news because it is bringing families back together into 2 and 3 generation households. Who knows, maybe 4 generations when a 15 year older gets pregnant while living with grandma. Older adults are moving back in with their elderly parents.
In other good news: Labor costs are down because employers are figuring out how to avoid using more highly paid workers.
The deep recession wiped out primarily high-wage and middle-wage jobs. Yet the strongest employment growth during the sluggish recovery has been in low-wage work, at places like strip malls and fast-food restaurants.
Robots will wipe out most jobs in food services sooner or later. But there are many beneficiaries of the automation. For example, automated equipment allows cows to get milked any time they need it. Cows are taking charge of their own milking. Robotic systems give cows more freedom and control. That's inspiring.
Happy cows, families getting back together, more people working without the distraction of big amounts of money to worry about saving and spending. Always look on the bright side of life.
|Share |||By Randall Parker at 2014 April 29 10:57 PM|