Why the Economy Doesn’t Roar Anymore
This is the biggest crock ever to grace the cover page of Wall St. Journal Review. Today is analogous to the technical revolution on the farm that freed up 80% of the farm work force to man the new factories of the new modern industrial age which was applying its own new technologies of engineering and mass (low cost) production of highly desirable goods.
Now workers are being freed up in the old-fashioned industrial age factory production systems by computerized robotic production and digital administrative functions and communications. The workers are being displaced by more productive and lower cost robotic and computer industrial methods and the demand is for educated workers: Designing, engineering, and making and controlling robotic and computerized goods production……. also more workers in the services, highly skilled services. And there will always be certain skilled trades for servicing and maintaining even the mundane (but now higher tech) stuff from HVAC installations, large and small, welders for pipelines, electricians, plumbers for installations, large and small….. And the health care field from the most sophisticated OR skills and procedures and equipment……to the maintenance of those facilities. Has Mr. Levinson not heard of the American shortages of graduates in the STEM fields?
Our youth are not studying those hard subjects so the classrooms and graduates are imported, foreigners, and U.S. industry begs for government to allow more visas for imported/foreign STEM talent. Has he heard of the looming shortage of MDs? And other talents in that field. We have large pockets of uneducated, unemployed, slum and ghetto dwellers, producing nothing but chaos in their lives and in others’ that they touch. Something is seriously wrong in the culture……yeah, in values and morality. Then there is the not yet industrialized world out there, couple billion people, in need of enterprise, technology, education, skills……. and market economies (instead of thug governments impeding it and stealing from it)……many of their people fleeing their thug governments to find work elsewhere (or to find a welfare check elsewhere where governments are stupid enough to pay it to them).
When are the statist rulers and economists like Levinson going to wake up and preach that the a primary cause of the poverty and lack of productivity and incomes in much of the world is the unequal distribution of Capitalism. Levinson’s prediction that economic growth, employment, incomes wealth will be sluggish for the ages, will be fulfilled if statist (i.e.thug) governments continue to stamp out market capitalism, continue to run a worthless educational system turning out illiterate high school graduates and university Art History majors with little prospects for decent incomes…… as all the while statist thug governments continue to hammer away at their PC income redistributionist, welfare state and their pathetic top-down central economic planning (The Fatal Conceit, as Hayek exposed it).