| I'm going to take the risk of saying "This time it's different!" - There is no such thing as lifetime employment for most fields. - Outsourcing wiped out a lot of decent jobs in the US.
- Automation is wiping out a bunch more. - College debt is thing, though I fully expect this administration to forgive it. - Housing is significantly more expensive**. - All the rich countries are ageing fast. - Men are going to college much less, and trend is accelerating***. * Lawyers are a good example. Search engines have wiped out a whole class of entry-level legal work. We certainly don't need as many as we have now, but what well-paying jobs are going to replace them? Finance is going through a similar transition where you just don't need as many people to conduct trades. I feel like I was reading FT a few months ago and several of the major Ibanks were saying they expect to need a third as many employees in the next decade. **Taipei is a prime example. Taiwanese salaries are super low, yet property is super expensive. Last time I looked, around $100/sqft for condos. People buying investment properties are the obvious culprit, but I don't think there is political will to deprive the government of property taxes and wipe out the savings of older voters, in order to save the young. And lo and behold the birthrate is 0.9 there. ***I think this was on HN a few days ago: https://hechingerreport.org/the-pandemic-is-speeding-up-the-.... You can argue college is a waste of time, and I'm inclined to agree, but I think we can make up a narrative where young men feel there is no hope. |