Charts don’t get much more self-explanatory than this one from economics professor Mark J. Perry:
Photo: Mark J. Perry
With the latest GDP data that’s come out, the US has now resurpassed its all-time record for GDP, and yet that’s been accomplished with 6.6 million fewer jobs.
Of course, people are going to try to draw all kinds of different lessons from this chart. For example, some will see it as a sign that we’re in a golden-age of technological productivity, that’s allowed the overall economy to prosper, while a cohort of unemployable, skill-less workers suffer.
There’s also a political angle, namely that the needs of workers are obviously not in alignment with the interests of corporate America: Remember, the corollary to that record GDP is record corporate profits, as seen here.
Regardless of the root cause of the disconnect, this is a real and growing problem, as the lack of jobs translates into political strife, and perhaps even unrest.
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