Dr. John Psarouthakis, Executive Editor of www.BusinessThinker.com, Founder and former CEO, JP Industries, Inc., a Fortune 500 industrial corporation, Adjunct Professor(ret.), Ross School of Business, University of Michigan.
Millions of American “smokestack” jobs no longer exist. Millions of other American jobs, from nearly every sector, have been exported. Tens of millions of Americans are now sustained only by the “safety net,” or by working multiple part-time jobs at low wages with no benefits. More than one-quarter of working Americans lack enough resources to sustain themselves three months if laid off, a number that no doubt has risen since it was last compiled. This is a very, very bad time to be an unskilled worker with no prospects of being retrained in a way that will land a job. A human being whose skills are obsolete is among the saddest of stories. Some of these Americans, especially older workers, are going to be left behind. Millions more will never earn the kind of living they once did. This states one hellacious problem; but it does not define the problem in any useful way for a problem-solver.
In getting one’s arms around what might seem like an unprecedented catastrophe, it’s good to start by realizing that today’s displaced workers are not alone in the American experience. Our workforce is undergoing massive transition, a tectonic shift, really, in the way Americans earn their livelihood. But it is not unprecedented.
By Daniel Griswold, Los Angeles Times
This Op-Ed article was published by the Los Angeles Times on August 1, 2016. To visit the article in the L.A. Times click on the link below:
See also “The Technology Imperative: What Jobs, Jobs, Jobs, Really Means in the 21st Century”, By John Psarouthakis, Gavdos Press, 2012
Foreign trade took a beating at both major party conventions, with speakers blaming free-trade agreements for all but wiping out U.S. manufacturing and eliminating millions of middle-class jobs. Both Donald Trump and Hillary Clinton have promised to renegotiate or abandon trade agreements with key U.S. trading partners such as Mexico and Canada. That would be a colossal mistake.
The number of manufacturing jobs in the United States has indeed been in a long decline since the late 1970s, but that disguises the true story of American manufacturing. Nostalgia for a bygone era blinds politicians and voters alike to the reality of a revitalized sector of the American economy that is thriving in a global market.
Dr. Periklis Gogas, Associate Professor and
Mr. Panagiotis Mitrakoulis,
Senior Economics Student, Department of Economics
Democritus University of Thrace, Greece
Greece’s debt crisis, that started in 2010, is the longest and most severe in the country’s modern economic history. Since 2010, when Georgios Papandreou as the prime minister signed the first memorandum of understanding (MoU), Greece implements important fiscal adjustment measures combined with structural reforms.
Fiscal adjustment clauses aim to achieve balanced government budgets or primary surpluses that will help reduce the debt to GDP ratio. The complimentary, in the MoU, structural reforms are designed to increase productivity and international competitiveness. It will be very interesting to justify how labor market reforms, which are among the most painful and spark more public debates in Greece, bring the economy back to the road of development.