Final Blog: Chapter 17

It’s important to see and predict the trends in the labor market, as well as understand the factors that shape them.  It’s important in making career choices, and helping others make those career choices as well.  The global economy is one economic factor that will shape the U.S. labor force.  It’s amazing to take a step back and look at how interconnected the world economy is.  If our country suffers, the whole world suffers. 

                Something I had not really thought about was the effect of national debt on the labor force.  Our book says that in order to pay off the national debt, the government must either stimulate the economy and increase the number and quality of jobs, OR, raise the tax rate.  (How about we cut spending??) I agree with this, but it is easier said than done.  How would the government go about doing this, without just using some temporary solution?  What’s very scary is that if our government does not get the national debt under control, it could have an increasingly negative impact on job creation.

                Regarding some of the issues of the population factor, one in particular that interests me is the age of the work force.  As the baby boomers age, and continue to work longer than previous generations have worked, 25% of the workforce will be over the age of 55.  Once this generation retires, there may be more jobs available for new workers.  But, because of the increasing average life-span and the cost of living, more people are continuing to work longer to maintain their incomes.  Work is also a part of their identity. 

                Another trend of interest to me is the short-term trend of war on the workforce.  The military is currently decreasing in size, which means there will be many military veterans looking to find civilian jobs.  I have recently been hearing ads about things like showyourstripes.org, where Kelly Clarkson and other celebrities endorse hiring veterans.  I have known many veterans-my family, friends, as well as my boyfriend- and I think it’s great that we are encouraging companies to hire those who have served our country. 

                Another short-term trend that amazes me is the development of a fad, like iPods, that create a large amount of jobs.  And the companies that create these new technologies are constantly looking for the next big thing.  So although it may be a short-term spike, workers are needed for each new thing.  And on a final note, I was pleasantly surprised that Americans are the most productive workers in the global economy!