Biden's Trashed Markets Could Permanently Hobble US Economy
May 29, 2022 22:20:33 GMT -5
Post by Shoshanna on May 29, 2022 22:20:33 GMT -5
Experts Warn Biden's Trashed Markets Could Permanently Hobble American Economy
By Abby Liebing
May 28, 2022 at 10:23am
It’s been more than two years since COVID first hit, but the U.S. economy is still reeling and things are not looking up at the moment, particularly in the labor market.
If things don’t turn around quickly, the U.S. could be headed toward a permanently damaged economy and a workforce that won’t be able to keep up with global competitors like China.
Despite pandemic regulations relaxing and life “going back to normal,” inflation is still soaring and the workforce is suffering, with record-high job openings at 11.5 million, the Bureau of Labor Statistics reported.
Unemployment may be at only 3.6 percent, as BLS reported, but that is not the only indicator of the health of the workforce.
The bigger problems are that there are too many job openings, too few workers and too few developed workers.
New studies have found that workers are not receiving the professional development necessary either to remain effective in their positions or to advance.
If workers do not have the proper training, then they are less productive and unable to take on more responsibility — which means that companies have to try to find more workers for more positions. The whole supply chain suffers as a result.
“For years, the U.S. has spent far less on training its workers and done so much less effectively than most other wealthy nations, which is contributing to the supply chain woes caused by the pandemic,” Politico reported.
“Prior to the pandemic, the U.S. spent just 0.03 percent of its GDP on worker training … That’s less than a third of what OECD nations spent on average, or 0.10 percent,” Politico reported.
Continued at link
By Abby Liebing
May 28, 2022 at 10:23am
It’s been more than two years since COVID first hit, but the U.S. economy is still reeling and things are not looking up at the moment, particularly in the labor market.
If things don’t turn around quickly, the U.S. could be headed toward a permanently damaged economy and a workforce that won’t be able to keep up with global competitors like China.
Despite pandemic regulations relaxing and life “going back to normal,” inflation is still soaring and the workforce is suffering, with record-high job openings at 11.5 million, the Bureau of Labor Statistics reported.
Unemployment may be at only 3.6 percent, as BLS reported, but that is not the only indicator of the health of the workforce.
The bigger problems are that there are too many job openings, too few workers and too few developed workers.
New studies have found that workers are not receiving the professional development necessary either to remain effective in their positions or to advance.
If workers do not have the proper training, then they are less productive and unable to take on more responsibility — which means that companies have to try to find more workers for more positions. The whole supply chain suffers as a result.
“For years, the U.S. has spent far less on training its workers and done so much less effectively than most other wealthy nations, which is contributing to the supply chain woes caused by the pandemic,” Politico reported.
“Prior to the pandemic, the U.S. spent just 0.03 percent of its GDP on worker training … That’s less than a third of what OECD nations spent on average, or 0.10 percent,” Politico reported.
Continued at link