'When someone...doesn't see a future for themselves, for their kids, you become much more subject to hatred,' says 2020 presidential candidate Andrew Yang (via latimesopinion)
: Pittsburgh. Oh, then you know, at least some of you know. So I grew up in upstate New York, my parents immigrated in the ‘60s, met at UC Berkeley as grad students, then I was born in Schenectady and my dad was an engineer for GE.
And I studied economics, and according to economic theory, these manufacturing workers would find new jobs, they’d get retrained, the economy would grow, the invisible hand would do its work, and all would be well. But if you go to western Pennsylvania, or parts of Ohio, you see the aftermath of automation of these jobs. And the real numbers are that almost half these workers left the workforce and never worked again. And then of that group, about half filed for disability.
And so we’re starting to see already the disintegration in these communities. And it’s going to accelerate dramatically as some of the new technologies become more and more functional. And there’s nothing standing in the opposite direction. Only 13% of truckers, as one example, are unionized. So there’s not even this massive collective bargaining opportunity.
So when you talk about the one-issue candidate, you all know me as the universal basic income candidate who wants to give everyone $1,000 a month. And there are very good reasons I want to give everyone $1,000 a month. We’re blasting away the most common jobs in our society, and social dysfunction is spreading, our life expectancy is declining. Our labor for participation rate, as we’re here together. So I’m going to segue into something else.
So education and retraining is the conventional recipe, and it doesn’t make sense. Raising the minimum wage is anther suggestion, which also does not make sense in this context. Because all you’re doing is elevating the incentives to replace workers. And if you’re a fast food chain and you’re paying people $8.60 an hour, and then I say, “I’m going to fix this, I’m going to elevate their wages.
The problem then is that all you’re doing is you’re moving the shape of the bell curve, incrementally, and you still have this massive volume of workers for whom these programs will not work. And so the reality of our society today is that, despite the headline unemployment rate being near record low, 3.7% or whatever it is, our labor force participation rate right now is 63%, a multi-decade low, the same level as El Salvador and Costa Rica.
So No. 1 is, you have to look at it and say, technology is about to change the game for much of our labor force. And it’s not just truckers and retail workers and fast food workers, it’s accountants. I was an unhappy lawyer for five whole months, and I guarantee you can automate that job. If you have friends who are lawyers, they’re like, “Oh, yeah.” You already have AI that can do document review faster and more inexpensively than any human lawyer.
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