The Future of Work

It’s generally assumed that the biggest issue this election is job creation. That is interesting given how the economy has already created 14 million jobs in the last six years.  More interestingly, as we’ve pointed out, we’re getting close enough to full employment that it’s hard to imagine where enough workers will come from.

Then again, it isn’t hard to imagine a job shortage. As we also have pointed out, the key issue when it comes to jobs isn’t trade deals or unfair labor practices – it’s automation. Robots build our stuff, computers file our paperwork.

If we want to seriously talk about jobs, the first thing we have to realize is that the short-term is probably covered by the coming worker shortage as Boomers retire. That’s the good news. Over the longer haul, however, automation of various kinds will replace more and more workers. That will take careful attention to what’s going on as well as a completely new definition of “work” to get us through the other side.

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