Wednesday, April 20, 2011
The economy is saved!
After years of being told by economists and business elites that middle class Americans should move away from manufacturing (because they are outsourcing your job) and instead they should go into the knowledge industry (before the Tech bust) and the service industry. The American economy is saved! The middle class misery is over because McDonald's has announced it will be hiring 50,000 new employees!
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LOL. I remember when this story broke. Yeah problem is there are no more bubbles to save the economy! Maybe they will try to make a green bubble next. I read someone graduating college now, with a professional degree, can expect to change jobs 7-10 times in their career due to layoffs. That is staggering. Only a generation ago our fathers could work their entire professional life at just a handful of companies. There is truly no job security. For decades students were told to work hard at their academics, get into a good university, get good or even just decent grades and they'd be virtually assured at the bare minimum a steady career with middle class income (say $30,000 and up). Now even job seekers with graduate degrees are seen working in Starbucks or Trader Joe's because it's been 1-3 years and they still haven't secured a job in the field in which they paid all that money to get their graduate degree. A college degree is now what a high school degree was in terms of value a generation ago. But actually it is worth even less because a generation or two ago you had millions of good paying manufacturing jobs!
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