The highest growth has been from sectors that cannot aid the balance of trade (to shrink the deficit), internal service sectors like the healthcare and state and local government.
I think the US elite / management consultants believed (in 2000s) that only high quality jobs would have been done in the future (today).
Indeed even today that vision is reflected in Silicon Valley. Problem is what do less skilled people do? I believe the solution is partly in studying how Germans are able to export not just to Europe but to China as well ! So you see, a socialist state has cracked the problem (even without having a Silicon Valley) !
The highest growth has been from sectors that cannot aid the balance of trade (to shrink the deficit), internal service sectors like the healthcare and state and local government.
ReplyDeleteThis growth is unsustainable.
Good point Lucian.
ReplyDeleteI think the US elite / management consultants believed (in 2000s) that only high quality jobs would have been done in the future (today).
Indeed even today that vision is reflected in Silicon Valley. Problem is what do less skilled people do? I believe the solution is partly in studying how Germans are able to export not just to Europe but to China as well ! So you see, a socialist state has cracked the problem (even without having a Silicon Valley) !