Unemployment affects millions of Americans each year. The length of time an individual is unemployed depends on several things, including age, education, experience, and resources. Equally important to consider, there are several aspects of the U.S. economy that factor into the rate of unemployment and labor force participation. Current trends in unemployment reflect a shift toward advancement in American manufacturing and technology. Although economic recovery is still in progress and some citizens have experienced some improvement, to curb unemployment, policymakers must implement training programs and focus on higher education policy to positively affect frictional and structural economic growth and to remain on pace with innovation and
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Indeed, as technological change accelerates its effects are widespread throughout the economy, ultimately putting a strain on today’s labor force. According to the Bureau of Labor Statistics, “Employment of computer and information technology occupations is projected to grow 12 percent from 2014 to 2024, faster than the average for all occupations” (BLS.gov). Job growth in these occupations is attributed to increasing demand in mobile and cloud computing in addition to an expanding demand in internet services. In this example, innovation, while optimal for both the economy and society at-large, greatly affects structural unemployment. Structural unemployment is a type of long-term unemployment that results from skill mismatches and position/job requirements (Miller p.145). Currently, the U.S. does not have a nationally accrediting system for on-the-job training. Post-school training is essential, especially to lower-income workers who may lack the resources for higher education. The fraction of employers that do offer job training, train their employees for job-specific tasks. This training fails to prepare workers for a lifetime of technology and workplace practice changes. General computer and non-industry specific skills compliment a worker’s existing …show more content…
While innovation is optimal for short and long-term growth, it tends to leave many jobs and workers stagnant. Current trends in unemployment reflect a shift toward advancement in American manufacturing and technology. Although economic recovery is still in progress and some citizens have experienced some improvement, to curb unemployment, policymakers must implement training programs and focus on higher education policy to positively affect frictional and structural economic growth and to remain on pace with innovation and promote economic prosperity. The economy can benefit from instituting a post-schooling system directed at transitioning workers that have been affected by changes in the workforce and do not have the resources to obtain equal or better employment. Together with a post-schooling system, higher education needs to be made more accessible and affordable to all students/workers, regardless of social class or ability to pay. These changes may be costly in the short-term, but the long-term benefits in the form of productivity, economic prosperity, and continued innovation could be
Indeed, as technological change accelerates its effects are widespread throughout the economy, ultimately putting a strain on today’s labor force. According to the Bureau of Labor Statistics, “Employment of computer and information technology occupations is projected to grow 12 percent from 2014 to 2024, faster than the average for all occupations” (BLS.gov). Job growth in these occupations is attributed to increasing demand in mobile and cloud computing in addition to an expanding demand in internet services. In this example, innovation, while optimal for both the economy and society at-large, greatly affects structural unemployment. Structural unemployment is a type of long-term unemployment that results from skill mismatches and position/job requirements (Miller p.145). Currently, the U.S. does not have a nationally accrediting system for on-the-job training. Post-school training is essential, especially to lower-income workers who may lack the resources for higher education. The fraction of employers that do offer job training, train their employees for job-specific tasks. This training fails to prepare workers for a lifetime of technology and workplace practice changes. General computer and non-industry specific skills compliment a worker’s existing …show more content…
While innovation is optimal for short and long-term growth, it tends to leave many jobs and workers stagnant. Current trends in unemployment reflect a shift toward advancement in American manufacturing and technology. Although economic recovery is still in progress and some citizens have experienced some improvement, to curb unemployment, policymakers must implement training programs and focus on higher education policy to positively affect frictional and structural economic growth and to remain on pace with innovation and promote economic prosperity. The economy can benefit from instituting a post-schooling system directed at transitioning workers that have been affected by changes in the workforce and do not have the resources to obtain equal or better employment. Together with a post-schooling system, higher education needs to be made more accessible and affordable to all students/workers, regardless of social class or ability to pay. These changes may be costly in the short-term, but the long-term benefits in the form of productivity, economic prosperity, and continued innovation could be