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From 'Great Resignation' to 'Great Detachment': How U.S. job market has slowed

44 points by makerdiety 2y ago

toomuchtodo 2y ago
Great resignation set expectations, a new reality has set in, happiness is reality minus expectations. Very similar to how Gen Z is voting their vibes around economic expectations based on social media.
black_13 2y ago
[dead]
corimaith 2y ago
When Argrarian societies industrialized into developing countries, the growth in better paying manufacturing jobs was enough to absorb the increasing number of poeple moving into cities that living standards could see a noticeable increase. And so much of the working class could eventually climb to the middle class as the country transitioned to developed status. But after a country has becomed developed, it seems like this general growth for population stops. The number of middle transitioning to upper or upper middle turns to a trickle, not everyone can be a businessman or an investment banker or a doctor in a same way as a every farmer can be a factory worker. And so we stagnate, as the rest of working class climb up, more and more begin to fight for a static number of "good jobs", while families that do fight fiercer than ever to maintain their positions, as we see with increasingly competitive college admissions preparations from as early as kindergarten. Globalization and the Internet has only expounded this effect, as now many are now competing against billions from across the world. We are stagnating. And I would argue much of the increasing radicalisation and tension is owed to these worsening economic conditions. Birthrates have fallen below replacement, and over encumbered system of pensions and benefits is sucking up the revenue to maintain, let alone improve crumbling infrastructure. From my observations, this phenomenon is apparent for just about every developed country or society, from the Coastal Cities of China, Japan, Korea, the EU, USA, etc. Whether you build more electric cars or quantum computers, or redistribute wealth, the problem remains the same that there just aren't enough good jobs. What can we do then to solve this? How can we create those new jobs? Or perhaps that "job" is the role of the businessman and investor, but then why hasn't more of the upper-middle transitioned to that stage? I would argue solving this will be the important issue of our modern era, because if we don't we're on a one way track to stagnation, and then oblivion.
- toomuchtodo 2y ago
  We need more leisure time from the productivity created, versus more jobs. Otherwise, it’s endless doom loop of people loudly proclaiming we need to collectively work harder and more for a few parties to soak up the gains from all that productivity. “What are we working for?” “What is enough?” These questions are more important than “we need more jobs” imho.
  - DonnyV 2y ago
    This right here. Thats the correct answer. ^^^
  - anon7000 2y ago
    100%. Severely reduce outsized executive pay and investor profits, and only let people work half as much. Everyone gets a 3 day work week. Company can now hire almost double the amount of people if they want to stay open :p Or, excess profit goes into a universal basic income type fund. Either way, relying on everyone having a job is not a long-term solution. There simply aren’t enough actually good jobs, and expecting most people to work shitty jobs isn’t great.
- rileymat2 2y ago
  There are two separate concepts, producing goods and services and distributing those goods and services. A good job might eventually be defined as something that is personally rewarding instead of economically rewarding if enough goods and services are available to you.
- rapind 2y ago
  I think there’s a deepening despair or malaise accompanying the massive class gap.
- namaria 2y ago
  > When Argrarian societies industrialized into developing countries, the growth in better paying manufacturing jobs was enough to absorb the increasing number of poeple moving into cities This is just not true. The influx of urban population and the lack of available jobs in industry was a major problem that drove growth of slums all over major European cities, sparked the 1848 revolutions and contributed to the collapse of the Austrian Empire.
boh 2y ago
Click bait. Job market has slowed? Compared to what? An anomalous time period following a once in a lifetime global event? The labor market is pretty much close to where it was pre-COVID. Many companies over-hired and then fired back to their original labor-force.

44 points by makerdiety 2y ago

Great resignation set expectations, a new reality has set in, happiness is reality minus expectations. Very similar to how Gen Z is voting their vibes around economic expectations based on social media.

black_13 2y ago

[dead]

corimaith 2y ago

When Argrarian societies industrialized into developing countries, the growth in better paying manufacturing jobs was enough to absorb the increasing number of poeple moving into cities that living standards could see a noticeable increase. And so much of the working class could eventually climb to the middle class as the country transitioned to developed status. But after a country has becomed developed, it seems like this general growth for population stops. The number of middle transitioning to upper or upper middle turns to a trickle, not everyone can be a businessman or an investment banker or a doctor in a same way as a every farmer can be a factory worker. And so we stagnate, as the rest of working class climb up, more and more begin to fight for a static number of "good jobs", while families that do fight fiercer than ever to maintain their positions, as we see with increasingly competitive college admissions preparations from as early as kindergarten. Globalization and the Internet has only expounded this effect, as now many are now competing against billions from across the world. We are stagnating. And I would argue much of the increasing radicalisation and tension is owed to these worsening economic conditions. Birthrates have fallen below replacement, and over encumbered system of pensions and benefits is sucking up the revenue to maintain, let alone improve crumbling infrastructure. From my observations, this phenomenon is apparent for just about every developed country or society, from the Coastal Cities of China, Japan, Korea, the EU, USA, etc. Whether you build more electric cars or quantum computers, or redistribute wealth, the problem remains the same that there just aren't enough good jobs. What can we do then to solve this? How can we create those new jobs? Or perhaps that "job" is the role of the businessman and investor, but then why hasn't more of the upper-middle transitioned to that stage? I would argue solving this will be the important issue of our modern era, because if we don't we're on a one way track to stagnation, and then oblivion.

toomuchtodo 2y ago
We need more leisure time from the productivity created, versus more jobs. Otherwise, it’s endless doom loop of people loudly proclaiming we need to collectively work harder and more for a few parties to soak up the gains from all that productivity. “What are we working for?” “What is enough?” These questions are more important than “we need more jobs” imho.
- DonnyV 2y ago
  This right here. Thats the correct answer. ^^^
- anon7000 2y ago
  100%. Severely reduce outsized executive pay and investor profits, and only let people work half as much. Everyone gets a 3 day work week. Company can now hire almost double the amount of people if they want to stay open :p Or, excess profit goes into a universal basic income type fund. Either way, relying on everyone having a job is not a long-term solution. There simply aren’t enough actually good jobs, and expecting most people to work shitty jobs isn’t great.
rileymat2 2y ago
There are two separate concepts, producing goods and services and distributing those goods and services. A good job might eventually be defined as something that is personally rewarding instead of economically rewarding if enough goods and services are available to you.
rapind 2y ago
I think there’s a deepening despair or malaise accompanying the massive class gap.
namaria 2y ago
> When Argrarian societies industrialized into developing countries, the growth in better paying manufacturing jobs was enough to absorb the increasing number of poeple moving into cities This is just not true. The influx of urban population and the lack of available jobs in industry was a major problem that drove growth of slums all over major European cities, sparked the 1848 revolutions and contributed to the collapse of the Austrian Empire.

boh 2y ago

Click bait. Job market has slowed? Compared to what? An anomalous time period following a once in a lifetime global event? The labor market is pretty much close to where it was pre-COVID. Many companies over-hired and then fired back to their original labor-force.