In my last post, I discussed the oversupply of educated workers. Well, apparently I scooped the New York Times. I read an article on their Web site this morning about the retraining of unemployed workers. They followed 800 airline mechanics who lost their jobs, received government training to find new jobs, and then searched for new jobs. As you might expect, many of the mechanics didn’t find new jobs. And of those who did, only a handful found jobs that paid more than they had made before.
The article concluded that many people are unemployed because the country has a shortage of jobs for educated people. While the government tells us unemployment is caused by a lack of educated workers, the true problem is a lack of work for educated people. But it’s much easier for the government to give job training than to create jobs. The New York Times article said that 7 of the 10 fastest growing occupations in the U.S. pay less than $27,000 a year and do not require a college education. And the glut of skilled workers is driving down salaries in many occupations.
Now if the New York Times had hired me, I could have gotten this story to them three days ago. So just remember, you heard it here — at the Land of Abe — first. All the fuzz that’s fit to print. First. Right here. Before the New York Times. Yup.