The somewhat declined unemployment rate masks the true situation. Ever more people have stopped searching and many people who are landing jobs are forced to accept lower-paying positions or work that is more odious. How many people do you know who say it's getting easier to land a good job?
This article supports what I've been sensing for a long time: that there are no significant areas of U.S. job growth. The usually cited growth areas--health care, computer science, engineering, and Green--have become saturated, the result of offshoring, automation, and structural problems in the U.S. economy.
I'm well aware that heretofore, new fields have always emerged to replace declining areas of employment, but I cannot think of one. I hope that merely reflects my lack of vision but if I'm right, I fear that in the coming decade or two, the U.S. will suffer a dramatic drop in standard of living to closer to the world average.
For the world, that actually may be, net, a good thing: True, most Americans will have to live on $20,000 a year plus taxpayer handouts but the billion people on Earth who live without basic food, water, housing, and health care would have lives improved far more than the decrement to Americans'.
Ironically, the U.S. government's growing impulse to be kinder to the poor is accelerating America's descent. It is redistributing additional resources from the wealthy and from corporations to the poor. For example, it does so with the employer-funded ObamaCare (which will pay for comprehensive health care for indigents) and with "comprehensive immigration reform." The poor will get more resources but redistributing resources from job creators to those less likely to create jobs will cause a decrease in U.S. employment and probably GDP.
What do you think?