For US workers with no post-secondary education, the job market has been absolutely terrible for the past 6 months, according to this info from TJ Marta at Bloomberg.
Marta argues that uneducated workers are unable to compete with unskilled in emerging markets and that’s certainly a part of the problem.
I would argue that doesn’t tell the whole story. My thinking is that high numbers of educated, unemployed workers are taking jobs in areas formerly held by workers with no education (and it jobs that need no education).
Look at it this way, if you’re hiring a bartender, janitor or dishwasher and you get 20 resumes, you’re more likely to hire the one with the degree. Supply creates its own demand.
For policymakers, it’s a hugely important distinction because dumping money into student loans is not a sustainable model. Does the US need more education? More targeted education? Or more training?
