Some good news appears to be on the horizon for labor. Hourly pay rates are rising in New York in certain industries. Overtime pay may get a huge revision. Tax changes proposed by a leading presidential candidate could create new investment in people with socioeconomic disadvantages. Take no political endorsement from that reference. Understand however, these are good changes that may help improve things for future generations. As Vivek Wadhwa states, We need a new version of capitalism for the jobless future.
He makes a good case for the negative impact of technology on the decline jobs. Mr. Wadhwa doesn’t put it that way, but if you read closely, you will see that whatever jobs improved technology creates, they will be far less in number than the jobs destroyed. As I stated in my comments to that article, modern management practice is tied to labor reduction. Cutting people is part of that practice and it doesn’t always happen on purpose. Simply the drive to optimize in an intense way, to win the game, has collateral effects.
Labor reduction is going to occur. That is why it is good people are still active in looking at solutions to create solid ground for those affected. Technology is not the problem. It works only to the motivation of those who employ it. Modern business will employ technology to maximize profit and cut costs. Such a course will be pursued relentlessly. The question then is, what are solid solutions for those who fall in the wake of such optimization? Labor changes are afoot.