Leave your feedback Share Copy URL https://www.pbs.org/newshour/economy/questioncomment-having-grown-u Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Aren’t production jobs the foundation of a healthy economy? Economy May 7, 2008 3:54 PM EDT Question/Comment: Having grown up around workers and plant managers in western New York, and knowing the vibrant history there, one factor stands out as fundamental to our current economic problems today: the massive loss of production jobs here. Since the ’70s, the scale of loss in this sector is astronomical. Isn’t this the foundation on which a healthy economy builds? Paul Solman: Yes and no. Yes, because it’s unhealthy when an economy changes faster than its people can. There can be whopping costs to being laid off if you are out of work for months or years. Try it some time. And what about an economy where less than 30 percent of people graduate from college, having assumed that a high school education would suffice for well-paying production jobs that are no longer there? No, because what’s so special about production jobs? Why not lament the far greater number of jobs lost in agriculture? Or the fact that, because of automation, goods like a dress or shirt became available to the masses whereas before they’d been heirlooms? There’s a famous phrase to describe free market capitalism: “creative destruction.” Very tough to strike a sustainable balance between the two, however. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now
Question/Comment: Having grown up around workers and plant managers in western New York, and knowing the vibrant history there, one factor stands out as fundamental to our current economic problems today: the massive loss of production jobs here. Since the ’70s, the scale of loss in this sector is astronomical. Isn’t this the foundation on which a healthy economy builds? Paul Solman: Yes and no. Yes, because it’s unhealthy when an economy changes faster than its people can. There can be whopping costs to being laid off if you are out of work for months or years. Try it some time. And what about an economy where less than 30 percent of people graduate from college, having assumed that a high school education would suffice for well-paying production jobs that are no longer there? No, because what’s so special about production jobs? Why not lament the far greater number of jobs lost in agriculture? Or the fact that, because of automation, goods like a dress or shirt became available to the masses whereas before they’d been heirlooms? There’s a famous phrase to describe free market capitalism: “creative destruction.” Very tough to strike a sustainable balance between the two, however. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now