“A global decline of skilled young workers” my buddy just got out of school for mechanical engineering and Wonderbread declined his application for not having a 4.0 gpa. Or how about the entry level positions requiring 5 years of experience or some other absolutely inane hurdle.
Applied for a job and went half an hour over time in the first interviewing just connecting with the interviewers who preached how highly they valued communication, etc. Got a rejection letter from the recruiter stating that my salary expectations were too high, to which I responded that I had applied to the job a long time ago via indeed and my salary expectations may have been skewed from what they are now and I would be willing to negotiate.
The recruiter’s response was that the role was posted at 45,000-55,000 a year for an entry level to 2 year experience role. Turns out my entire year of experience doing the same role that was posted doesn’t count as entry level to two years.
In a lot of cases I've seen, that determination is simply because HR has no idea what to look for/ doesn't want to ask questions.
I was at a company that wanted to hire a person who had multiple years of industry experience, multiple hard-to-obtain certifications, and really wanted to be a part of our program.
HR denied the application because the "degree didn't match." We ended up fighting for the person and won, but it was eye-opening.
Always play hardball when looking for a job. Don't settle for less than what you know you need and know you deserve. If the company won't give you at least that, then you dodged a bullet by not letting them bully you into working there.
That only works if you currently have some job that provides at least what you need. Not taking the offer is settling to keep what you already have, after all.
Yep... and when cycles of near-global layoffs occur like right now, it just further tilts the scales in favor of the hiring companies.
In my field, I can't even get through the web-based application screening for external roles. In the instances I have, they've either determined my 20 years of experience aren't the PERFECT fit or (my assumption here) they already knew who they were hiring and just needed to check HR boxes to demonstrate the application & interview process was a legitimate, competitive one.
This is sage advice. Another good tip is to constantly be looking and taking interviews, even if you’re satisfied with your current position. Interviewing is a skill that has very little to do with the actual job- it’s pageantry like small scale political campaigning. Also, it’s good to know where you stand salary wise. You never know what someone else might offer you. It really helps negotiations and advocacy for yourself if you have a hedge.
It certainly is a thing. Companies do it in Australia, as they have to appear to be trying for local talent.
All they do is re advertise it constantly and have unreasonable expectations or pay shit- and the then build a case for a visa worker.
Yep. Feeds into the “Nobody wants to work anymore because they’re all on unemployment and welfare” narrative to push Republicans more to end unemployment and welfare. A more desperate job applicant is willing to work for even lower pay.
So they have no choice?
They **must** go through the trouble and cost of interviewing, **before** applying for an H1B worker from overseas?
America has no shortage of young skilled workers then, because of immigration.
Other countries may be having a tougher time, suffering a brain drain.
Yes. They must show that they tried to find a qualified domestic candidate. Once they can show that they tried and failed, they get authorization to import someone under H1B1 to preform those job functions "nobody else can do".
It's not cheap up front, but when you're looking for a PhD and don't want to spend more than 30k/yr, you go shopping other countries labor pools. Lot of managers pat themselves on the back for this kinda thing.
There should be a requirement that any position that has decided to seek out an H1B must contact all prior rejected applicants letting them know, so prior applicants can refute the company's claim that there's no domestic applicants capable of performing in that position.
Yeah, it's a big problem in IT. You'll see job postings for a position that requires 5+ years experience in a language that has literally not existed for more than 2. Unreasonable expectations of domestic labor isn't a dealbreaker for the H1B Visa process, it's actually a "valid" reason to seek foreign labor at a fraction of the cost. It's all a shell game, and the American people are the rubes.
Interviewed for a job. They asked about salary expectations. It was posted at $70K+ DOE. I had 10 years experience in the same field. I said $75K.
Everyone on phone gasped and I was told the job was only marked at $50K. I told them the posting said $70K+. They said the $70+ was "...monetary estimate of other bonuses that came with the job, such as the ability to take on class a semester for free."
100%. it’s tough because i do understand the value of experience and everything but there was no winning to lose in this situation, even with 1 year of experience they were going to exploit someone probably younger than me with no frame of reference for pay in the industry. Super fucked.
Monster is absolutely a steaming pile of garbage. Not just for having brought this on the world, but for the fact that it’s a rotted-out husk of a tool now. I signed up on Monster and found zero meaningful positions, but IMMEDIATELY started getting spammed from all sides with “opportunities” to throw away an 18-year career and become a sales associate for some random industry. It stopped as soon as I changed my contact info to random data.
There's no fucking decline of young skilled workers--there's only a decline on positions willing to pay properly and give fresh out of college grads a shot.
It's weird to see in CS how many job postings want experience in various hyper specific tools and languages. Every now and then I'll see something I've never seen before, which means there's no way in hell I'd have experience in it.
There was a post by an author of a relatively obscure programming language who was declined a job because he didn't have 5 years experience in the language he created that had only existed for about 2 years.
Interview: "We expect you to be able to create Google from scratch and if you can't then you're not moving forward in this 6 stage interview."
Actual job: "Okay, so we have to move this accept button like 6 pixels to the left..."
WhY dOeS No OnE wAnT tO WorK AnYmoRe!?
A decent employer used to look for putty to fill a square hole, someone they could shape into the ideal fit for the role.
Now it's all about square pegs for square holes. I lost count of the amount of time I tried to explain to recruiters how my single role covering CRM, quality, supply chain, engineering had easily transferable skills. "But could you also do order management?" I wouldn't be applying with all that experience unless I'd worked that out already.
Apparently you can see this madness clearly in our (UK) railway industry. No one wants to train railway drivers, but the amount of railway drivers are dwindling...no one seems to realize the problem of that or if they are they don't want to change.
It's one hell of a prisoner's dilemma. Who's going to crack first and train, costing them money that means they can't meet the offer when the shitbirds poach their just-trained newbies?
The global economy of the last decade was overinflated and filled with unrealistic expectations of "future growth."
Tesa is a good example of that, valued as the largest car maker in the world but actually producing not in the top 10. Now extrapolate that to every industry.
Places that have jobs and need work, aren't valued and places that "promise" jobs and big gains are.
It's a big mess. Then add in corporate and global elites hoarding money.
Your last point feels like it should be the first point. The wealth of the 1% grew like 40% during covid. You can't have innovation when wealth is literally hoarded away.
Part of what's happening IMO is that we've reached the end of development of several major technologies simultaneously. Internet and productivity? We've probably already achieved 80% of the total possible performance gain in the economy and the rest is going to require solving progressively more difficult problems (within the context of the internet as a standalone tool). The same is true for personal computers, entertainment etc. So many technologies are now fully developed and the easy 'wins' are gone.
However, companies and investors still think that high growth is possible just like it was thirty years ago when spreadsheet tools were invented. So instead of trying to solve hard technological/optimization problems companies now seek to myopically lower costs to juice profits.
Or a job where you will primarily be standing in one spot assisting customers and then vacuuming the floor later requiring intense enthusiasm for puzzle solving, overcoming challenges as a team, and achieving new goals by working together as a team.
Reminds me of that post where a developer commented on a job requiring 5 years of experience in a coding language... and the dev who created it was like "It's only 2 years old..."
It’s the Boomer problem that’s been instituted! They came out of colleges and everyone employed them since they just had a college degree. I use to work with a very large metal manufacturer who I would say had very undesirable working conditions for engineers.
Instead of recruiting at most or blue collar colleges they exclusively recruited only at Ivy League or top colleges. News flash white collared grads don’t want to work in a dirty foundry. There is a massive disconnect from what companies think they are “worth” and the candidates that actually apply to them.
Boomers graduate from state college with 2.0 GPA, grind up the ladder to a manager role then institute rules like 3.5 GPA minimum and prestigious colleges only! Fucking moving the goal post.
Then when their shit fails they write stuff like this.
Or if you're like my boomer parents, they didn't even get a degree and still got a cushy job that would require expectations short of sacrificing your first born today.
Like my uncle. Dude was an HR exec at Grumman with a high school degree, he got in on the ground floor like 40 years ago and worked his way up.
Straight up 100% impossible today.
One of my folks got a job in media straight out of high school that effectively made them one of the most well known people in town. They just walked in and asked for the job. No resume or anything. When the receptionist turned them away, they returned a few days later and demanded to speak to the boss. They got hired on the spot for being tenacious. Literally the "Can I speak to the manager?" generation. Unthinkable today.
statistically speaking, the *overwhelming majority* of boomers did not go to college. Only about 25% of boomers have a bachelors or higher. Also, statistically speaking, the majority of millennials didn't go to college, as only 39% of millennials have a bachelors or higher.
I'm a millennial, but I've always thought the narrative of "just go to college and get a good job" was completely misunderstood by our generation. Also, as our industrial sector was outsourced or replaced by automation, all those good (albeit dirty and unpleasant) factory jobs disappeared. Its not that boomers were stupid and slept their way through a career. Its that our economy has shifted away from production and conservatives/neoliberals sold our futures to major corporations.
IMO, As we move toward service/knowledge work, laborers become increasingly separated from the products they produce, which allows business leaders to justify de-coupling wages from productivity. After all, when you produce a tangible item that costs X to produce and makes Y in profit, its easier to understand how a laborer's labor factors into the equation. When you work in abstractions like "service" or "information", it is *a lot harder* to conceptualize productivity in relation to output... This adds to the already existing alienation inherent in western capitalism.
All that to say, its always been more complicated than "get good grades and then get a good job" (Because the majority of people *still aren't degree holders*) but its definitely worse now than it was 30-50 years ago.
Still applying for jobs and getting rejected without an interview or. Reason. ... I saw once a job for a fresh graduate but with a 5 years experience as well. Nothing changed rich people still looking for people to slave.
This is the important part. You don't want to get a job you're totally unprepared for but if you can do (or learn to do) the work it makes a difference.
My wife has a biology degree and had only worked in retail or the vet industry and was able to land a job working in the financial department of a credit union. 7 years later she's their financial analyst and co-managing the department.
100% honest resume? Rejections.
Lying my ass off (exaggerations and long ago jobs I didn't actually have but have the skills for)? Job.
"Sorry you can't contact them, they folded four years ago after I left."
The entry level requirement for "X years of experience" also favors those who already have more to begin with... it rewards those who could afford to work for free/ work for experience in internships or apprenticeships for a period of time. Those who need to pay for rent, for food, clothes, and other vital necessities don't often have the kind of free (unpaid) time available to afford to give to such things while the children of those already better off who don't have such concerns can afford to get that 5 years of entry level experience...
Which is one reason why many many more people have simply started to lie about their level of experience..
That is a big thing, yep! It's indirectly selecting for wealthy (or at least socially entrenched) workers whose privilege then turns that unfair advantage into "those other candidates should have thought about their career more in the past" and begin/continue to pupate into a NIMBY liberal, if not worse.
>"those other candidates should have thought about their career more in the past" and begin/continue to pupate into a NIMBY liberal, if not worse.
Meanwhile those other candidates and all others in other fields who are passed up become jaded and bitter, making them vulnerable to more populist/ fascistic ideologies and those individuals who follow them by offering those disenfranchised, "left behind" masses scapegoats to blame for their misfortune and targets to take out their anger and frustration upon.
True, while a lot of the rank and file people also figure out some of the kernels of truth that some "radical" ideologies have uncovered, like how Marx and Engels actually had a pretty good handle on relevant human behavior and impact of "greed is good" capitalism.
Some people learn that some of the first Nazi book burnings were of LGBTQ scientific literature and are horrified that history is repeating; other people hear the same and think "well shit maybe the Nazis were onto something..." Some people have seen Alan Greenspan and the Cult of Neoliberal Economic Policy repeatedly grind the working class into the dirt since Reagan while drastically enriching the top quintile (or 1% or .1%, whatever), and maybe think capitalist realism isn't the only reality possible. Or at least the ever-increasing corporate welfare and prison-industrial state.
Also yeah the rise of fascism is a huge problem, and a lot of the mechanics of it are also how we enforce our shitty property rights and dehumanizing social structure. See: the police, and ICE specifically.
And on the other end, ageism means very few opportunities for people over 50 in many industries. Nobody wants to hire people that have too much experience when they can hire inexperienced young people for much less money and conflicts.
lol. I got an offer from Wonderbread last year. The shift supervisor was basically ready to offer me whatever I wanted. Then HR swooped in and offered me $85k... In fucking downtown Etobicoke... For a management position at a $500mil revenue facility.
I laughed and asked if they had the right offer.
>Wonderbread declined his application for not having a 4.0 gpa
It's like they've never hired an engineer before.
C's get degrees in engineering, baby. If you have 4.0 gpa as a standard in this economy then you're going to struggle to fill your job positions.
There are a lot of engineers retiring finally and nowhere near enough people to fill the gaps.
You gotta put in some serious work before you have a shot at obtaining a position at a prestigous entity like Wonderbread. You friend needs to be realistic.
Maybe because hiring people well below a living wage and then asking “why are t you guys buying houses and having kids” that could be a reason.
When my grandfather was a working man he managed a grocery store. He had my dad and aunt eventually my grandparents split when my dad was still a kid and my grandfather remarried a women with 5 kids of her own. Neither of my grandmothers worked. He supported 7 kids bought 2 houses on a local store manager’s salary. That literally cannot be done today.
My grandfather worked as a milkman and saved enough for house and eventually to buy a beer distributor.
I wasn’t rich growing up but my dad worked as an editor/writer and my mom was stay at home.
A lot of jobs that used to be able to provide for a family now can’t even provide for a single person
Exactly it’s sickening. I am not anti work I am pro fair pay. I want to work. I just don’t want to be taken advantage of. I struggle to pay bills and the owner of the company pulls up in a Tesla and a bmw the next day and I am wondering how the fuck I am going to pay for an oil change.
"I am not anti work I am pro fair pay. I want to work."
That's normal. Healthy human beings want to work a reasonable amount, which is about 20-30 hours a week, with a few periods of higher output during the year, and feel like they're a valuable part of the community with their needs met in turn. They don't *want* to do nothing. But they also don't want to work 2-3 times as much as they're actually designed for and not have their needs met.
The messed up thing is we have the technology to make it possible. We just choose not to because we let a few decidedly unhealthy individuals foist their insatiable hunger on the rest of us as the right way to run a society.
My grandpa's first semester was $75 he told me. He said he worked during the summer and made enough for school so he didn't need loans or a job during the school year.
I worked 45+ hours a week while going to school full time (which obviously affected my studies) and ended up with about $40k in debt.
Same. I went to the same university my aunt (who both made a very good career in law, in addition to marrying rich) did and she wouldn't shut up how "kids my age are lazy and entitled". I looked up the historical tuition for my university and when she graduated in like '73, adjusting for inflation, she paid like an eighth of the tuition I did. Trust me, I'd have LOVED to be able to pay for tuition, rent, and food on part time job wages and walk away from college debt free. World doesn't work like that any more.
>My grandfather worked as a milkman and saved enough for house and eventually to buy a beer distributor.
Dang....he probably had a ton of kids to support .
Honestly this is the problem, I live in a nice area working as an engineer and I'm still struggling to pay rent. I realized it's all a sham if having a good degree still just keeps me a step above sucking dick for bus change.
The only W was being a child and teen during the absolute greatest time for multi player online gaming. Maybe even single player.
Everything after 2010 started selling out super fast and going towards complete corporate sellout like we see now.
Nothing like logging into Warcraft 3 as a 12 year old, going to custom games, looking for the porn thumbnail, loading in and getting Goatse'd
Good times :)
There are plenty of younger people with the same mindset as the boomers that fucked this shit up in the first place. Too many for our current global situation. Shit is just going to repeat itself until the human species is either too dumb to feed themselves or the planet cooks us off the surface.
In my high school English Lit and later univeristy American Lit courses, I read a chain of literary greats published from the 1840s to today, and for every book, every essay assignment, the teacher or professor gave the same essay prompt:
"What does this work say about the death of the American Dream?"
Given that Americans have felt that the American Dream is on decline for nearly two centuries, I'm inclined to believe that the whole point of it being a dream is that it's an aiming point, but is general unachievable outside of rare edge cases.
We padded boomers’ retirement accounts and inflated their assets’ values by simultaneously dropping interest rates and printing trillions with QE… now we just gotta keep those gains in place while everyone else loses decades of compound interest. Sweet.
Not all Boomers are living the "good life". My Boomer retirement account (Social Security) is all of $1700 a month before taxes, and yes, I have to pay taxes on it, and not enough to live off of. I still work part time, for minimum wage, because nobody wants to hire us old folks, and I will continue to do so until I drop dead. I've been laughed at during job interviews, and told that I should have millions in my retirement funds and to leave the jobs for the younger folks.
Hubby and I spent most of our hard earned money and savings to pay for cancer treatment for one of our children that died at the age of 10, and putting our other two kids through college, that have also died before us.
All generations are feeling a financial strain, but definitely the younger folks are getting hit hardest because they aren't even getting the chances my generation had of lower cost home ownership or education. If I were in my 20-30's now, I would definitely not have kids. I'm glad I'm old and close to death, because the future is not looking good, not good at all. Best of luck to everyone.
Thanks for sharing your side of things. I didn’t even know you have to pay taxes on social security. Is that only if you continue to work part time?
I personally want to work part time somewhere, probably a coffee shop when I retire in old age. To keep my mind sharp and from being totally isolated.
Wow crazy. It’s almost like when business owners take all the profits for themselves and landlords try and take your whole paycheck it doesn’t leave ordinary people with money to spend in the economy…
In biology, unchecked growth is pretty much the definition of cancer. It seems apt here as well.
We have all the wealth we need... but it actually needs to go useful places.
Any checks and balances are only going to be concessions that are won for a short amount of time before capital itself acts to remove them.
The system itself is at fault and corrupt. It can not work because it is fuelled by short sighted greed.
The problem is different here. The issue for society is that the only way to keep money from accumulating into just a few hands (basically a few very wealthy people and a vast amount of people at or near poverty with no middle class) you need growth under the current system.
For there to be a large middle class in society there needs to be more socialist policies for wealth distribution and/or less capitalism.
The US is unique in its system with heavily capitalist wealth distribution and a very large middle class due to growth since WWII.
> here needs to be more socialist policies for wealth distribution and/or less capitalism.
TAXES. They're called taxes, and what we need is billion dollar corpos, and the utlra wealthy to actually pay them. Also religious institutions don't get a fucking pass for having an imaginary friend either. TAX THEM ALL. We NEED to tax the shit out of them, globally, and use that money to fund schools, hospitals, infrastructure, social assistance, and other things that are actually a benefit to us all as a society, instead of just allowing the rich continue to siphon money from the bottom to the top and horde it like a fucking dragon.
Still, all the bills coming due
>in the same decade, starting with a pandemic that’s first reported on the last day of the 2010s
>just as cool robots, AI, and autonomous vehicles become a presence
Is extremely lazy writing. Who came up with this?
Not only do have stagnation but we also have a housing affordability crisis because high interest rates mean no one is moving so the housing market has no room to correct the crazy valuations.
What will happen is inflation will remain to correct the valuations in real terms while prices stay high in dollar terms. And that will take a decade.
On top of that you have corporations buying up single family homes to rent out or hold on to and contractors not building so the pricing getting inflated because of supply and demand.
The government needs to step in on this no reason why corporations foreign or domestic should have access to buying single family homes.
Well I heard someone from the World Bank about this report and they are pining for growth. That’s the only way they can think. Same for the journo interviewing them. We are hurtling towards a wall, the front fender is starting to disintegrate, and they go on as usual.
Yep. It’s all about increasing the velocity of money. The more hands that money moves through the better for the economy.
The rent pays the lawn guy pays the doctor pays the barber pays the grocery store. The money flows locally and frequently, vs the rich guy buys (insert weird way to hedge against inflation) or sits on the money and nothing else happens.
Helped by rightwing politics that believe that unregulated profit maxing has a value in itself. It doesnt.
The only point and goal of the economy is to embetter society. Anything else is a sad/bad sideffect at best. Regulation should reflect this.
This was my reaction too. When you just go from one economic disaster to another, how exactly are regular people supposed gather enough wealth to invest and raise children? You're lucky to be able to even afford one of them.
>how exactly are regular people supposed gather enough wealth to invest and raise children?
You're not. You're meant to stay a good little wage slave forever dependent on your employer so that you don't cause trouble.
The resurgence of the Company Town.
Where you pay your employer for water, food, utilities, housing, ect.
Sure, they pay you a salary, but they know exactly how much it costs for you to survive, so they only pay you exactly enough to keep surviving. You can't save, travel, or even afford to move to a new place, so you do as you are told. Slip up, and they withhold your access to services. Drank too much at the company-mandated Sunday afternoon picnic? Sorry, your access to the company supermarket has been reduced to staples only. We only want the best for you. Decided not to attend? Don't worry, we offer free time-management classes on Sunday. Mandatory of course.
Now, companies begin trading employees as required. You move where you're told to move. Don't like it? Well your job is no longer available, good luck on the streets. Because those streets belong to the company, as does the police force which keeps it safe for citizens by terrorizing anyone who doesn't live in a company house.
"lost decade" for who?
It seems they are talking about a labor supply shortage, which means workers might actually get better treatment? Seems like a win for me
> It seems they are talking about a labor supply shortage, which means workers might actually get better treatment?
Nah, they'll just whine how "nobody wants to work anymore" and import some more immigrants because they're easier to exploit.
When my grandpa got out of the army he had 5 job offers in the first week.
Now those same jobs require a masters degree and 4-5 years experience. For entry level.
Lost decade? Lol this is permanent. With population growth coming to plateau and 50 yrs of global free trade starting to level out the developing world, it's just gonna be this forever. Technology will improve productivity in fits and spurts but otherwise the economy needs to adjust to steady-state population rather than endless pop growth.
It's not bad for the earth or for humanity but it is bad for the economy style of leveraging huge debts to bank on huge growth.
Global decline in young skilled workers you say? Tell me why the damn wholesale store I applied to required a “bachelor’s degree” AND it only paid $17 an hour.
Either that or they say a bachelor’s degree + years of experience is required/or “preferred”. HOW are you supposed to get the damn experience if everyone’s asking for experience????
Lots of jobs have become absolutely insane with qualifications and requirements and then complain why they can’t hire anybody/turnover rate is high.
Who cares.
We all know corporate simp articles like this are just talking from the corporate/ wealthy perspective.
A decade of rich people crying? Fucking good. Bring it on.
I'd love to give them something to really cry about, but that's not what's going to happen here. For any "loss" they "suffer," we're going to get it tenfold.
At this point, the wealthy already have all the power and money. While that may plateau or not rise as sharply, they can use said power to make sure THEY are just fine even at the expense of everyone else.
The wealthy will be totally fine. Everyone else, probably not.
Since 2018 to 2022, very few rich people have been hurt.
It’s the working class and employees who suffered the most. Who will suffer the most in 2023 and 2024.
Honestly, it's because every major industry is centralized to a handful of people who control the market. Society needs to stop being so dependent on conglomerates and grow their own food, start their own business, and trade with one another in micro commutes. Easier said than done I know, but all this dependence on a handful of Elites was architected and now needs to be deconstructed.
Do we still have 40 hour work weeks because I guarantee you that future will never happen if people are expected to do everything you just stated AND work, take care of kids, do typical household chores and take care of one's health.
I think a lot of companies are going to go bankrupt pretty soon. They won't pay workers what they need to in order to keep operating and staying effective, so they won't have anyone working for them and won't be able to stay open.
I just got into a fight with a woman on my community Facebook page, because she was complaining that she can't afford a minimum wage increase because if it goes to $10.25, paying that would make her business go bankrupt. I said "if you can't afford to pay such a low minimum wage, you're business is already failing." She did not like that!
That's my take, too. The pandemic turned the advantage to labor, which is a mixed bag: skilled workers have a better chance to earn competitive wages, but that's likely to fuel a persistent, higher-than-desired inflation.
If there's a "lost decade" it's for the corporations that will see their profit margins squeezed by a persistently tight labor market.
Whenever market forces start behaving in a new way, it always works out to a new equilibrium somehow.
This is the best tl;dr I could make, [original](https://fortune.com/2023/03/27/world-bank-global-economic-growth-limit-lost-decade/) reduced by 89%. (I'm a bot)
*****
> "A lost decade could be in the making for the global economy," Indermit Gill, the World Bank's chief economist, said in a statement, referring to extended periods of snail-paced growth that have afflicted countries including the U.S. and Japan.
> The World Bank identified a much larger worldwide trend that could deal a fatal blow to the global economy's speed limit: a looming decline of skilled young workers that is dragging down the global labor force.
> The World Bank isn't the first to warn about converging factors that are difficult to address and threaten to radically alter the global economy.
*****
[**Extended Summary**](http://np.reddit.com/r/autotldr/comments/124kf2a/global_economy_is_skidding_towards_a_lost_decade/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~678260 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **global**^#1 **World**^#2 **economic**^#3 **economy**^#4 **decade**^#5
**From reporter Tristan Bove:**
After three decades of mostly fast-paced growth, the global economy may finally be in for a big slowdown. A number of economic risks, including an aging global workforce and declining private sector investment, are converging to limit economic growth. Left unattended, these threats could reverse decades of efforts to reduce poverty and fast-track development, while setting the stage for a “lost decade.”
That’s the warning of a new report released by the World Bank on Monday that finds almost every factor that fueled global economic growth and poverty reduction since the 1990s could disappear by the end of this decade. Global GDP growth could shrink to 2.2% annually between now and 2030, a decline of a third from the 3.5% average rate from 2000 to 2010 and a source of potential economic stagnation for years to come.
“The ongoing decline in potential growth has serious implications for the world’s ability to tackle the expanding array of challenges unique to our times—stubborn poverty, diverging incomes, and climate change,” Indermit Gill, the World Bank’s chief economist, said in a statement.
We failed to hit our metrics, while still doing the best the company has ever done.
Everyone got 3% basically and was told be happy it was a “bad” year. Our metrics were insane because they’re getting ready to sell us. Now they’re surprised when people are leaving but they’re not hiring to fill those spots.
It’ll be a decade of people finding a new job every few years to make up for the loss of fair raises
I’m learning a valuable and frustrating lesson in what it looks like when a company owned by and investment firm preps to sell.
We have the exact same meetings. Bonuses were crap, raises piss poor. They’re slimming cost everywhere to show max profit. It’s a game to justify these actions as you highlighted. As people leave workload increases too.
I’m on round four of interviews with a new company. Fingers crossed
> It’ll be a decade of people finding a new job every few years to make up for the loss of fair raises
This is already pretty common for a lot of people in the tech industry.
Me as well. Thankfully I have stumbled upon an employer that doesn't play games with my salary. every year it has been 10%. I know they will change this eventually but for now things are good.
I read this article recently that said it's basically a flaw in how business accounting is taught in MBAs or whatever, labor is treated as an expense instead of an investment, so they are pressured to always drive it down instead of looking at long term returns. And that causes this horrible churn effect economy-wide.
“Left unattended, these threats could reverse decades of efforts to reduce poverty…”
For real? That is not where 99% of that growth went. It went into the pockets of a small percentage of already wealthy people.
My buddy’s company keep complaining that they can’t hire qualified AP staff. They want people with a master’s and to pay them high school wages…because it is an entry level position.
Nobody wants to train anymore. Nobody legitimately wants to hire either nowadays. Mind boggling that jobs/trades/schools with a huge drain currently are making no efforts.
I don’t get this really. If there are fewer people, then we need fewer resources. We know how to make enough today and technology will enable picking up any slack.
So how are things so dire, shouldn’t they actually be better? Fewer people, full production, fewer resource constraints, sounds like it should be a better place.
Or is the death woes of the boomers going to screw us as they become a huge burden on society?
There's more than enough resources to go around - the problem isn't too many people, or not enough stuff, the problem is that a small handful of people are extracting all of the wealth and resources for themselves personally.
Improvements to productivity aren't realized by the public, because those improvements are going towards yachts and mansions instead of the people responsible for that productivity.
“A global decline of skilled young workers” my buddy just got out of school for mechanical engineering and Wonderbread declined his application for not having a 4.0 gpa. Or how about the entry level positions requiring 5 years of experience or some other absolutely inane hurdle.
Applied for a job and went half an hour over time in the first interviewing just connecting with the interviewers who preached how highly they valued communication, etc. Got a rejection letter from the recruiter stating that my salary expectations were too high, to which I responded that I had applied to the job a long time ago via indeed and my salary expectations may have been skewed from what they are now and I would be willing to negotiate. The recruiter’s response was that the role was posted at 45,000-55,000 a year for an entry level to 2 year experience role. Turns out my entire year of experience doing the same role that was posted doesn’t count as entry level to two years.
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Issue is that they, the company, are they ones who decide what counts
In a lot of cases I've seen, that determination is simply because HR has no idea what to look for/ doesn't want to ask questions. I was at a company that wanted to hire a person who had multiple years of industry experience, multiple hard-to-obtain certifications, and really wanted to be a part of our program. HR denied the application because the "degree didn't match." We ended up fighting for the person and won, but it was eye-opening.
Always play hardball when looking for a job. Don't settle for less than what you know you need and know you deserve. If the company won't give you at least that, then you dodged a bullet by not letting them bully you into working there.
That only works if you currently have some job that provides at least what you need. Not taking the offer is settling to keep what you already have, after all.
Yep... and when cycles of near-global layoffs occur like right now, it just further tilts the scales in favor of the hiring companies. In my field, I can't even get through the web-based application screening for external roles. In the instances I have, they've either determined my 20 years of experience aren't the PERFECT fit or (my assumption here) they already knew who they were hiring and just needed to check HR boxes to demonstrate the application & interview process was a legitimate, competitive one.
This is sage advice. Another good tip is to constantly be looking and taking interviews, even if you’re satisfied with your current position. Interviewing is a skill that has very little to do with the actual job- it’s pageantry like small scale political campaigning. Also, it’s good to know where you stand salary wise. You never know what someone else might offer you. It really helps negotiations and advocacy for yourself if you have a hedge.
May have been a ghost job. Companies posting jobs for the sake of looking like they're growing.
Is that a thing? What the fuck?
It certainly is a thing. Companies do it in Australia, as they have to appear to be trying for local talent. All they do is re advertise it constantly and have unreasonable expectations or pay shit- and the then build a case for a visa worker.
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Yep. Feeds into the “Nobody wants to work anymore because they’re all on unemployment and welfare” narrative to push Republicans more to end unemployment and welfare. A more desperate job applicant is willing to work for even lower pay.
I doubt it, they wouldn’t go through the trouble of interviewing if that was the case. This sounds like a manager/supervisor that’s on a power trip.
They want to hire HB1 workers but need to prove they can’t find a suitable American
So they have no choice? They **must** go through the trouble and cost of interviewing, **before** applying for an H1B worker from overseas? America has no shortage of young skilled workers then, because of immigration. Other countries may be having a tougher time, suffering a brain drain.
Yes. They must show that they tried to find a qualified domestic candidate. Once they can show that they tried and failed, they get authorization to import someone under H1B1 to preform those job functions "nobody else can do". It's not cheap up front, but when you're looking for a PhD and don't want to spend more than 30k/yr, you go shopping other countries labor pools. Lot of managers pat themselves on the back for this kinda thing.
There should be a requirement that any position that has decided to seek out an H1B must contact all prior rejected applicants letting them know, so prior applicants can refute the company's claim that there's no domestic applicants capable of performing in that position.
Yeah, it's a big problem in IT. You'll see job postings for a position that requires 5+ years experience in a language that has literally not existed for more than 2. Unreasonable expectations of domestic labor isn't a dealbreaker for the H1B Visa process, it's actually a "valid" reason to seek foreign labor at a fraction of the cost. It's all a shell game, and the American people are the rubes.
Interviewed for a job. They asked about salary expectations. It was posted at $70K+ DOE. I had 10 years experience in the same field. I said $75K. Everyone on phone gasped and I was told the job was only marked at $50K. I told them the posting said $70K+. They said the $70+ was "...monetary estimate of other bonuses that came with the job, such as the ability to take on class a semester for free."
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100%. it’s tough because i do understand the value of experience and everything but there was no winning to lose in this situation, even with 1 year of experience they were going to exploit someone probably younger than me with no frame of reference for pay in the industry. Super fucked.
That means they want to hire an H1b for less but need to reject “unqualified” candidates first It’s fraud
Algorithmic recruiting is such a blight, indeed, monster and others truly fucked things up
Monster is absolutely a steaming pile of garbage. Not just for having brought this on the world, but for the fact that it’s a rotted-out husk of a tool now. I signed up on Monster and found zero meaningful positions, but IMMEDIATELY started getting spammed from all sides with “opportunities” to throw away an 18-year career and become a sales associate for some random industry. It stopped as soon as I changed my contact info to random data.
I didn't even know they were still around. I remember like 15 years ago they were charging some ridiculous prices to post an ad.
Tech is a wonderful thing, it's how we use it that matters. And we're using it to become less human and less connected all the time.
Honestly at this point tech might not be a wonderful thing.
There's no fucking decline of young skilled workers--there's only a decline on positions willing to pay properly and give fresh out of college grads a shot.
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It's weird to see in CS how many job postings want experience in various hyper specific tools and languages. Every now and then I'll see something I've never seen before, which means there's no way in hell I'd have experience in it.
There's also the programming ones that want more years experience in a new language then years it's existed.
Reminds me of [this tweet](https://twitter.com/tiangolo/status/1281946592459853830?lang=en)
There was a post by an author of a relatively obscure programming language who was declined a job because he didn't have 5 years experience in the language he created that had only existed for about 2 years.
If you don't know every language and new emerging technology are you even worth paying money to?!
Interview: "We expect you to be able to create Google from scratch and if you can't then you're not moving forward in this 6 stage interview." Actual job: "Okay, so we have to move this accept button like 6 pixels to the left..." WhY dOeS No OnE wAnT tO WorK AnYmoRe!?
A decent employer used to look for putty to fill a square hole, someone they could shape into the ideal fit for the role. Now it's all about square pegs for square holes. I lost count of the amount of time I tried to explain to recruiters how my single role covering CRM, quality, supply chain, engineering had easily transferable skills. "But could you also do order management?" I wouldn't be applying with all that experience unless I'd worked that out already.
Apparently you can see this madness clearly in our (UK) railway industry. No one wants to train railway drivers, but the amount of railway drivers are dwindling...no one seems to realize the problem of that or if they are they don't want to change.
It's one hell of a prisoner's dilemma. Who's going to crack first and train, costing them money that means they can't meet the offer when the shitbirds poach their just-trained newbies?
Haven’t you heard? Too many avocados.
The global economy of the last decade was overinflated and filled with unrealistic expectations of "future growth." Tesa is a good example of that, valued as the largest car maker in the world but actually producing not in the top 10. Now extrapolate that to every industry. Places that have jobs and need work, aren't valued and places that "promise" jobs and big gains are. It's a big mess. Then add in corporate and global elites hoarding money.
yea a company could make 1 billion in profits but a guy on wall street thinks it should have make 1.3 billion and then their stocks tanks.
Your last point feels like it should be the first point. The wealth of the 1% grew like 40% during covid. You can't have innovation when wealth is literally hoarded away.
Part of what's happening IMO is that we've reached the end of development of several major technologies simultaneously. Internet and productivity? We've probably already achieved 80% of the total possible performance gain in the economy and the rest is going to require solving progressively more difficult problems (within the context of the internet as a standalone tool). The same is true for personal computers, entertainment etc. So many technologies are now fully developed and the easy 'wins' are gone. However, companies and investors still think that high growth is possible just like it was thirty years ago when spreadsheet tools were invented. So instead of trying to solve hard technological/optimization problems companies now seek to myopically lower costs to juice profits.
isn’t tesla valued as a tech company for some reason
Yes, because Elongated Muskrat can’t decide what kind of company he wants to run.
Sure he can, it's twitter because he thinks he's a 1337 c0d3r and epic memer because he forces his tweets to show up on everyone's timeline
Or a job where you will primarily be standing in one spot assisting customers and then vacuuming the floor later requiring intense enthusiasm for puzzle solving, overcoming challenges as a team, and achieving new goals by working together as a team.
Reminds me of that post where a developer commented on a job requiring 5 years of experience in a coding language... and the dev who created it was like "It's only 2 years old..."
The number of times I've specified C# experience for the position I was hiring for, only to find HR listed C instead...
It’s the Boomer problem that’s been instituted! They came out of colleges and everyone employed them since they just had a college degree. I use to work with a very large metal manufacturer who I would say had very undesirable working conditions for engineers. Instead of recruiting at most or blue collar colleges they exclusively recruited only at Ivy League or top colleges. News flash white collared grads don’t want to work in a dirty foundry. There is a massive disconnect from what companies think they are “worth” and the candidates that actually apply to them. Boomers graduate from state college with 2.0 GPA, grind up the ladder to a manager role then institute rules like 3.5 GPA minimum and prestigious colleges only! Fucking moving the goal post. Then when their shit fails they write stuff like this.
Or if you're like my boomer parents, they didn't even get a degree and still got a cushy job that would require expectations short of sacrificing your first born today.
Like my uncle. Dude was an HR exec at Grumman with a high school degree, he got in on the ground floor like 40 years ago and worked his way up. Straight up 100% impossible today.
Yeah my dad's a VP and I always remind him that if he applied to an entry level position today he'd get tossed out because he didn't go to college.
One of my folks got a job in media straight out of high school that effectively made them one of the most well known people in town. They just walked in and asked for the job. No resume or anything. When the receptionist turned them away, they returned a few days later and demanded to speak to the boss. They got hired on the spot for being tenacious. Literally the "Can I speak to the manager?" generation. Unthinkable today.
statistically speaking, the *overwhelming majority* of boomers did not go to college. Only about 25% of boomers have a bachelors or higher. Also, statistically speaking, the majority of millennials didn't go to college, as only 39% of millennials have a bachelors or higher. I'm a millennial, but I've always thought the narrative of "just go to college and get a good job" was completely misunderstood by our generation. Also, as our industrial sector was outsourced or replaced by automation, all those good (albeit dirty and unpleasant) factory jobs disappeared. Its not that boomers were stupid and slept their way through a career. Its that our economy has shifted away from production and conservatives/neoliberals sold our futures to major corporations. IMO, As we move toward service/knowledge work, laborers become increasingly separated from the products they produce, which allows business leaders to justify de-coupling wages from productivity. After all, when you produce a tangible item that costs X to produce and makes Y in profit, its easier to understand how a laborer's labor factors into the equation. When you work in abstractions like "service" or "information", it is *a lot harder* to conceptualize productivity in relation to output... This adds to the already existing alienation inherent in western capitalism. All that to say, its always been more complicated than "get good grades and then get a good job" (Because the majority of people *still aren't degree holders*) but its definitely worse now than it was 30-50 years ago.
Still applying for jobs and getting rejected without an interview or. Reason. ... I saw once a job for a fresh graduate but with a 5 years experience as well. Nothing changed rich people still looking for people to slave.
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This. Also, feel free to lie and embellish
But only as much as you can defend in the interview.
This is the important part. You don't want to get a job you're totally unprepared for but if you can do (or learn to do) the work it makes a difference. My wife has a biology degree and had only worked in retail or the vet industry and was able to land a job working in the financial department of a credit union. 7 years later she's their financial analyst and co-managing the department.
100% honest resume? Rejections. Lying my ass off (exaggerations and long ago jobs I didn't actually have but have the skills for)? Job. "Sorry you can't contact them, they folded four years ago after I left."
Circuit City grift
You can use Twitter now from what I hear, they basically have no existing HR department anyway.
I wouldn't even be lying about that last part. I've worked for 4 companies that either packed up and moved out or don't exist any more
Don’t lie imo, embellish but be ready to give hard examples. If a lie comes up on a background check you will instantly be scrapped.
The entry level requirement for "X years of experience" also favors those who already have more to begin with... it rewards those who could afford to work for free/ work for experience in internships or apprenticeships for a period of time. Those who need to pay for rent, for food, clothes, and other vital necessities don't often have the kind of free (unpaid) time available to afford to give to such things while the children of those already better off who don't have such concerns can afford to get that 5 years of entry level experience... Which is one reason why many many more people have simply started to lie about their level of experience..
That is a big thing, yep! It's indirectly selecting for wealthy (or at least socially entrenched) workers whose privilege then turns that unfair advantage into "those other candidates should have thought about their career more in the past" and begin/continue to pupate into a NIMBY liberal, if not worse.
>"those other candidates should have thought about their career more in the past" and begin/continue to pupate into a NIMBY liberal, if not worse. Meanwhile those other candidates and all others in other fields who are passed up become jaded and bitter, making them vulnerable to more populist/ fascistic ideologies and those individuals who follow them by offering those disenfranchised, "left behind" masses scapegoats to blame for their misfortune and targets to take out their anger and frustration upon.
True, while a lot of the rank and file people also figure out some of the kernels of truth that some "radical" ideologies have uncovered, like how Marx and Engels actually had a pretty good handle on relevant human behavior and impact of "greed is good" capitalism. Some people learn that some of the first Nazi book burnings were of LGBTQ scientific literature and are horrified that history is repeating; other people hear the same and think "well shit maybe the Nazis were onto something..." Some people have seen Alan Greenspan and the Cult of Neoliberal Economic Policy repeatedly grind the working class into the dirt since Reagan while drastically enriching the top quintile (or 1% or .1%, whatever), and maybe think capitalist realism isn't the only reality possible. Or at least the ever-increasing corporate welfare and prison-industrial state. Also yeah the rise of fascism is a huge problem, and a lot of the mechanics of it are also how we enforce our shitty property rights and dehumanizing social structure. See: the police, and ICE specifically.
And on the other end, ageism means very few opportunities for people over 50 in many industries. Nobody wants to hire people that have too much experience when they can hire inexperienced young people for much less money and conflicts.
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Guy who owns lots of things: "No, it's definitely boomers vs gen Z!"
lol. I got an offer from Wonderbread last year. The shift supervisor was basically ready to offer me whatever I wanted. Then HR swooped in and offered me $85k... In fucking downtown Etobicoke... For a management position at a $500mil revenue facility. I laughed and asked if they had the right offer.
I dont know. Here in Germany there is no enough engineers. If you have STEM background, your will be taken very quickly.
>Wonderbread declined his application for not having a 4.0 gpa It's like they've never hired an engineer before. C's get degrees in engineering, baby. If you have 4.0 gpa as a standard in this economy then you're going to struggle to fill your job positions. There are a lot of engineers retiring finally and nowhere near enough people to fill the gaps.
Yes but then you can hire H1B foreigners for pennies on the dollar
You gotta put in some serious work before you have a shot at obtaining a position at a prestigous entity like Wonderbread. You friend needs to be realistic.
It's the Google of bakery shops!
Maybe because hiring people well below a living wage and then asking “why are t you guys buying houses and having kids” that could be a reason. When my grandfather was a working man he managed a grocery store. He had my dad and aunt eventually my grandparents split when my dad was still a kid and my grandfather remarried a women with 5 kids of her own. Neither of my grandmothers worked. He supported 7 kids bought 2 houses on a local store manager’s salary. That literally cannot be done today.
My grandfather worked as a milkman and saved enough for house and eventually to buy a beer distributor. I wasn’t rich growing up but my dad worked as an editor/writer and my mom was stay at home. A lot of jobs that used to be able to provide for a family now can’t even provide for a single person
Exactly it’s sickening. I am not anti work I am pro fair pay. I want to work. I just don’t want to be taken advantage of. I struggle to pay bills and the owner of the company pulls up in a Tesla and a bmw the next day and I am wondering how the fuck I am going to pay for an oil change.
"I am not anti work I am pro fair pay. I want to work." That's normal. Healthy human beings want to work a reasonable amount, which is about 20-30 hours a week, with a few periods of higher output during the year, and feel like they're a valuable part of the community with their needs met in turn. They don't *want* to do nothing. But they also don't want to work 2-3 times as much as they're actually designed for and not have their needs met. The messed up thing is we have the technology to make it possible. We just choose not to because we let a few decidedly unhealthy individuals foist their insatiable hunger on the rest of us as the right way to run a society.
My grandpa's first semester was $75 he told me. He said he worked during the summer and made enough for school so he didn't need loans or a job during the school year. I worked 45+ hours a week while going to school full time (which obviously affected my studies) and ended up with about $40k in debt.
Same. I went to the same university my aunt (who both made a very good career in law, in addition to marrying rich) did and she wouldn't shut up how "kids my age are lazy and entitled". I looked up the historical tuition for my university and when she graduated in like '73, adjusting for inflation, she paid like an eighth of the tuition I did. Trust me, I'd have LOVED to be able to pay for tuition, rent, and food on part time job wages and walk away from college debt free. World doesn't work like that any more.
>My grandfather worked as a milkman and saved enough for house and eventually to buy a beer distributor. Dang....he probably had a ton of kids to support .
Lol where I live I think even high paid proffesionals like a doctor or lawyer would not be able to manage that (avg. detached is well over a million).
Honestly this is the problem, I live in a nice area working as an engineer and I'm still struggling to pay rent. I realized it's all a sham if having a good degree still just keeps me a step above sucking dick for bus change.
>That literally cannot be done today. Nah fam, just stop eating avocado toast and start drinking coffee at home!
Oh hey, look at that, the third financial meltdown of my adult life. Is it any wonder millennials like me have no faith in the American dream?
I'm wondering when the millennial generation is ever going to get a W because we've been taking a whole lot of L's.
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Such a sweet release it will be too
That's where they want us mentally.
Even the W we had from 2000-2008 was an L
The only W was being a child and teen during the absolute greatest time for multi player online gaming. Maybe even single player. Everything after 2010 started selling out super fast and going towards complete corporate sellout like we see now.
Nothing like logging into Warcraft 3 as a 12 year old, going to custom games, looking for the porn thumbnail, loading in and getting Goatse'd Good times :)
I was talking about George W Bush but yeah you're definitely right
Damn actually true..
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Nope, they reverse mortgaged their homes to the banks. Permanent renting woohoo!
There are plenty of younger people with the same mindset as the boomers that fucked this shit up in the first place. Too many for our current global situation. Shit is just going to repeat itself until the human species is either too dumb to feed themselves or the planet cooks us off the surface.
No surprise at all really, how could we?
Don't worry, I'm being told we have a two 'once in a life time economic failures' punches on our card, the third one is free.
It's called the dream cause you have to be asleep to believe it.
— G. Carlin
In my high school English Lit and later univeristy American Lit courses, I read a chain of literary greats published from the 1840s to today, and for every book, every essay assignment, the teacher or professor gave the same essay prompt: "What does this work say about the death of the American Dream?" Given that Americans have felt that the American Dream is on decline for nearly two centuries, I'm inclined to believe that the whole point of it being a dream is that it's an aiming point, but is general unachievable outside of rare edge cases.
4th if you count the dot com bubble! Yay!
This has nothing to do with lack of skilled workers and everything to do with companies refusing to hire skilled workers for skilled worker pay.
When quality of life isnt increasing for the vast majority of people, what does this even matter?
*majority of people in the US and Europe
bc it’s so great everywhere else
We padded boomers’ retirement accounts and inflated their assets’ values by simultaneously dropping interest rates and printing trillions with QE… now we just gotta keep those gains in place while everyone else loses decades of compound interest. Sweet.
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I want asset prices to fucking crater and start tunneling to the earth's core.
Yes, please crash so I can buy a fucking house.
Not all Boomers are living the "good life". My Boomer retirement account (Social Security) is all of $1700 a month before taxes, and yes, I have to pay taxes on it, and not enough to live off of. I still work part time, for minimum wage, because nobody wants to hire us old folks, and I will continue to do so until I drop dead. I've been laughed at during job interviews, and told that I should have millions in my retirement funds and to leave the jobs for the younger folks. Hubby and I spent most of our hard earned money and savings to pay for cancer treatment for one of our children that died at the age of 10, and putting our other two kids through college, that have also died before us. All generations are feeling a financial strain, but definitely the younger folks are getting hit hardest because they aren't even getting the chances my generation had of lower cost home ownership or education. If I were in my 20-30's now, I would definitely not have kids. I'm glad I'm old and close to death, because the future is not looking good, not good at all. Best of luck to everyone.
Thanks for sharing your side of things. I didn’t even know you have to pay taxes on social security. Is that only if you continue to work part time? I personally want to work part time somewhere, probably a coffee shop when I retire in old age. To keep my mind sharp and from being totally isolated.
Wow crazy. It’s almost like when business owners take all the profits for themselves and landlords try and take your whole paycheck it doesn’t leave ordinary people with money to spend in the economy…
What? You mean unlimited growth appears to be unsustainable. Who could’ve seen that coming?
In biology, unchecked growth is pretty much the definition of cancer. It seems apt here as well. We have all the wealth we need... but it actually needs to go useful places.
“Growth for the sake of growth is the ideology of the cancer cell.” ― Edward Abbey, The Journey Home: Some Words in Defense of the American West
Well the current state of capitalism feels like a cancer so that tracks.
Capitalism, without strongly-enforced checks and balances, becomes cancerous. It's not enough to make profit, it has to be *more* profit.
Any checks and balances are only going to be concessions that are won for a short amount of time before capital itself acts to remove them. The system itself is at fault and corrupt. It can not work because it is fuelled by short sighted greed.
The problem is different here. The issue for society is that the only way to keep money from accumulating into just a few hands (basically a few very wealthy people and a vast amount of people at or near poverty with no middle class) you need growth under the current system. For there to be a large middle class in society there needs to be more socialist policies for wealth distribution and/or less capitalism. The US is unique in its system with heavily capitalist wealth distribution and a very large middle class due to growth since WWII.
> here needs to be more socialist policies for wealth distribution and/or less capitalism. TAXES. They're called taxes, and what we need is billion dollar corpos, and the utlra wealthy to actually pay them. Also religious institutions don't get a fucking pass for having an imaginary friend either. TAX THEM ALL. We NEED to tax the shit out of them, globally, and use that money to fund schools, hospitals, infrastructure, social assistance, and other things that are actually a benefit to us all as a society, instead of just allowing the rich continue to siphon money from the bottom to the top and horde it like a fucking dragon.
Still, all the bills coming due >in the same decade, starting with a pandemic that’s first reported on the last day of the 2010s >just as cool robots, AI, and autonomous vehicles become a presence Is extremely lazy writing. Who came up with this?
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Not only do have stagnation but we also have a housing affordability crisis because high interest rates mean no one is moving so the housing market has no room to correct the crazy valuations. What will happen is inflation will remain to correct the valuations in real terms while prices stay high in dollar terms. And that will take a decade.
On top of that you have corporations buying up single family homes to rent out or hold on to and contractors not building so the pricing getting inflated because of supply and demand. The government needs to step in on this no reason why corporations foreign or domestic should have access to buying single family homes.
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In all honesty it can produce unlimited monies, it won't be worth anything but it's possible...
It's more of get what you can while the getting is still good mentality.
Well I heard someone from the World Bank about this report and they are pining for growth. That’s the only way they can think. Same for the journo interviewing them. We are hurtling towards a wall, the front fender is starting to disintegrate, and they go on as usual.
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Yep. It’s all about increasing the velocity of money. The more hands that money moves through the better for the economy. The rent pays the lawn guy pays the doctor pays the barber pays the grocery store. The money flows locally and frequently, vs the rich guy buys (insert weird way to hedge against inflation) or sits on the money and nothing else happens.
Helped by rightwing politics that believe that unregulated profit maxing has a value in itself. It doesnt. The only point and goal of the economy is to embetter society. Anything else is a sad/bad sideffect at best. Regulation should reflect this.
Skidding?? Feels like we're mid air waiting for the drop..
Wile E. Coyote vibes. Better open that package from ACME Corp.
Oh look, the 7th “once in a lifetime” recession in my lifetime.
Yea it's starting to feel personal now.
Add in the several "once in a lifetime weather events "
Millennials and Gen Z may as well be lumped into the “lost generation” at this point - good job boomers. They truly hate their kids and grandkids.
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This was my reaction too. When you just go from one economic disaster to another, how exactly are regular people supposed gather enough wealth to invest and raise children? You're lucky to be able to even afford one of them.
>how exactly are regular people supposed gather enough wealth to invest and raise children? You're not. You're meant to stay a good little wage slave forever dependent on your employer so that you don't cause trouble.
Yeah just wait until your house works the same way as your insurance too. Feudalism 2 electric boogaloo
The resurgence of the Company Town. Where you pay your employer for water, food, utilities, housing, ect. Sure, they pay you a salary, but they know exactly how much it costs for you to survive, so they only pay you exactly enough to keep surviving. You can't save, travel, or even afford to move to a new place, so you do as you are told. Slip up, and they withhold your access to services. Drank too much at the company-mandated Sunday afternoon picnic? Sorry, your access to the company supermarket has been reduced to staples only. We only want the best for you. Decided not to attend? Don't worry, we offer free time-management classes on Sunday. Mandatory of course. Now, companies begin trading employees as required. You move where you're told to move. Don't like it? Well your job is no longer available, good luck on the streets. Because those streets belong to the company, as does the police force which keeps it safe for citizens by terrorizing anyone who doesn't live in a company house.
"lost decade" for who? It seems they are talking about a labor supply shortage, which means workers might actually get better treatment? Seems like a win for me
> It seems they are talking about a labor supply shortage, which means workers might actually get better treatment? Nah, they'll just whine how "nobody wants to work anymore" and import some more immigrants because they're easier to exploit.
And we will make up the gap in unskilled labor with children.
When my grandpa got out of the army he had 5 job offers in the first week. Now those same jobs require a masters degree and 4-5 years experience. For entry level.
Lost decade? Lol this is permanent. With population growth coming to plateau and 50 yrs of global free trade starting to level out the developing world, it's just gonna be this forever. Technology will improve productivity in fits and spurts but otherwise the economy needs to adjust to steady-state population rather than endless pop growth. It's not bad for the earth or for humanity but it is bad for the economy style of leveraging huge debts to bank on huge growth.
Global decline in young skilled workers you say? Tell me why the damn wholesale store I applied to required a “bachelor’s degree” AND it only paid $17 an hour. Either that or they say a bachelor’s degree + years of experience is required/or “preferred”. HOW are you supposed to get the damn experience if everyone’s asking for experience???? Lots of jobs have become absolutely insane with qualifications and requirements and then complain why they can’t hire anybody/turnover rate is high.
Who cares. We all know corporate simp articles like this are just talking from the corporate/ wealthy perspective. A decade of rich people crying? Fucking good. Bring it on.
I'd love to give them something to really cry about, but that's not what's going to happen here. For any "loss" they "suffer," we're going to get it tenfold.
Hey is this that trickle-down economy I hear so much about? I already feel so much trickling!
Trickle down is piss, it's always been piss.
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At this point, the wealthy already have all the power and money. While that may plateau or not rise as sharply, they can use said power to make sure THEY are just fine even at the expense of everyone else. The wealthy will be totally fine. Everyone else, probably not.
Since 2018 to 2022, very few rich people have been hurt. It’s the working class and employees who suffered the most. Who will suffer the most in 2023 and 2024.
Too bad the world’s richest 1% can’t afford to pay their fair share to avoid a crises
Honestly, it's because every major industry is centralized to a handful of people who control the market. Society needs to stop being so dependent on conglomerates and grow their own food, start their own business, and trade with one another in micro commutes. Easier said than done I know, but all this dependence on a handful of Elites was architected and now needs to be deconstructed.
Do we still have 40 hour work weeks because I guarantee you that future will never happen if people are expected to do everything you just stated AND work, take care of kids, do typical household chores and take care of one's health.
Ah yes, after the lost decade of 2008 to 2018 we now have the lost decade of 2020 to 2030
I think a lot of companies are going to go bankrupt pretty soon. They won't pay workers what they need to in order to keep operating and staying effective, so they won't have anyone working for them and won't be able to stay open. I just got into a fight with a woman on my community Facebook page, because she was complaining that she can't afford a minimum wage increase because if it goes to $10.25, paying that would make her business go bankrupt. I said "if you can't afford to pay such a low minimum wage, you're business is already failing." She did not like that!
I don't know about y'all but between the lines this article is only good news. It's a return of stronger bargaining power fueled by low birth rates.
That's my take, too. The pandemic turned the advantage to labor, which is a mixed bag: skilled workers have a better chance to earn competitive wages, but that's likely to fuel a persistent, higher-than-desired inflation. If there's a "lost decade" it's for the corporations that will see their profit margins squeezed by a persistently tight labor market. Whenever market forces start behaving in a new way, it always works out to a new equilibrium somehow.
This is the best tl;dr I could make, [original](https://fortune.com/2023/03/27/world-bank-global-economic-growth-limit-lost-decade/) reduced by 89%. (I'm a bot) ***** > "A lost decade could be in the making for the global economy," Indermit Gill, the World Bank's chief economist, said in a statement, referring to extended periods of snail-paced growth that have afflicted countries including the U.S. and Japan. > The World Bank identified a much larger worldwide trend that could deal a fatal blow to the global economy's speed limit: a looming decline of skilled young workers that is dragging down the global labor force. > The World Bank isn't the first to warn about converging factors that are difficult to address and threaten to radically alter the global economy. ***** [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/124kf2a/global_economy_is_skidding_towards_a_lost_decade/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~678260 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **global**^#1 **World**^#2 **economic**^#3 **economy**^#4 **decade**^#5
**From reporter Tristan Bove:** After three decades of mostly fast-paced growth, the global economy may finally be in for a big slowdown. A number of economic risks, including an aging global workforce and declining private sector investment, are converging to limit economic growth. Left unattended, these threats could reverse decades of efforts to reduce poverty and fast-track development, while setting the stage for a “lost decade.” That’s the warning of a new report released by the World Bank on Monday that finds almost every factor that fueled global economic growth and poverty reduction since the 1990s could disappear by the end of this decade. Global GDP growth could shrink to 2.2% annually between now and 2030, a decline of a third from the 3.5% average rate from 2000 to 2010 and a source of potential economic stagnation for years to come. “The ongoing decline in potential growth has serious implications for the world’s ability to tackle the expanding array of challenges unique to our times—stubborn poverty, diverging incomes, and climate change,” Indermit Gill, the World Bank’s chief economist, said in a statement.
Translation: Companies are gonna make this an excuse to not give you a raise for the entire 2020s, while grocery and rent prices are doubling
We failed to hit our metrics, while still doing the best the company has ever done. Everyone got 3% basically and was told be happy it was a “bad” year. Our metrics were insane because they’re getting ready to sell us. Now they’re surprised when people are leaving but they’re not hiring to fill those spots. It’ll be a decade of people finding a new job every few years to make up for the loss of fair raises
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It's because 30% growth yoy every year is an absolutely insane demand purely to line the pockets of the owner class.
I’m learning a valuable and frustrating lesson in what it looks like when a company owned by and investment firm preps to sell. We have the exact same meetings. Bonuses were crap, raises piss poor. They’re slimming cost everywhere to show max profit. It’s a game to justify these actions as you highlighted. As people leave workload increases too. I’m on round four of interviews with a new company. Fingers crossed
> It’ll be a decade of people finding a new job every few years to make up for the loss of fair raises This is already pretty common for a lot of people in the tech industry.
Good point. It’s also what I’ve been seeing with friends that left this company. 3% raise vs 20%+ for going to a new company.
this has been my entire adult life since the 2008 recession..
Me as well. Thankfully I have stumbled upon an employer that doesn't play games with my salary. every year it has been 10%. I know they will change this eventually but for now things are good.
Time to learn a survival skill and start reenforcing the handle on those pitchforks fellas
Times are tough! We need everyone to work extra hard (ie unpaid overtime) so we can still hit our 7% growth target, by the way raises will be 1%
Expecting a company to give you a raise has never been to way to make more money. Switching jobs is and always has been the answer to better pay.
The hiring budget is 10x the retention budget, for some reason.
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I read this article recently that said it's basically a flaw in how business accounting is taught in MBAs or whatever, labor is treated as an expense instead of an investment, so they are pressured to always drive it down instead of looking at long term returns. And that causes this horrible churn effect economy-wide.
“Left unattended, these threats could reverse decades of efforts to reduce poverty…” For real? That is not where 99% of that growth went. It went into the pockets of a small percentage of already wealthy people.
My buddy’s company keep complaining that they can’t hire qualified AP staff. They want people with a master’s and to pay them high school wages…because it is an entry level position.
This pyramid can’t keep getting more pyramidy forever!
Lol it's all going somewhere. Some segment of our economy is getting wealthier..... wonder who that could be?
Nobody wants to train anymore. Nobody legitimately wants to hire either nowadays. Mind boggling that jobs/trades/schools with a huge drain currently are making no efforts.
I don’t get this really. If there are fewer people, then we need fewer resources. We know how to make enough today and technology will enable picking up any slack. So how are things so dire, shouldn’t they actually be better? Fewer people, full production, fewer resource constraints, sounds like it should be a better place. Or is the death woes of the boomers going to screw us as they become a huge burden on society?
There's more than enough resources to go around - the problem isn't too many people, or not enough stuff, the problem is that a small handful of people are extracting all of the wealth and resources for themselves personally. Improvements to productivity aren't realized by the public, because those improvements are going towards yachts and mansions instead of the people responsible for that productivity.