Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: arun gera who wrote (31902)	6/12/2005 11:52:41 AM
From: regli	Read Replies (2) of 116555

>the only way out is to outsource to other countries and to open up employment based immigration. That will still be very tough to do. So if you are college graduate in US, you will be happy to know that you are going to be in big demand.< I personally don't see this as a problem. As we have seen over the last few years, many services can be outsourced just as easily if not easier than the production of goods and components. Your scenario points out an even worse problem and that is that an increasing percentage of the U.S. population does not have adequate education to perform in a demanding world economy. These people will become a drag and a source of instability instead of an asset. Also, I am not claiming that the transition to a shrinking workforce will be painless. My point is exactly that a growing workforce of unqualified people (due to automation, advances in technology and world competition) will not solve the so-called demographic problem. There will only be even more unproductive mouths to feed. BTW, because of declining birthrates one might want to look differently at GDP figures from Europe. Deflation might not be all bad.

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