Everyone has heard this sentiment at some point in their lives, often to justify the "service economy." Great goal for an individual, but how does that make sense??
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"Service economy" jobs feed off people who produce products for a living, aka creating value. Without manufacturing, what producers do we have? The tech industry? The whole of America cannot subsist off the tech industry. So what's left? Construction? Farming? America is supposed to survive off providing healthcare and financial services to farmers and Google employees?
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To work in tech, or in most service sectors like finance, law, medicine, data analytics, etc, let's say your IQ needs to be about 1 standard deviation above the mean. That leaves about 80% of Americans in the cold. Overestimation? Maybe, but probably not far from the truth.
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So how does the service economy achieve a 5% unemployment rate? Top service job sectors are education/healthcare with 26M employees in schools, hospitals, and social services, and 23M employees in "government." LOLLLLL
So you have:
- government-funded (or directly government-run) schools, universities, and hospitals employing the biggest chunk of people
- then another 23M people explicitly paid by the government
- then millions of women in the private business sector who are essentially subsidized by government-mandated email jobs
- then the transportation and UberEats sector that feeds off these people's Amazon deliveries and takeout orders
- then the legions of people on disability or food stamps or not making enough to actually pay taxes
- then the remainder of the population that actually creates some kind of value (excluding service jobs like legal, financial, business services, etc)
Our country runs off unlimited debt and pixie dust.
It's been a Ponzi scheme (or scam) ever since a Federal (or even State/Provincial) Government "borrowed" money.
The government never intends to pay OFF the debt, just pay it "back". Although low level (city, municipality) may issue Bonds & such for specific projects & those are paid out over time? The ongoing burden of debt for day-to-day operations is never intended to be repaid. It is ALWAYS re-paid by... borrowing more money!
This inevitably leads to "The Black Wall Of Debt" and disaster, but who cares? Some other sucker will be in office by then, and I'll have my gold-plated pension for life!
iirc? My city now pays HALF its annual budget into debt. Meanwhile it jacks up taxes to fund essential things like police, fire and ambulance. While maintaining vanity projects and "special interest funding" out the wazoo. Try to point out that resolving the debt (by cutting wasteful spending) would leave TONS of money for that = yeah, good luck getting anyone to listen.