The article is talking about the issue of unemployment that the US is experiencing. 2015 recorded the lowest unemployment rates of 5.4% that was the lowest since 2008. However, to the millennials, those born 1980-2000 the situation of unemployment remained the same. The promise of having the employment opportunities for most of the unemployed turned out to pure lies. Education is no longer directly proportional to career success or to secure a decent-paying job. Many of the millennials turning to unrewarding job hunt. Those who happen to obtain a job the misery comes with the pay. Still some of the employed individuals still earn lesser amounts that make them continue relying on their parents. Statistics reveal that 44% of the college graduates in their 20s either serve in low-wage or dead-end jobs where the earnings are less than $25000. Several factors contribute to unemployment such as financial insecurity that is delaying the retirement of those employed. Technology advances are making many occupations obsolete due to automation of the process, and the situation is likely to worsen as time progresses with futurists projections showing that workers are likely to be replaced by robots by 2025. Instead of buying cars and houses a shift has been witnessed in the millennials where most of them are in car-sharing services and public transportation to adapt to the current condition in the job sector. The article ends by offering a remedy to those searching for jobs. For instance, it advisable to first establish the firms looking forth to hiring one’s skills, finding somewhere to gain experience, as well as conversing with people about one’s strengths, is likely to enable someone to secure a job.
Unemployment is the topic that can analyze the above scenario. The figures of an unemployment rate of 5.4% only consider cyclical unemployment. It does not incorporate other types of unemployment, structural and frictional unemployment. The discrepancy witnessed in the employment rates despite the low levels of unemployment arises from the two types of unemployment especially in the private sector that yields most of the jobs. The advancement in technology to adopt robotics renders an obsolete situation whereby individuals are likely to be structurally unemployed. Despite the education acquired, there are high possibilities for the mismatch of skills needed in the job markets that makes many millennials unemployed. Moreover, most of the jobs have integrated technology as part of them and thus those taking Arts-oriented subjects are likely to be unemployed in the long-run. The technological projections of the year 2025 and their relationship to the unemployment are likely to hold. Therefore, the article shows that technology developments come in to replace manpower that depicts, structural unemployment. On the other hand, the 44% of the employed people in their 20s are serving in low-wage or dead-end jobs where the earnings are less than $25000. Such earnings are likely to discourage others who wish to venture into the job market. For instance, given the cost of living young population is likely to remain unemployed due to the wages and salaries offered, frictional unemployment. Unemployment is shown as increasing the dependency ratio where most of those employed often rely on parents to make the ends meet due to the low wages offered in their jobs that add burden to those employed in well-paying occupations.
According to the knowledge, I gained so far solution to cyclical unemployment is not a way out to the entire unemployment situation. The remedies offered equally cannot provide a long-term settlement of the condition rather are more attaching the blame to the millennials. Unemployment can only be totally curbed by the government, private sector, and the job seekers. For instance, to further lower unemployment it is imperative that for the government to increase the amounts of money supply in the economy. The government solely controls the amounts of money in circulation in the economy at any given time. Pumping more money into the economy decreases interests rates and thus encourages private business owners to borrow for investment opportunities. Similarly, low-interest rates reduce the marginal propensity to save and increases the marginal propensity to invest. Investing in the economy leads to an increment in the businesses in circulation thus creating more employment opportunities. Unemployed people will, therefore, secure job. The solution to the structural unemployment can be eradicated if the job seekers have the relevant knowledge and skills required in the job market. It is advisable to undertake appropriate technological coursed needed in the job market. The growing technological advancements do not necessarily mean that robots can totally remain in control of their own without human interventions. Such a projection will translate into the creation of new jobs for robot controllers that also creates employment. The government can also intervene to control frictional unemployment by fixing the minimum wage rate for the private business owners. Such an intervention is crucial since most of those who select to stay idle due to the low wages can work for the minimum rate. Therefore, there is no need for attaching the blame only the job seekers for the situation of unemployment but to focus on the wider scope.
References
Ford, M. (2016). Rise of the robots: Technology and the threat of a jobless future. New York:
Basic Books.
Reiff, M. R. (2016). On unemployment (Vol. 1). Basingstoke: Palgrave Macmillan.
Stahl, A. (2015, May 11). The 5.4% Unemployment Rate Means Nothing for Millennials.
Forbes. Retrieved from http://www.forbes.com/sites/ashleystahl/2015/05/11/the-5-4-unemployment-rate-means-nothing-for-millennials/#527b401057d4
