Marc Andreessen retweeted something that Krueger had. Alan Krueger may no longer work for the Obama Administration (former Chairman of the President's Council of Economic Advisers), but he's still worth listening to. The video is 5:31 minutes, and it's worth watching.
- growth at top and bottom
- little growth in the middle
- difficult for workers to transition
- specific example: manufacturing to healthcare
From that perspective, we should be educating more workers to throw into the healthcare industry. I think that the answer to that is really building up our community colleges, as they are an affordable way to retrain our workers into sectors that need them in a 2-year span. You can get your LPN in 2 years as an associate's degree; I believe you can get your RN in the same span. Then, you can do something like University of Wisconsin's Flex Option to get your BSN. There's a shortage of nurses from the United States, and a lot of nurses are immigrants. In my life, I've seen a lot of Filipina nurses.
And I am extremely fortunate to have worked in mobile healthcare software/IT. That's the crossroads of three very good areas to be right now.
Software is eating the world, and it's doing it primarily through mobile.
Healthcare, as Krueger says, is growing by leaps and bounds. With the aging Boomer population, the demand for healthcare has increased.
From Joshua Wright at Forbes:
The people who can afford to buy very expensive software are often the wealthiest corporations. That means it's lucrative to cater to the wealthiest, the kind of people who buy Apple products. Affluent customers.
Uber is often lambasted as solving a first-world problem, but it actually solves a ground-level problem: it helps people find work.
An answer I saw from Loic:
People can choose to work when they want to. Do they have paid vacation? No. Do they need to scrounge a little for healthcare? Yes. But overall, it improves quality of life for some people who want to be able to dictate their own working hours.
Krueger discusses the idea that the government should be doing more to help freelancers. More people are driving for Uber; people are working as independent contractors, as photographers, as writers, etc.
I test drove Zen99. I initially loved it, but it was a massive PITB when it came to tax time. I switched to QuickBooks Self-Employed and later to QB Online when I needed it in order to connect to Zen Payroll. It's easy-ish to get healthcare as an independent contractor, but you do need to know how to get there. It's the first step that's the hardest.
The IRS has a great page explaining the Earned Income Tax Credit. Basically, if you work but you are very low income, you'll get income tax credit from the federal government.
Maximum Credit Amounts
It's significant if you have a low income and a large family. It's not that great if you are single with no children.
I call it re-shoring, too. Inshoring is not completely smooth sailing (see my discussion of the skills gap), but it's an incredible move forward. Read a comprehensive look at the migration of manufacturing by Chinese companies to the United States. There's an opportunity for people with manufacturing skills if they can live in the right places, near factories that will employ them and need skilled labor.
There's an absurdly small number of views on Krueger's interview, although it contains so much food for thought. I think that the #1 takeaway from that interview is that we should be retraining anyone who wants training to fill unfilled jobs (that will still be unfilled in 2-4 years). My opinion: we need to have better communication from companies about their needs over the medium term, so that they can influence coursework at colleges, from community ones to universities.