Economist/Analyst (unnamed)

Doctors are service workers. Lawyers are service workers. The most common kind of service worker is a home health aide. That's the most common job in America right now. Anything that is not like directly making a durable finished product counts as services. And that is what most rich countries are seeing spending shift into.

Doctors are service workers. Lawyers are service workers. The most common kind of service worker is a home health aide. That's the most common job in America right now. Anything that is not like directly making a durable finished product counts as services. And that is what most rich countries are seeing spending shift into.

That once people feel somewhat satisfied in the amount of stuff they have, they start to hire a housekeeper or go to a fancier gym and hire a personal trainer or That in turn means that employment shifts into those sectors because it's where people want to spend their money.

That once people feel somewhat satisfied in the amount of stuff they have, they start to hire a housekeeper or go to a fancier gym and hire a personal trainer or That in turn means that employment shifts into those sectors because it's where people want to spend their money.

That once people feel somewhat satisfied in the amount of stuff they have, they start to hire a housekeeper or go to a fancier gym and hire a personal trainer or That in turn means that employment shifts into those sectors because it's where people want to spend their money.

So I think this is one of the things that's been really hard about the past few decades. One thing that's changed is that manufacturing as a job has changed. It used to be that manufacturing paid above median wages. It was a place where people, predominantly men, who had only a high school degree or even dropped out of high school could get a good wage.

So I think this is one of the things that's been really hard about the past few decades. One thing that's changed is that manufacturing as a job has changed. It used to be that manufacturing paid above median wages. It was a place where people, predominantly men, who had only a high school degree or even dropped out of high school could get a good wage.

So I think this is one of the things that's been really hard about the past few decades. One thing that's changed is that manufacturing as a job has changed. It used to be that manufacturing paid above median wages. It was a place where people, predominantly men, who had only a high school degree or even dropped out of high school could get a good wage.

Manufacturing now pays slightly worse than the average job in America. So the premium that used to be there has diminished a lot. More broadly, what's happened is what a lot of researchers call job polarization, that there used to be a middle represented by sort of good manufacturing jobs that would earn you a middle class income. And the middle has been kind of hollowed out.

Manufacturing now pays slightly worse than the average job in America. So the premium that used to be there has diminished a lot. More broadly, what's happened is what a lot of researchers call job polarization, that there used to be a middle represented by sort of good manufacturing jobs that would earn you a middle class income. And the middle has been kind of hollowed out.

Manufacturing now pays slightly worse than the average job in America. So the premium that used to be there has diminished a lot. More broadly, what's happened is what a lot of researchers call job polarization, that there used to be a middle represented by sort of good manufacturing jobs that would earn you a middle class income. And the middle has been kind of hollowed out.

And what's left are at the bottom jobs. sort of fairly routine jobs that don't require a lot of education, like retail clerk, some home health aid jobs, though that can be very skill intensive, stocking, Amazon factories, things like that, which tend to not be highly paid.

And what's left are at the bottom jobs. sort of fairly routine jobs that don't require a lot of education, like retail clerk, some home health aid jobs, though that can be very skill intensive, stocking, Amazon factories, things like that, which tend to not be highly paid.

And what's left are at the bottom jobs. sort of fairly routine jobs that don't require a lot of education, like retail clerk, some home health aid jobs, though that can be very skill intensive, stocking, Amazon factories, things like that, which tend to not be highly paid.

And then at the other end, jobs like doctors and nurses, software developers, things that require a lot of education and training and command a higher wage. And so it looks like a U curve that it's sort of feast or famine. And I think that's part of what's made this transition so vicious is if you're a 55 year old working in the Mack truck plant, you get laid off.

And then at the other end, jobs like doctors and nurses, software developers, things that require a lot of education and training and command a higher wage. And so it looks like a U curve that it's sort of feast or famine. And I think that's part of what's made this transition so vicious is if you're a 55 year old working in the Mack truck plant, you get laid off.

And then at the other end, jobs like doctors and nurses, software developers, things that require a lot of education and training and command a higher wage. And so it looks like a U curve that it's sort of feast or famine. And I think that's part of what's made this transition so vicious is if you're a 55 year old working in the Mack truck plant, you get laid off.

The jobs that are available to you aren't probably going to be the higher end skilled jobs because they require an education that you didn't get and you don't have time to get before you retire. The ones that are available are the lower wage services jobs. And so that transition is genuinely incredibly hard. And a lot of people have lost out on that.

The jobs that are available to you aren't probably going to be the higher end skilled jobs because they require an education that you didn't get and you don't have time to get before you retire. The ones that are available are the lower wage services jobs. And so that transition is genuinely incredibly hard. And a lot of people have lost out on that.

The jobs that are available to you aren't probably going to be the higher end skilled jobs because they require an education that you didn't get and you don't have time to get before you retire. The ones that are available are the lower wage services jobs. And so that transition is genuinely incredibly hard. And a lot of people have lost out on that.