Apple, Alphabet (parent of Google) and Facebook generated $333 billion of revenue combined last year with 205,000 employees worldwide. In 1993, three of the most successful, technologically oriented companies based in the Northeast — Kodak, IBM and AT&T — needed more than three times as many employees, 675,000, to generate 27 percent less in inflation-adjusted revenue.
America is getting richer every year. The American worker is not. Far from it: On average, workers born in 1942 earned as much or more over their careers than workers born in any year since, according to new research — and workers on the job today shouldn’t expect to catch up with their predecessors in their remaining years of employment.
Virtually all the 11.6 million jobs created since 2010 went to workers with some kind of postsecondary education... Workers with a four-year college degree were hired for nearly 3 out of every 4 positions. Those with a high school diploma or less saw almost no recovery in demand for their labor... By 2020, 2 of every 3 jobs will require some kind of postsecondary education. And most of these jobs will be in services like health care, customer service, and food prep...not the manufacturing sector
There are almost nine million more jobs than there were at the previous peak in November 2007, just before the economy tumbled into recession. But the gains have not been evenly distributed. Despite accounting for less than 15 percent of the labor force, Hispanics got more than half of the net additional jobs. Blacks and Asians also gained millions more jobs than they lost. But whites, who account for 78 percent of the labor force, lost more than 700,000 net jobs over the nine years.
Factory workers in America and Europe often blame China for stealing their jobs ... Yet many of the worries that have recently animated Western voters are common in China, too. Working-class Chinese, as well as...the new middle class, fret about rising inequality, the impact of mass migration from the countryside into cities... Among blue-collar workers, a structural shift in China’s economy, from labour-intensive manufacturing to higher-tech industries and services, is fuelling job insecurity.
In short, the story of a white working-class revolt in the Rust Belt just doesn't hold up, according to the numbers. In the Rust Belt, Democrats lost 1.35 million voters. Trump picked up less than half, at 590,000. The rest stayed home or voted for someone other than the major party candidates ... The real story—the one the pundits missed—is that voters who fled the Democrats in the Rust Belt 5 were twice as likely either to vote for a third party or to stay at home than to embrace Trump
while the disappearance of high-paying jobs for those with little education is a large part of the overall story of a shrinking middle class, it can’t wholly account for the uptick of mortality identified in the Case and Deaton study ... the groups that have been affected most viciously by these market trends in the U.S., African Americans and Latinos, have not suffered the dramatic increases in death by suicide or substance abuse that whites have.