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Ken McElroy Show
The Silent Crisis DESTROYING the Economy
Dec 24, 2024
Our current economy may look stable, but underemployment is a silent crisis. Many Americans are overqualified for their jobs, struggling despite low unemployment rates. Skilled trades are becoming increasingly valuable, amidst a rising demand for talent. The financial pinch from inflation is hitting essential services hard, including housing and healthcare, while recent trends in the housing market reveal complications. The gig economy adds another layer of complexity, highlighting the growing disconnect between labor market data and the reality of financial hardships.
38:15
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Quick takeaways
- Underemployment remains a significant hidden issue in the economy, with many overqualified individuals struggling to find suitable employment despite low unemployment rates.
- The growing gap between college graduates and available jobs highlights the need to reassess the value of higher education compared to skilled trades in today’s job market.
Deep dives
Understanding Underemployment
Underemployment refers to individuals working in jobs for which they are overqualified, part-time when they desire full-time work, or engaged in low-skill positions. An example highlighted is that of an engineer delivering pizzas, showcasing the disparity between one's qualifications and the work being performed. The Bureau of Labor Statistics does not officially track underemployment, which makes its prevalence difficult to measure, yet it remains a significant issue in the workforce. Increased part-time employment has been noted, with a rise from 26 million to 28 million workers in the past two years, indicating that many are struggling to find full-time positions that match their skills.
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