Ken McElroy Show The Silent Crisis DESTROYING the Economy
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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.
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The Silent Crisis: Underemployment
- Underemployment, not unemployment, is the real economic issue, impacting people's livelihoods.
- It's a hidden crisis because the Bureau of Labor Statistics doesn't track it.
The Rise of Part-Time Work
- Part-time employment has increased by 2 million in two years, possibly indicating rising underemployment.
- The IRS and BLS have different definitions of "part-time," creating confusion.
Gig Economy and Underemployment
- The gig economy creates an illusion of flexibility and steady work, often masking underemployment.
- Gig workers frequently lack benefits, job security, and career growth opportunities.