The Economics Show What happens when manufacturing goes away? With Amy Goldstein
Jul 29, 2024
Amy Goldstein, an insightful journalist and author of ‘Janesville: An American Story’, shares her experiences covering the closure of a GM plant in Janesville, Wisconsin. She discusses the profound impact on the local community, detailing personal stories of families facing job loss and the challenging transition away from the middle class. Goldstein also examines the mixed effectiveness of job retraining initiatives and emphasizes the emotional significance of manufacturing in American life, offering a compelling look at resilience amid economic change.
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Families' Tough Job Transitions
- Mike Vaughn, from a union family, switched to human resources management after losing his factory job to keep his leadership skills relevant.
- Matt Wopat reluctantly became a "GM gypsy," commuting to another state for work while maintaining his family life on weekends.
Middle-Class Job Loss Impact
- Falling out of the middle class is very different than having been poor all along.
- Job loss felt deeply personal and shameful to many, despite being a widespread economic shock.
Limits of Job Retraining
- Job retraining is popular across political lines but often ineffective if new jobs are scarce.
- Success of retraining depends heavily on local economic conditions and job availability.