How the economy is changing

We are an economy based on consumption. Over the last fifty years, we have also transformed into a primarily service economy. Yes, banking, retail, tourism, and information technology have become the center of the economy. Agriculture was once the heart of the economy. It is now about two percent of the workforce, as a significant portion has been automated, for example, the tilling of the land. Let’s say tractors do a fine job.

The same has been happening in manufacturing over the last two generations. No, modern factories are not filled with people. There are some employees, but there are also many robots. The future of manufacturing is not going to look like a lot of good, union-paying jobs out of high school. At the very least, workers will need to have an associate’s degree in fields such as robotics maintenance. So, no, bringing factories back is not going to deliver those jobs that the administration has promised. It has not so far.

While there is some interest in blue-collar careers, this is not an interest in manufacturing:

The trades are also desperately in need of younger workers, as they struggle to meet demand and find skilled workers. That’s especially true in the manufacturing industry: A new Deloitte report estimates that within the next decade, manufacturers may need to fill 3.8 million open roles, as people age out of the workforce and more jobs are created.

President Trump’s far-reaching tariffs could also drive up the labor shortage in the manufacturing industry. A…