First of all, this is not intended to be political, but we will accept some current trends as a baseline, at least for a few years. This all depends on assumptions, so feel free to state your own, and apologies in advance for my simplistic unresearched "fact"-set.
Given fewer illegals (undocumented, migrants, etc.) filling lower-end jobs, it becomes clear wages will have to increase to (in GW Bush's terms) do the work that Americans just won't do. While this will certainly lead to sustained increases in inflation, it also may provide more of a "living wage" to those left behind in our AI Age who don't have a decently funded investment portfolio. My framework:
If you can earn a minimum of $50-60k+ for being a truck driver, $75k+ being an electrician or plumber, or $100k+ being a nurse, does it really make economic sense for someone of average (or below) intellect (or drive to study/learn as college demands) to spend 4-6 years earning a college degree? I suggest in most cases is doesn't, due to forgoing college debt, getting a head start on saving for a house, and developing expertise much more rapidly (potentially a quicker path to starting your own business, if you're driven that way).
I could see a journeyman electrician saving 20-30% of their income, and being so far ahead financially that it might take 15-20 years for a degreed entry-level accountant to catch up (paying off college debt, working 60+ hour weeks, and other sacrifices in building their career beginning 4-6 years later, even if they do earn $80-100k annually to start).
By that time, the electrician could have started their own business, bought a nice house, taken a lot of vacations with family, and might have no non-mortgage debt. They might be working 8-4 M-F, and just may have a better quality of life.
No real point to this, other than to pose some food for thought. I think the new situation could erase some of the stigma of not having a college degree, and I think that's healthy for our society.
THOUGHTS?
Given fewer illegals (undocumented, migrants, etc.) filling lower-end jobs, it becomes clear wages will have to increase to (in GW Bush's terms) do the work that Americans just won't do. While this will certainly lead to sustained increases in inflation, it also may provide more of a "living wage" to those left behind in our AI Age who don't have a decently funded investment portfolio. My framework:
If you can earn a minimum of $50-60k+ for being a truck driver, $75k+ being an electrician or plumber, or $100k+ being a nurse, does it really make economic sense for someone of average (or below) intellect (or drive to study/learn as college demands) to spend 4-6 years earning a college degree? I suggest in most cases is doesn't, due to forgoing college debt, getting a head start on saving for a house, and developing expertise much more rapidly (potentially a quicker path to starting your own business, if you're driven that way).
I could see a journeyman electrician saving 20-30% of their income, and being so far ahead financially that it might take 15-20 years for a degreed entry-level accountant to catch up (paying off college debt, working 60+ hour weeks, and other sacrifices in building their career beginning 4-6 years later, even if they do earn $80-100k annually to start).
By that time, the electrician could have started their own business, bought a nice house, taken a lot of vacations with family, and might have no non-mortgage debt. They might be working 8-4 M-F, and just may have a better quality of life.
No real point to this, other than to pose some food for thought. I think the new situation could erase some of the stigma of not having a college degree, and I think that's healthy for our society.
THOUGHTS?