➢ The change of US labor market It is believed that the US labor market will experience dramatic changes over the next 20 years. According to the survey, the rate of growth in the working population is expected to slow each year between now and 2020. Also, the skill shortage in the US labor market is become more and more obvious, especially for those new economy and high-tech jobs. Therefore, the change of US labor market forced the domestic companies strives to look for qualified workforce across the world. ➢ Technology Technology revolution inevitably becomes the driving force to use virtual workforce.
As the ageing population continues to grow, the dependency ratio will continue to rise and there the ratio of workers to dependents in unbalanced. There are less people to support those that are dependent both financially, through taxes perhaps, and socially. To combat this, Governments could increase taxes so that there was more funding to support the elderly, as in pay for their residential and medical care, but this would cause disputes among taxpayers. An alternative to this would be to revoke pension and service rights or by introducing a cost, which would exclude elderly people that belonged to the proletariat. Marxist would suggest that introducing a higher tax or introducing costs for welfare support would be society’s way of extending the oppression of the proletariat, keeping them poor and preventing revolution to form a communist
For example, creating numerous amount of jobs and homes which are going to be occupied just for a certain period of time because the upcoming generation is not as massive as the baby boomers. The ageing population is going to impact Canada’s economy because of the increase in taxes, the numerous amount of money invested in the retiring baby boomers, and it would break our economy due to America’s suffering economy. First off, the economy would suffer massively due to the increase in the tax rates. When the baby boomers begin to retire the taxes would rise so the government can support their needs. Since the baby boomers would retire at such a late age, majority of them would not be so healthy.
Today, like much of the nation, it is searching for a new direction for its economy” (Merrick, “For Rockford, This Downturn Won’t Be the First”). As a city with one of the highest unemployment rates in the nation, Rockford must make strides to change its economic mindset and approach as well as moving away from its deep rooted dependence on manufacturing to improve its economy and employment rate. In this paper we will examine Rockford’s economic history, analyze some causes of the escalation in unemployment, and present recommendations of what could be implemented to address the problems. Additionally, we will examine the pros and cons, as well as the feasibility, of the recommendations proposed. 2.
If we do not buy imported goods then they will not buy ours and without export revenue and foreign investments we would not be able to function financially. When exports increase so does the Gross Domestic Product (GDP). GDP is the dollar amount of all goods and services produced within the United States. When the GDP is high it signifies that our economy is healthy and stable. When companies can produce more due to demand they are able to hire more workers, which can lower the unemployment rate.
Pros and Cons of An Aeging Population An ageing population can be useful to society in some areas of development but at the same time it is argued that it can also cause a considerable amount of strain to the working class and hinder government expenditure. For instance, in Britain the increase in of people over 60 is estimated to rise by 40% in the next 30 years and 13 million people are estimated to be over 65 in 2030, which in effect will be putting more strain on the government as this is when pensions are received. Moreover in 1951 there were only 300 people in Britain aged over 100 and by 2031 it’s expected this figure will be at 36,000 proving that due to an improvement in health care people are living for longer. At the same time, fertility is set to fall as women leave childbirth later and later because of their careers, meaning in the foreseeable future there will be fewer young people supporting a growing elderly population As the population ages, the ratio of non-workers to workers increases, assuming that retirement ages do not change sufficiently to offset the rise in life expectancy. In 2004, there were approximately 4 working age individuals (aged 20-64) for every 1 person aged 65 and over.
What effect does outsourcing have on Americans? Where are American jobs outsourced to? Outsourcing has become an increasing new trend in the business world. In her article, “Trade: Outsourcing Jobs,” Otterman (2004) stated that “shifting jobs to lower-wage countries is at an increasingly growing rate among the U.S. businesses looking to global markets for the lowest costs to increase on profits” (Otterman, 2004). Who is benefiting from outsourcing?
The full retirement age will increase gradually again beginning with those turning 62 in 2017, until it reaches age 67 for those turning 62 in 2022 or later (born in 1960 or later). • Those retiring at age 62 will receive only 70 percent of their full benefits when the full retirement age is 67, compared with 80 percent for those who retired early when the full retirement age was 65. Why Raise the Retirement Age? • Americans are living longer and spending more time in retirement. Since 1940, when Social Security began paying monthly retirement benefits, life expectancy at age 65 has increased 5.1 years for men and 6.0 years for women.
The United State’s international status as a world superpower is typically associated with a thriving economy, and while American business is expanding, there exists a bubble of uncertainty which surrounds the future of retirees. Present day American retirees tend to rely on financial systems such as Social Security, pensions, and a 401(k) plan to fund their retirement. However, in today’s economy, the increasing number of retirees, coupled with a steady number of workers, has began a trend of deficit spending by the Social Security system. Furthermore, the increasing deficits of state legislatures owed to participants of pension plans present the issue of how to both reverse the current trend, while simultaneously continuing to provide for
Age discrimination is an issue today, perhaps more than ever in an era when companies seek to avoid having to pay retirement or medical benefits and do so by firing older employees who might be about to invest in their pension or who might need medical attention. Another reason is that older employees may be paid more than new hires, so companies replace older workers with new workers just for that reason. This type of change is in addition to those who are simply biased against older workers and who take any opportunity to remove older works and bring in new blood. There are some reasons why such discrimination occurs. Experienced workers, some who already reach their golden age would cost more to the company, because of their high salary due to experience and exposure to the company where they know well about what is going on.