10
Sep
10

My take on unemployment rate

Think worldwide unemployment rate can be 5% or less? Get real!

What is unemployment? Is it the count of people who are able and equipped with skills to work? Or is it a count of people who used to have work in the past 2yrs? To me, unemployment is the count of people who needs work, but is out of work for 3 months and have no possibility of getting any work soon.

Simply put, some people have no work and no income, but does it mean that they are hungry or suffering? May or maynot. Losing income is to some people, losing the ability to make payment on the 2nd home or something else equally frivalous. For some others, it might be mean a lesser education for a kid and cutting away some wasteful ways that one has developed. But it is not really about being hungry, or fear of being hungry and sick. Its the part about curbing desires and changing expectations that really hurts!

Now, where did the jobs go? In the past, to produce food, you need farmers. Now, we have machines that work 100x faster than a farmer, cost less and is more reliable. At the assembly plant, more machines and less workers. At the office, more computers, less clerks.

While it is true, that there is more people in this world today, and therefore there is more consumer and therefore more needs of consumer products and therefore more factories are built and more machines are hired … but

more CONSUMERS + less JOBS = less money = less spending = less sales

Anyway, thats not my point. So what am I saying? Simply, with automating the workplace with machines and computer, there is less need for people! The trend is definately going towards fewer jobs even if the world population is still growing! Its high time the governments recognize this and shift paradigms to get the people ready for this eventuallity.

Bottom line, its okay to have no income, as long as there is food and enough activity or entertainment to keep the people happy. As far as happy people goes, the robots can keep their job!

Get real people! Using unemployment rate to measure the health of a economy should be obsolete!

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