Summary of The new economics of jobs is bad news for working-class Americans – and maybe for Trump

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The new economics of jobs is bad news for working-class Americans – and maybe for Trump summary
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President Donald Trump takes credit for US economic growth and soaring employment numbers. But according to this sobering report by economist Robert Shapiro, many of Trump’s core supporters among working-class Americans are still missing the party. People with college degrees continue to grab a disproportionate share of jobs, while those with less education still struggle. While always politically neutral, getAbstract recommends this eye-opening article to anyone with an interest in how political perception and economic reality often don’t jibe.

In this summary, you will learn

  • What trends US employment data from 2008 through 2017 reveal,
  • Why those trends are likely to continue and 
  • How they could influence the American political landscape.
 

About the Author

Robert Shapiro is chairman of the advisory firm Sonecon and a senior policy fellow at Georgetown University’s McDonough School of Business.

 

Summary

The period from January 2008 to January 2013 included the financial crisis, the Great Recession and a restrained recovery. Many people lost their jobs. And according to the US Bureau of Labor Statistics, a clear picture of the winners and losers had emerged by the end of that period. Individuals with at least a bachelor’s degree – a group representing one-third of the labor force over the five-year span – snagged all of the 4.3 million net job gains made at that time, while those with less education suffered 4.7 million in job losses.

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