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timeletsIn the 1990s, before China became the world's factory, a young American man with a high school degree could get a decently paying job in the manufacturing sector. Then, thanks to Deng Xiaoping's economic reforms, WTO and falling transportation costs, the job evaporated, leaving our man in a lurch.
During the housing boom of the 2000s, a young man could get a decently paying job in construction. Furthermore, he can leverage his income and borrow money to buy his own house. Then, the bubble burst and our man lost his job, his salary, and his house.
During the recent shale oil boom, a young man could get a decently paying job in the oil services industry. He could buy a house, a truck, and a piece of good American life. Then, the oil prices dropped and the man found himself in a low-paying service job, scraping barely enough to afford house and truck payments. This meager existence breeds discontent. No amount of high tech toys and social networking is going to solve it.
We need a new thing that can provide job opportunities for young white American males with no college education. I think building the new generation of transportation infrastructure in America fits the bill. For example, a public-private partnership could finance construction of a network of ultra–high-speed freeways for self-driving cars. It will generate jobs and accelerate adoption of a totally new logistics system. The goal would be to build roads for the next generation of robots on wheels.
During the housing boom of the 2000s, a young man could get a decently paying job in construction. Furthermore, he can leverage his income and borrow money to buy his own house. Then, the bubble burst and our man lost his job, his salary, and his house.
During the recent shale oil boom, a young man could get a decently paying job in the oil services industry. He could buy a house, a truck, and a piece of good American life. Then, the oil prices dropped and the man found himself in a low-paying service job, scraping barely enough to afford house and truck payments. This meager existence breeds discontent. No amount of high tech toys and social networking is going to solve it.
We need a new thing that can provide job opportunities for young white American males with no college education. I think building the new generation of transportation infrastructure in America fits the bill. For example, a public-private partnership could finance construction of a network of ultra–high-speed freeways for self-driving cars. It will generate jobs and accelerate adoption of a totally new logistics system. The goal would be to build roads for the next generation of robots on wheels.
