Is Technology Destroying The Demand For Labor
We have an economy that demands a high labor rate to support our massive commerical real estate infastructure, consumer based economy, and current tax system based on income tax, social security tax, medicare tax, and property tax.
We are transitioning from a period of developing game changing technology to actually adopting it and displacing massive amounts of labor and real estate...without an outlet to replace or alter usage.
We see it in digital delivery of movies, books, games and music.
Email replacing postal mail and paper.
Automated checkin at the airport and automated parking ramps.
Online banking and brokerage replacing branches, tellers and brokers.
The need to travel is being replaced by teleconferencing and telecommuting.
An enormous percentage of our current wealth and resources are tied to businesses and real estate that is rapidly becoming obsolete. Further, our government is structured for a massive tax base that is rapidly evaporating.....we are now at the point where the Federal Government is spending twice tax receipts and practically every city county and state in the union is facing unprecedented financial crisis simply in a futile attempt to maintain a dying system.
It is amazing that the private sector is not uprising as government workers still enjoy relatively high salaries and private sector workers are getting fired and losing their homes due to slowing sales and lower demand for labor.
The question becomes, how do we restructure our economy and contracts to accomodate one with much smaller and more efficient workforce?....and potentially one with much lower revenues without causing our nation to implode?