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IronLionZion

(45,261 posts)
Mon Nov 18, 2019, 01:31 PM Nov 2019

Health care jobs will keep the US labor market going -- even if there's a recession

https://www.cnn.com/2019/11/18/economy/health-care-jobs-us-labor-market/index.html

New York (CNN Business)America's health care sector is an employment powerhouse that is keeping the US labor market strong. Health care hiring is so robust, the industry would be pretty much immune to a recession or changes in politics.

The population of the United States is aging and living longer. For the health care industry this means more people require care for a longer period of time. "Health care is by far the largest and healthiest sector of the economy," Glassdoor Chief Economist Dr Andrew Chamberlain told CNN Business. And as long people continue to get sick and need care, the sector will blossom. That's what's making it immune to outside shocks like a recession or a government efforts to reform the industry, experts say.

Presidential candidates Elizabeth Warren and Bernie Sanders, for example, want to make drastic changes to America's health care industry. Although reforms might change prices and payment structures for care, they won't keep elderly people from needing it.
"I don't worry about [potential] health care reform affecting hiring, which is mostly nurses and elderly care," Chamberlain said.
Over the past decade no sector has added more net jobs to the US economy than health care, analysts at ratings agency Moody's said in emailed comments.

"The growing US health care industry supports the US economy through output, employment and innovation," said the agency's analysts in a 2018 industry report. "The sector has created more jobs than any other industry on a net basis over the past decade — nearly three million — and today employs 16 million people, or 11% of the workforce."


Thanks Obama, Pelosi, and other Dems who got us the most significant health care reform since Medicare. There's more work to be done here. Forward.

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