Global recession incoming?
Global recession incoming? Three Wall Street leaders enlist possible reasons for the economic doomsday. (WION)
Edited By: Abhinav Singh
New Delhi Updated: Jul 18, 2022, 01:08 PM(IST)
Labour shortage
Meanwhile, Abby Joseph Cohen, a Columbia Business School professor and former senior investment strategist at Goldman Sachs is of the view that a reduction in the labour force, whether it be the service sector or research and development field, could cause the next big financial catastrophe.
Citing the example of America, Cohen remarked that the country was built on the foundations laid by the immigrants. These foreigners came to American soil, made it their own and contributed to the growth story, which allowed America's GDP to dwarf that of nearly every nation on the planet, for close to a century.
However, the recent trend of not being welcome enough towards immigrants has had a negative effect. Not only the economy is shrinking in real time with high inflation, but the lack of labour strength also means that there will be no future scientists, doctors or engineers coming to the fore.
Cohen is worried that the pipeline is not being created. The fabled 'American Dream' is fading as successive generations are finding it extremely hard to do better than their predecessors. The wages have not risen, and the median income has not kept up with inflation.
https://www.wionews.com/world/global-recession-incoming-three-wall-street-leaders-enlist-possible-reasons-for-the-economic-doomsday-498373
All of the GOP restraints on immigration plus the rising hatred of immigrants and the demographic of a smaller work force population is causing massive economic problems. The GOP in control will only make matters worse.
https://www.zippia.com/advice/working-age-population/#:~:text=The%20working%20age%20population%20in%20the%20U.S.%20is%20214%2C779%2C134.&text=As%20of%202020%2C%2064.8%25%20of,qualify%20as%20%E2%80%9Cworking%20age.%E2%80%9D
We are looking at a working age population that is equivalent to 1976 when many women were not in the work force in numbers comparable to today.
Shortage of doctors, engineers, tech experts is guaranteed. We need immigration and Trump and the GOP have made that a difficult sell.
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