Jobs and Education
I have written before on this when I used percentages of both supply and demand. But I was assuming that the number of people in the workforce and the number jobs were the same. In other words the supply and demand pies were the same the size. I was fairly sure that they were not. The fact that they are not just means that things are far worse than I thought.
As of January 2017 the US had about 145 million jobs. So the demand is 145 million jobs.
Now 34% or about 1/3 of adults 18-65 are considered not in the workforce so the workforce is triple 88 million or 264 million people. So, the supply is 264 million people.
So, we can see that the number of people is almost double the number of jobs. We have only about 55% of jobs needed. Increasingly more and more of these jobs are part-time or contract jobs. Also, the net is a loss of jobs over time, due to mainly, technology. Yet the powers that be push more and more and more of it on us.
The Bureau of Labor Statistics (BLS) has the following job requirements (or demand) for each level of education: Given 145 Million jobs:
Less than a high school diploma = 27% 39.15 million
High School diploma = 39% 56.55 “
Some college but no degree = 7% 10.15 “
Associate’s degree = 4% 5.80 “
Bachelor’s degree = 18% 26.10 “
Master’s degree = 2% 2.90 “
PhD = 3% 4.35 “
Educational level attained for those over 25 (does not include 18-25 year olds):
Less than high school 100 – 88.31 = 11.69%
High School/GED = 88.31% ages 25-29 90.8%
Some college = 58.57%
Associate’s = 9.93%
Bachelor’s = 31.96%
Master’s = 8%
PhD = 1.77%
Professional = 1.5%
Some college w/o degree 58.57 – 53.16 = 5.4%
With 264 million working age adults, We have a Supply of people with these educational attainments:
High School Dropouts 11.69% = 30.8616 Million
High School graduates/GED 88.31% = 231.384 “
Some college w/o a degree 5.41% = 14.2824 “
Associate’s degree 9.93% = 26.2152 “
Bachelor’s degree 31.96% = 84.3744 “
Master’s degree 8% = 21.12 “
PhD’s 1.77% = 4.6728 “
Professional degree 1.5% = 3.96 “ (No need given for professional degrees)
The results are as follows:
For less than a high school diploma:
We need: 39.15 million
We have: 30.8616 million
Delta = – 8.1884 Million
We have: 231.384 million
We need: 56.55 million
Delta = + 174.834 million
Some college but no degree
We have = 14.2824 million
We need = 10.15 million
Delta = +4.1324 million
We have: 26.2152 million
We need: 5.8 million
Delta = +20.4152 million
We have: 84.3744 million
We need: 26.1 million
Delta = +58.2744 million
We have: 21.12 million
We need: 2.9 million
Delta = +18.22 million
We have: 4.6728 million
We need: 4.35 million
Delta = +0.3228 million
So, I have shown that the number of jobs needed are lacking. We have too many people at each educational level, except high school dropouts.
Even if we assume that 105.85 million high school graduates are needed based on jobs for high school graduates and those that will require more schooling. We have a supply of 231.384 million or more than double the demand.
So, why do big business and government push more and more and even more college on us?
One possible answer is they want it that way for them to increase their profits.
When the supply outstrips the demand, this will result in depressed wages for all of those that do get jobs. This means that the rich get richer and the poor get poorer and middle class is squeezed and shrinks even more.