StatGuy2000 said:
Seems like no one else apart from Locrian have commented on my post above, specifically my claim that with a few exceptions already mentioned, there is not a single field out there with a shortage of workers in the US, and my claim that this situation will last for at least 5 years, if not more (based on the length of time it took for the US to recover from the Great Depression, the last time the US had experienced an economic crisis of the sheer magnitude as seen in 2008).
I prefer to quantify economic downturns in terms of drop as a percentage of peak GDP.
And yes, there have been economic downturns before, though this one happens to be one of the larger ones.
There have also been long terms where the economy went stagnant. I remember the stagflation of the 1970s with some dismay. Though I was a child, I do recall what happened to exchange rates because our family was living overseas.
Typically what happens during a period of time like that is that the economy reorganizes around newer technologies and gets busy re-tooling, training, and building. Those sorts of activities don't show much of a profit for a long time. And there are times when the technology or the push to develop that technology simply isn't there. So NOTHING happens. That's the infamous 1970s era when most of the development was overseas (Remember when Japan developed world class electronics and automobile businesses?).
Right now, the Federal Reserve sees lots people in the US sitting on "cash," waiting to do something with it. This is why the economy is in miserable shape. Nobody is ready to take risks on new things yet.
So against a backdrop like that, saying that there aren't enough STEM graduates... well, I think I see what they really want: They want some genius like the next Woz to develop a new industry so that these investors will have something to invest in. And they'd rather it happened in the US instead of in some other part of the world, because if that happens, they'll push the US so deep into a hole that we may be in it for generations before we climb out of it.
Just note that in the mid 1970s, Engineers and scientists were hung out to dry. There was a major program that went to a screeching halt known as the Apollo lunar missions. Overnight, tens of thousands of scientists and engineers lost their jobs. Many got disgusted and went looking for other careers instead of what they had dreamed of doing. Sound familiar? That's where we are today.
And in the middle of all that, we have business leaders saying that we need more STEM graduates. No, we're doing just fine. What we need are real ideas and real investment. And right now, there isn't a whole lot of either.
They're hoping that some nerds in a basement somewhere are making the
Next Big Thing. The big problem is finding them, and then throwing lots of money in that direction. With luck, something magical will happen.
And you know what? It just might work. As long as we keep the worst of the nanny state laws from squelching their creativity...