Drudge Retort: The Other Side of the News
Monday, April 22, 2019

The "robots taking the jobs" story is ridiculous because it is directly contradicted by the data. Economic data shows that productivity growth has been very weak in recent years, averaging just 1.3% annually since 2005. This compares to a rate of 3.0% in from 1995 to 2005 and the long Golden Age from 1947 to 1973. Bad economic policy prevents workers from sharing in the benefits of productivity growth, but it is crazy to blame robots when Wall Street billionaires are slowing growth and pushing the economy toward recession, including demands for deficit reduction. The running out of workers story uses incredibly sloppy thinking. For the last eight decades the ratio of workers to retirees has been declining while our living standards rose for the most part. We should care more about living standards than the GDP.



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Data does not support the story of a rapid shift in labor demand to more skilled labor. That logic ignores the fact that the price commanded by new technologies, and the demand for labor, is determined by patent policy, not the technology. The never-ending story that the government debt is going bankrupt our kids is more malarkey. Those payments go to the children and grandchildren of Bill Gates and other debt carriers. So a simple tax on that income solves that problem. Contrary to mainstream excuses, economic bubbles are easy to detect. The unprecedented run-up in house prices between 1996-2006 was publicly available data. Everybody knows all bubbles must end.


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Drudge Retort