If you actually dig into the statistics, the 9% of America with persistent unemployment problems are mostly not e.g. bank underwriters who got creamed by FICO scores making them totally obsolete. That makes for a great newspaper piece, because well-educated people are not supposed to end up unemployable, but it bears little relationship to reality. Unemployment is dominated by sectors directly connected to the real e…
This is the thing that makes me skeptic about all the "distribute available work", "create subsidies for displaced workers" proposals. People still need houses, food, all that. It's the demand that starts the economic cycles.
Real state, at least in some countries, has been the "engine" that fuels the economy at large. But if it's stalled, some other area must become the lead.