Earlier quoted context omitted.
PG, what probability would you assign to the propositions "This time things are different" (empirically: the jobs won't come back 5 years from now) vs. "This time things are not different" (empirically: the jobs will come back 5 years from now)? Warning, if your probabilities are extreme enough, someone might want to bet you on it. Presuming things are different, I see five obvious answers to the original question (a…
6) The educational level (or mean cognitive ability) of the US population has been decreasing just as the cognitive thresholds for gainful employment are steadily increasing. You'd say education if you were on the left and might say cognition if you were on the right. Someone should plot the time series of BLS occupational statistics, with the minimum required education/IQ levels for each job. On the one hand the IQ…
Consider the following tidbit from the most recent national census: 50% of all babies born in the country right now are born into low-SES households (as defined as households dependent on governmental assistance, like food stamps). Forty-one percent of all babies born in the country are born to unmarried mothers (single-mother households being highly correlated with low SES).
The conclusion isn't that our generations are getting dumber, per se; it's that our generations are being born into poorer and poorer households. And the deck is pretty significantly stacked against someone born into a low-SES household.
Now, there's debate about causality in all of this, i.e., whether the existing population is actually getting poorer, or whether the poor are simply outbreeding the well-off. Based on census data, it seems to be a little of column A, and perhaps a bit more of column B. Either way, the younger generations are starting off on worse footing. And that leads to lower IQ scores and decreased future prospects.