where you have hundreds of thousands of people who had decent paying low skill jobs and lost them all at once (over 5+ years, but close enough in econ terms).
You've hit the nail on the head. In the past when industries/jobs shifted it usually happened over a generation. People naturally retired and young people came into the workforce with more education and took jobs at the next rung up.
The current shift that happened, has happened so quickly that many people are simply left out of the job market skill wise. Hopefully young people today have watched and learned that jobs are not forever and that they have to always be pressing forward to stay current in a 'flat world' scenario.
You've hit the nail on the head. In the past when industries/jobs shifted it usually happened over a generation. People naturally retired and young people came into the workforce with more education and took jobs at the next rung up.
The current shift that happened, has happened so quickly that many people are simply left out of the job market skill wise. Hopefully young people today have watched and learned that jobs are not forever and that they have to always be pressing forward to stay current in a 'flat world' scenario.