ARBOR WEALTH: Roll Tide: The future of the American workplace

Published: Tuesday, July 1, 2014 at 04:30 PM.

Unemployment is now at 6.3 percent. This is down significantly from 2009, when our unemployment rate stood at 10 percent.  Yet, our domestic economic landscape is in trouble.  “There are still 1.49 million construction jobs missing,” write Josh Boak and Chris Rugaber in an article entitled ‘U.S. Job Market Recovers Losses Yet Appears Weaker’. Factories have 1.65 million fewer workers … Government payrolls have shrunk, taking middle class pay with them.  Local school districts have 255,400 fewer employees. The U.S. Postal Service has shed 194,700 employees.”

Globalization and automation are wiping out millions of traditional employment opportunities.  One of the best skills that a young person, or any person, can have is the ability to create and sustain one’s own business. Small business has always been and remains the backbone of the U.S. economy. Creating a successful one may be the prime path to wealth for many younger Americans.

Margaret R. McDowell, ChFC, AIF, a syndicated economic columnist, is the founder of Arbor Wealth Management, LLC, (850-608-6121 — www.arborwealth.net), a “fee-only” registered investment advisory firm located near Sandestin. This column should not be considered personalized investment advice and provides no assurance that any specific strategy or investment will be suitable or profitable for an investor.



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