"Structural problems need structural solutions" PIMPCO chief executive Mohamed El-Erian tells Thomas Friedman in his New York Times column. And what better way to fix the structural damage in the our broken jobs engine than calling for a better educated work force? Friedman makes a familiar argument that technology
... is destroying older, less skilled jobs that paid a decent wage at a faster pace than ever while spinning off more new skilled jobs that pay a decent wage but require more education than ever. [his italics, my bold.]
So we need more education to respond to a world with more technology. Smarter phones and smarter grids require smarter workers. It's a parallelism, it must be true!
But what if it's not true? What if the largest, fastest growing job sector of the next decade have more to do with demographic changes than technological advancements? And what if those jobs don't require more time in higher education?
America is getting richer, but it's also getting older. As supply of old Americans grows, their demand to spend money on health care explodes. In next ten years, both the Bureau of Labor Statistics and the White House expect health service jobs to expand nearly twice as fast as any other category.* Six of the top eight jobs with the fastest projected growth are in the health care or medical science industries.