If you can get over the initial intellectual/emotional hurdle presented by this article--that college is, for many if not most, as it is currently working, not exactly part of the solution to our economic woes--you'll find a lot to chew on here.
Bill Gross is arguably the greatest money manager in modern history (he's "the bond king" and "the Warren Buffett of bonds"--and his PIMCO Total Return fund is the largest mutual fund on the planet and owns a tremendous market-beating track-record), and he has a global perspective that is almost uniquely astute and often pretty unconventional. And he calls it like he sees it, whatever "it" is...
In short, he sees no way for private-sector market-based idealism--OR government-as-usual--to dig us out of this hole any time soon. Time to think radically, perhaps.
We have created less than two-million jobs while the workforce has expanded by 15 million people in the past decade. And while he doesn't say it here, there's a strong argument to be made that the 20mm+ jobs created in the previous decade were largely thanks to a largely false (over-leveraged, service-based instead of asset/manufacturing-based) economy... think of the causes of the economic disaster that started in late-2007 and persists today.
Balancing the budget and re-jiggering the cost-curve of entitlements and healthcare programs are of course necessary, Gross says or implies, but will not be enough to close this employment gap, and neither will the education provided by Today's version of undergraduate college education.
Call to action, or crazy billionaire screaming? Either way, I'm listening.
No comments:
Post a Comment