The economic and financial stresses will exceed the workforce’s carrying capacity in the next recession. A number of recent surveys reflect a widespread sense of financial stress and symptoms of poor health in America’s workers, particularly the younger generations. There’s no real mystery as to the cause of this economic anxiety: — competition for secure, well-paid jobs that were once considered the birthright of the middle class is increasingly fierce; — the pay and predictability of the jobs that are available are low; — high-paying jobs are extraordinarily demanding, forcing workers to sacrifice everything else to keep the big-bucks position; — the much-lauded gig economy is tracking the Pareto Distribution, as
Charles Hugh Smith considers the following as important: 5) Global Macro, Featured, newsletter, The United States
This could be interesting, too:
Charles Hugh Smith writes China’s Insurmountable Global Weakness: Its Currency
Swissinfo writes Image of Swiss banks improves among public
Charles Hugh Smith writes Technology Is Not Just Disruptive, It’s Disastrously Deflationary
Swissinfo writes OECD lowers Swiss growth forecasts for 2019-2020
The status quo is purposefully blind to the systemic dangers of burnout because it depends on obedient workers producing wealth, paying taxes and taking on debt to buy more stuff. As I have noted recently, the most productive workers with digital / remote work skills have the most to gain by bailing out of the long commute / overwork / unaffordable housing rat race and establishing a lower-cost, lower stress life elsewhere.
Since the high-income workforce pays the lion’s share of income and other taxes, a mass exodus of burned out high-productivity workers will cause shortfalls in tax revenues and in creditworthy buyers of overpriced housing in high-stress coastal urban regions.
Burnout isn’t limited to highly paid workers; lower paid workers holding down multiple jobs are carrying enormous burdens of chronic stress.
U.S. Stress, 2012 - 2017
The economic and financial stresses will exceed the workforce’s carrying capacity in the next recession. In terms of chronic stress and economic insecurity, the recession of 2008-09 never ended for many workers; rather, the burdens have increased and the damage wrought by unrelenting stress is reaching the critical point of failure, where stress cascades into total burnout and the abandonment of jobs not by choice but by necessity.
Depression, fatigue, burnout and stress are all related, and the plethora of self-help columns aimed at relieving stress don’t recognize the systemic burdens placed on workers: rather than tell overworked employees and small business owners they should meditate at 5 am before starting their commute, the entire system needs to be overhauled.