The Downward Ramp
At the turn of the 21st century, however, the I.T. revolution entered what the authors call a “maturity stage,” in which much of “the new capital is in place” and “cognitive task workers are only needed to maintain the new capital.”
.. Mal-employment involves working in jobs that do not require a four-year degree or higher level cognitive skills.” It’s not just baristas, either: many college graduates are working in stores like Target or Whole Foods.
.. The E.P.I. report, “Raising America’s Pay,” points out that “entry-level hourly wages fell on average for both female and male college graduates from 2000 to 2013 (8.1 percent among women and 6.7 percent among men).”
These trends are certain to reverberate into the political system.