This sort of graph can be found in any number of places. The numbers are so constant that some reliability may be reasonably assumed.
Since 2008, over four million jobs have disappeared. It’s easy to blame the Obama Administration for this, but other forces have contributed. Fairness requires that we also consider automation as an important contributor to job destruction.
It used to be said that “A business must grow or it will die.” Now, it can be said that “If a business does not reduce costs at least as quickly as its competitors, it will die.”
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So, businesses are staying alive by reducing costs. The biggest costs are labor and materials. Few businesses are large enough to be able to affect the costs of their materials, but labor costs can always be reduced by automation.
In hard times, and in risky times, more people invest in automation. Costs are controlled, but more people are out of work. So, a chart like this has to be read in two ways. The bad news: There are fewer jobs. The Good news: There are surviving employers better able to withstand foreign competition with incredibly low labor rates.
So, in two opposing ways, this chart is a realistic measure of progress.
