Former Federal Reserve chairman, Alan Greenspan has said America’s young workforce pales in comparison to their Baby Boomer counterparts. He then suggested it would be better for America to hire skilled immigrants to counter the worrying trend.
I’m suggesting that Mr. Greenspan better sit back down. He’s clearly off his rocker.
Greenspan said the U.S. is in the process of seeing the Baby Boomers, which he called “the most productive, highly skilled, educated part of our labor force”, retire.
Because it can easily be argued that Generation X and Y are the most educated, productive, and innovative generations considering the high number of college graduates and entrepreneurs belonging to those generations.
Greenspan’s attack on younger generations continued with this statement: “They (Boomers) are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades.”
Well who fault is that?! I don’t think this generation was born dumb, Mr. Greenspan. I’m fairly certain our education system has failed us–which tends to be populated by Boomer-aged educators, by the way.
Greenspan went on to say how the average income of U.S. households headed by 25-year-olds and younger had been declining in comparison to the average income of the Baby Boomer population.
No surprise there, either! More than 80% of Generation Y moves back home after college graduation. That’s certainly not due to a lack of productivity or initiative, Mr. Greenspan. You could buy a small country for what it costs to go to college. The insurmountable price tag for a higher education forces most students into unbelievable loads of debt at the ripe old age of 22.
Plus, teen unemployment has been at an all-time high in the U.S. for the past five years. Why? It’s partly due to the rotten economy and partly because employers would rather hire immigrants and retired workers instead of American teenagers. (No thanks to Mr. Greenspan and his crummy advice!)
American teens are blamed for having no work ethic, but they also haven’t had any work experience. To top it all off, Baby Boomer parents can certainly share some of the blame here. Generation Y is the most protected, supervised generation in history. Their parents have coddled them so much, they aren’t about to kick their 20-something babies out of the nest just yet.
Mr. Greenspan, your blatant age discrimination has done nothing but hurt America. How dare you suggest that we rely on an immigrant workforceto save our country!
We’re on the brink of the largest shift in human capital in history and most employers are unprepared. Indeed, we do need to be concerning ourselves with succession planning and leadership development and the future of work.
We need to make sure our education system does an adequate job of preparing our workforce.
We need to learn as much as possible about each generation, utilize the skills and knowledge that each generation brings to the table, and build collaborative, productive, multi-generational teams.
What we don’t need is someone like you doubting our potential. Mr. Greenspan, you are an embarrassment to America.
Want to see a team from Fox News debate Greenspan’s stupidity? Check this out: Blame Generation X for Employment Problems?
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