Despite the strong recent employment numbers, is a labor crisis lurking? Art Bilger walks Real Vision’s Alex Rosenberg through the four variables he sees converging to create a potential jobs crisis. He also explains why relying on traditional employment metrics can be misleading. This clip is excerpted from a video published on Real Vision on June 20, 2019 entitled “Behemoth Builder Warns of Looming Jobs Crisis.” Watch more Real Vision™ videos:
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An Unemployment Crisis: How We've Been Misled (w/ Art Bilger)
Transcript:
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ART BILGER: We're sitting with millions of people who are either not counted or are considered to be employed, but they're not fully employed. Working Nation is a not for profit media enterprise to educate the people of our nation as to what I believe is the most significant issue we face. And that is a potential massive structural unemployment. But then the center of the bullseye of our mission is to then educate people across this country as to where the jobs in the future will be. And what are the mitigating strategies and solutions. And I really do believe this is coming on much faster. And there's clearly more understanding today than when I first started thinking about this, it started coming together might have five and a half years ago. But I'm still amazed at how little understanding there is. But also, so few people are really talking about solutions. And so, the two words that are associated with Working Nation to the greatest degree and pretty unique is one, solutions. And two, storytelling. The slope of the curve of the change in jobs and skills when measured against time has never been so steep. And my belief is we can't wait around for conferences and white papers to educate the people of this country. And in today's digital world, in particular, the power of storytelling is very powerful.
ALEX ROSENBERG: So, let's start with the problem as you see it, I guess, where in your career, did you start to be aware of the what you call it the potential massive unemployment caused by technology? When did you become aware of that? And why did you think it was such a concern really?
ART BILGER: Well, it was really the entry into the Akamai world. And then my active involvement for a lot of venture capital type stuff after that. And I wasn't just a passive investor. Anything I'd invest in, I would play a reasonably active role. And so, I got a very good look at how fast technology was changing the world that we were living in. And one of the things being jobs. And so, the fact that this all came together, it's not that crazy. I was watching it. But the other thing, and I'll add really the third leg on the stool, so I've talked about my media experience, I've talked about my technology experience. The third leg on the stool that helped bring this all together in my head was in 2002, Mike Milken came to me and asked me if I would invest in an online education company that he and his brother and Larry Ellison of Oracle were launching. And I looked at it, and I finally said to Mike, I'll invest, but only if I can go on the board and on the executive committee, because I have no idea if I'm going to make any money. But I want to learn about this. And the reason is, I was already net thinking about the idea of education and technology. Because my kids were going to the finest private schools in Los Angeles, and five miles down the road, you can find a very different circumstance. And so, I was due to my Akamai experience, and so I said, okay, there are platforms out there that my kids are getting exposed to, others could get exposed to via technology.
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