Yes, in effect that's what it means. We have the same trend in US since 2008 recession.
Most ,if not all jobs, are created in stratosphere (very high up) or at a minimum wage ('flip burgers') levels.
Middle class jobs are eliminated. What remains is subject to insane competition.
I think it's the same (or even worse) trend in Canada.
We help to drive the wages down, since we are in a 'sperm competition' with each other to land an 'egg' (a coveted and madly sought after middle class job). Too many of us out there , over saturating the job market, makes what we offer increasingly worthless.
Now, if you had an MBA from top schools today, you would have been taught that this is good for business. Once hired to advise your bosses, you would tell them "This is exactly what you want to happen".
IMHO, our time in North America (referring to Middle Class and New Immigrants) has passed in mid 90's. It's over for us and is not likely to change in our lifetimes. Some day kids will go to school and read in textbooks how stupid our contemporary economists were and how they deliberately turned the most advanced economies of the world into the third world economies.
Hopefully, turnaround will happen during a lifetime of our kids. I no longer believe it will happen during ours.
Most ,if not all jobs, are created in stratosphere (very high up) or at a minimum wage ('flip burgers') levels.
Middle class jobs are eliminated. What remains is subject to insane competition.
I think it's the same (or even worse) trend in Canada.
We help to drive the wages down, since we are in a 'sperm competition' with each other to land an 'egg' (a coveted and madly sought after middle class job). Too many of us out there , over saturating the job market, makes what we offer increasingly worthless.
Now, if you had an MBA from top schools today, you would have been taught that this is good for business. Once hired to advise your bosses, you would tell them "This is exactly what you want to happen".
IMHO, our time in North America (referring to Middle Class and New Immigrants) has passed in mid 90's. It's over for us and is not likely to change in our lifetimes. Some day kids will go to school and read in textbooks how stupid our contemporary economists were and how they deliberately turned the most advanced economies of the world into the third world economies.
Hopefully, turnaround will happen during a lifetime of our kids. I no longer believe it will happen during ours.