Marsha Smith introduced Lou Glazer, President and Co-Founder of Michigan Future, INC.;
- The Michigan Future organization's mission is to be "A Catalyst for Prosperity" to advance the Michigan Economy and Provide Higher Household Income and Status for Michigan families thru Higher Education and Futuristic Thought Process and Policies.
- Lou Glazer's presentation was very interesting and the Knowledge Base he is advocating is essential for everyone to be aware of. The attached E-mail offers detail information on the critical issues for the Future of Michigan.
- Please review the video and other references for your own knowledge base.
Thanks again to the Rotary Club for having us yesterday! Below is a recap. Enjoy the rest of your week!
Lou came to speak to the group about what we see as the reason that Michigan needs a new approach to public policy in order to regain the prosperity we had in the past. There are two global trends that we in Michigan have not reckoned with.
The first is what's called "the great decoupling." Lou shared that, by traditional measures, our economy is doing well. We have low unemployment, the auto industry is doing well, and we have good GDP growth. But those traditional numbers aren't telling the full story. If you look at how Michigan households are doing, they are doing worse than they were in 2000. The evidence for this is that we are 40th in the share of adults who are working (vs. Minnesota, who is second) and 36th in the share of income that come from earnings and benefits. Too many people aren't working, and too many of those who are working are working in low-paid jobs. This results in a Michigan where 40 percent of families can't afford basic necessities.
The second major trend is automation. He recommended watching Humans Need Not Apply for an explanation of how robots are changing the jobs and industries that are available, and creating greater and greater uncertainty about careers. This change means that we have to let go of the idea that people can climb "career ladders." Instead, we need to be training ourselves, and, more importantly, our children, to be "career rock-climbers," where they have the skills they need to be lifelong learners who can adapt to changes. The skills involved in career rock climbing aren't on a standardized test.
Neither of Michigan's political parties is really proposing a solution for dealing with these global trends--which would mean investing in 21st-century education and infrastructure--and we are trying to force that conversation. Our policy agenda has a set of recommendations, but we need to first get leaders to understand these dynamics and change the conversation. Our first request is that political leaders say that rising household incomes--not GDP growth--will be the goal and the measure of their economic policy.
A few other references Lou mentioned are:
- The Second Machine Age (great book on how the economy is changing)
- Preparing Students to Lose Their Jobs (article by Heather McGowan)
- Our policy agenda is A path to good-paying careers for all Michiganders: A 21st Century State policy agenda.
- And people may be interested in our report on Minneapolis.
Speaker Lou Glazer