The retiring baby boomers zach mahaney

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The retiring baby boomers zach mahaney

  1. 1. The Retiring Baby Boomers: Will We Be Able To Replace Them? <br />Presented By:<br />Zach Mahaney<br />
  2. 2. Rising Above The Gathering Storm<br />Due to Globalization, driven by modern <br />communications and other advances, workers in <br />virtually every sector must now face competitors<br />who live just a mouse-click away in Ireland, <br />Finland, China, India, or dozens of other nations<br />whose economies are growing.<br />This has been aptly referred to as the Death of Distance.<br />Source: Executive Summary, Rising Above the Gathering Storm, NAEIM<br />
  3. 3. Economic Stresses Like Never Before<br />Technology is accelerating, and its effects are becoming more pervasive. Its affects not just what we produce but also what is asked of us and how we are organized to produce it.<br />Globalization is accelerating as well, with the links among nations becoming not just more numerous, but deeper, as the developing world moves to higher-valued services once thought the exclusive province of advanced nations.<br />Demographics in the United States are about to change dramatically, as baby boomers enter retirement and the prime-age adult populations shrink in comparison to the numbers of old and young.<br />SOURCE: 2005 National Education Summit on High Schools<br />
  4. 4. Lifetime Earnings Analyzed<br />Source: U.S. Census Bureau, 2002<br />
  5. 5. 0<br />1<br />2<br />3<br />4<br />5<br />6<br />7<br />8<br />9<br />1.7%<br />1.8<br />2.5<br />3.0<br />3.7<br />4.5<br />5.0<br />8.5<br />Higher Learning = Higher Earning<br />In today’s world, those with a higher education will benefit most.<br />PROFESSIONAL<br />DEGREE<br />DOCTORATE<br />MASTER’S<br />DEGREE<br />BACHELOR’S<br />DEGREE<br />ASSOCIATE<br />DEGREE<br />SOME COLLEGE<br />NO DEGREE<br />HIGH SCHOOL<br />GRADUATE<br />LESS THAN<br />HIGH SCHOOL<br />MEDIAN EARNINGS IN 2003<br />UNEMPLOYMENT IN 2004<br />Note: Earnings for year-round full-time workers 25 years and over; unemployment rate for those 25 and over<br />Source: Bureau of the Census: Bureau of Labor Statistics<br />Published by Postsecondary Education ● P.O. Box 415 ● Oskaloosa, Iowa 52577-0415 ● www.postsecondary.org<br />
  6. 6. Economic Stresses Like Never Before<br />Technology is accelerating, and its effects are becoming more pervasive. Its affects not just what we produce but also what is asked of us and how we are organized to produce it.<br />Globalization is accelerating as well, with the links among nations becoming not just more numerous, but deeper, as the developing world moves to higher-valued services once thought the exclusive province of advanced nations.<br />Demographics in the United States are about to change dramatically, as baby boomers enter retirement and the prime-age adult populations shrink in comparison to the numbers of old and young.<br />Source: 2005 National Education Summit on High Schools<br />
  7. 7. The World Is Shrinking Fast<br />Since,1993, the rise in the U.S. trade deficit with Canada and Mexico through 2002 has caused the displacement of production that supported 879,280 U.S. jobs. <br />Source: The High Price of Free Trade, Robert E. Scott, Economic Policy Institute<br /><ul><li>Fears engendered by off shoring have a valid basis. Since January 2001, the U.S. economy has lost almost 2 million jobs. </li></ul>Source: Understanding the Off shoring Challenge, Robert Atkinson, The New Economy<br />
  8. 8. Challenged Like Never Before<br />U.S. lacking influx of engineers and scientists into the workforce<br />25% of current science and engineering workforce is over 50 years old<br />U.S. ranks 17th in world in students pursuing engineering and science degrees<br />Demand for these professionals will grow at 5 times the rate for other professions in the next several years<br />
  9. 9. “We need to be telling our kids to hurry up and eat and get to their homework - there are kids in China and India who are starving for our jobs”<br />The Perfect Storm…<br />The numbers gap<br />The ambition gap<br />The education gap<br />An Indian Engineer only earns1/5 the<br />wages of an American Engineer.<br />Source: Tough Choices or Tough Times, 2006, National Center on Education and the Economy<br />
  10. 10. How Does The U.S. Measure Up Internationally?<br />17th in 8th grade reading<br />26th in 8th grade math<br />20th in 8th grade science<br />16th in high school graduation rates<br />“South Korea, about the same size as <br />Ohio in square miles, graduates more <br />students with science, technology, <br />engineering and mathematics degrees <br />than the whole United States”<br />SOURCE: Ohio Grant makers Forum: Educating for Ohio’s Future, Dec. 2006<br />
  11. 11. What About Appalachia?<br />
  12. 12. Workforce Reality<br />
  13. 13. What Jobs?<br />
  14. 14. Workforce Reality by 2012<br />SOURCE: Promise Abandoned A Report by the Education Trust August 2006<br />
  15. 15. College Access: How Do We Compare?<br />
  16. 16. ACT Research Results<br />Research results show that the level of readiness needed to enter workforce training programs and to enter college are comparable.<br />Level of expectation for students entering jobs offering a wage that can sustain a small family is the same as that needed for college.<br />
  17. 17. Factory Workers Analyzed<br />SOURCE: U.S. Bureau of Labor Statistics, 2003<br />
  18. 18. Even Blue-Collar Jobs Require Higher-Level Skills<br />Requirements for tool and die makers <br />Four or five years of apprenticeship and/or postsecondary training<br />Algebra, geometry, trigonometry and statistics<br />Requirements for sheet metal workers<br />Four or five years of apprenticeship<br />Algebra, geometry, trigonometry and technical reading<br />SOURCE: National Association of Manufacturers<br />
  19. 19. Societal Change?<br />For the past 25 years, we have optimized <br />our organizations for efficiency and <br />quality. <br />Over the next quarter century, we must <br />optimize our entire society for innovation.<br />Source: Tough Choices or Tough Times, 2006, National Center on Education and the Economy<br />
  20. 20. Higher Education Act of 1965<br />Purpose to provide the opportunity for more lower and middle income families to go to college <br />Reality: Today we have not only less mobility than we did twenty years ago, but also less than in most other developed countries<br />20<br />SOURCE: Hancock, 2006<br />
  21. 21. Solution<br />Revise Higher Education Act of 1965 to pay for an associate degree for every student<br />Upon graduation if student is not employed within six months, they work for a government civilian core to obtain experience for employment<br />Provide 80% income tax deduction for education beyond an Associate Degree<br />21<br />
  22. 22. Technology and the Economy<br />
  23. 23. The Road We Must Take?<br />The average wages of high school graduates and non-completers have fallen over the last two decades<br />The average income of those who went beyond high school has risen<br />Technology and trade will separate the economy into two camps-those with the skills to participate in the global economy and those who lack them<br />If we do not make a concerted effort to move our society beyond this boundary, we run the risk of losing our middle class<br />SOURCE: A Common Core Curriculum For The New Century<br />
  24. 24. America’s Secret Sauce<br />A mixture of institutions, laws, and cultural norms that produce a level of trust, innovation, and collaboration that has enabled us to thrive for more the two centuries and constantly renew our economy and raise our standard of living<br />America must continueto roll up its sleeves<br />educate its young people the right wayfor these times and tend to and enrich the secrets of our sauce<br />SOURCE: Friedman, The World is Flat 2006<br />
  25. 25. Did You Know?? Educate Yourself <br />25<br />

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