Most Democrats voted for the bill, along with 13 Republicans. Mark Pocan D-Wis. Biden and his supporters wanted much more money for both goals. The package has some energy efficiency programs as well, taken from legislation pushed for years by Sens.
While talks between moderate and progressive Democrats at times appeared on the brink of collapse, and House Speaker Nancy Pelosi was forced to delay two votes on the the infrastructure bill due to opposition from the progressive flank of the Democratic Party, the logjam broke Friday, and the House delivered Mr. Biden a major legislative win. According to the White House, , total miles of America's highways and major roads and 45, bridges are in poor condition. The Department of Transportation estimates that the current repair backlog is more than 24, buses, 5, rail cars, stations and thousands of miles of track and power systems.
Some occupations that are currently low wage, such as nursing assistants and teaching assistants, will also increase, while a wide range of middle-income occupations will have the largest employment declines. Income polarization could continue. Policy choices such as increasing investments in infrastructure, buildings, and energy transitions could help create additional demand for middle-wage jobs such as construction workers in advanced economies.
The wage-trend picture is quite different in emerging economies such as China and India, where our scenarios show that middle-wage jobs such as retail salespeople and teachers will grow the most as these economies develop. This implies that their consuming class will continue to grow in the decades ahead. The benefits of artificial intelligence and automation to users and businesses, and the economic growth that could come via their productivity contributions, are compelling.
They will not only contribute to dynamic economies that create jobs but also help create the economic surpluses that will enable societies to address the workforce transitions that will likely happen regardless.
Faced with the scale of worker transitions we have described, one reaction could be to try to slow the pace and scope of adoption in an attempt to preserve the status quo. But this would be a mistake. Although slower adoption might limit the scale of workforce transitions, it would curtail the contributions that these technologies make to business dynamism and economic growth.
We should embrace these technologies but also address the workforce transitions and challenges they bring. In many countries, this may require an initiative on the scale of the Marshall Plan, involving sustained investment, new training models, programs to ease worker transitions, income support, and collaboration between the public and private sectors.
Sustaining robust aggregate demand growth is critical to support new job creation, as is support for new business formation and innovation.
Fiscal and monetary policies that ensure sufficient aggregate demand, as well as support for business investment and innovation, will be essential.
Targeted initiatives in certain sectors could also help, including, for example, increasing investments in infrastructure and energy transitions. Providing job retraining and enabling individuals to learn marketable new skills throughout their lifetime will be a critical challenge—and for some countries, the central challenge.
Midcareer retraining will become ever more important as the skill mix needed for a successful career changes. Business can take a lead in some areas, including with on-the-job training and providing opportunities to workers to upgrade their skills. Greater fluidity will be needed in the labor market to manage the difficult transitions we anticipate.
This includes restoring now-waning labor mobility in advanced economies. Digital talent platforms can foster fluidity, by matching workers and companies seeking their skills and by providing a plethora of new work opportunities for those open to taking them. Policy makers in countries with inflexible labor markets can learn from others that have deregulated, such as Germany, which transformed its federal unemployment agency into a powerful job-matching entity.
Income support and other forms of transition assistance to help displaced workers find gainful employment will be essential. Beyond retraining, a range of policies can help, including unemployment insurance, public assistance in finding work, and portable benefits that follow workers between jobs. We know from history that wages for many occupations can be depressed for some time during workforce transitions. More permanent policies to supplement work incomes might be needed to support aggregate demand and ensure societal fairness.
More comprehensive minimum-wage policies, universal basic income, or wage gains tied to productivity growth are all possible solutions being explored. Policy makers, business leaders, and individual workers all have constructive and important roles to play in smoothing workforce transitions ahead.
History shows us that societies across the globe, when faced with monumental challenges, often rise to the occasion for the well-being of their citizens. Yet over the past few decades, investments and policies to support the workforce have eroded. Public spending on labor-force training and support has fallen in most member countries of the Organisation for Economic Co-operation and Development OECD.
Educational models have not fundamentally changed in years. It is now critical to reverse these trends, with governments making workforce transitions and job creation a more urgent priority. We will all need creative visions for how our lives are organized and valued in the future, in a world where the role and meaning of work start to shift. Businesses will be on the front lines of the workplace as it changes. This will require them to both retool their business processes and reevaluate their talent strategies and workforce needs, carefully considering which individuals are needed, which can be redeployed to other jobs, and where new talent may be required.
Many companies are finding it is in their self-interest—as well as part of their societal responsibility—to train and prepare workers for a new world of work. Individuals, too, will need to be prepared for a rapidly evolving future of work. Acquiring new skills that are in demand and resetting intuition about the world of work will be critical for their own well-being.
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