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Monday, February 25 2013

The economy has moved fast in the past 15+ years. First we had the technology boom of the 1990s; then the dot.com bomb; followed by a housing boom and bubble; waking up to find out China turned into the manufacturing capital of the world and is the 2nd biggest economy in the world; a financial crisis and implosion; and an increase in unemployment. What can possibly be next?

China might not be the largest threat to US jobs in the manufacturing field. In fact, the next revolution might be the biggest economic threat to China's economy as well as US jobs. According to a 60 Minutes segment on January 13, 2013 and several news articles since, robots are replacing humans. Robots finally cost less, complete the task faster, complete the task more accurately and do not steal products. One example I heard mentioned a new warehouse which would have employed a staff of 400+, hired approximately 40. What do the other 360 people do then?

Perhaps Richard Florida was correct in this book "Rise of the Creative Class", the economy is creating very simplistic jobs (think coffee shop baristas) and very high-end, complex creative jobs (computer software developers). Technology is replacing more and more jobs at faster and faster rates. How can you train someone with minimal education and work experience to climb up into a higher-end complex creative job?

The world is continuing to change and at an alarming rate. Will small businesses be able to afford and implement this technology quick enough to survive?

Where are you John Henry?

Keep your eyes open for these subtle changes and be prepared to take action,

Mark W.

IRS Circular 230 disclosure:  To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Posted by: Mark Wyssbrod, CPA AT 06:30 am   |  Permalink   |  Email

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IRS Circular 230 disclosure:  To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used,
and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.


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