跟讀練習: The Entry-Level Job Crisis - 通過影片學習英語口語

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For the past three years, U.S unemployment has been slowly creeping upwards.
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4.3% may not sound all that bad,
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but the problem is highly concentrated among one specific population — young people.
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New entrants to the labor market — mostly recent college graduates — represent 85% of the rise in unemployment since mid-2023,
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according to Oxford Economics.
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85%.
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In a cruel twist of irony, the class of 2026 enrolled in college back in 2022, a year of record high job openings.
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Seeing soaring wages and ubiquitous now-hiring signs,
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they racked up thousands of dollars in student loans on the then-safe assumption work would be plentiful.
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Now, four years later, they find themselves graduating into an unprecedented entry-level job crisis.
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The average number of applications required to secure an entry-level job tripled between 2022 and 2025 alone.
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From 1 to 300.
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Imagine writing 300 cover letters, all for a mere 50% chance of finding a job.
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And more than half of all applicants now spend at least six months looking for work.
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As surprise becomes frustration, becomes desperation, some even resort to paying for jobs.
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In a recent Bloomberg story, parents admit spending as much as $50,000 on career coaches to get their adult children out of the house.
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Another article explains a new trend called reverse recruiting,
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wherein applicants pay a recruiter thousands of dollars a month to help introduce them to potential employers.
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are giving up entirely.
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Grad school applications are surging as young people opt to roll the dice again, betting double or nothing that more education will solve their problems.
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Now, some of this is just the inevitable long-term trend we've previously covered.
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As the share of Americans with a college degree has increased, its value as a differentiator, naturally, has declined.
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But the abruptness and scale of this crisis suggests there's also something else going on.
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Sponsored by Planet Wild, where you can help make a concrete measurable difference for the planet.
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By bringing back endangered animals, supporting oceans, and reviving forests around the world.
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Now, the obvious culprit, of course, is AI.
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At first glance, the data seems to confirm this.
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AI, in its current form, is most relevant to entry-level, white-collar office jobs.
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The exact kind that are now hardest to come by.
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Tech and programming jobs in particular have been among the hardest hit by recent layoffs, and are also the tasks that AI tools most excel at.
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Besides, companies are quite open about this.
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Amazon, for instance, cited AI when it laid off 14,000 corporate positions last fall.
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Still, there's good reason for skepticism.
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For one, companies understand their audience — investors.
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Mass layoffs can indicate trouble, or they can indicate efficiency.
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So it's not surprising that Amazon tried to make the case for the latter, saying in a press release that AI was enabling it to quote, innovate much faster than ever before.
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Gesturing vaguely toward a macroeconomic trend or technology is a blameless,
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largely non-falsifiable explanation for what could otherwise look like incompetence or mismanagement.
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But the biggest flaw in the AI explanation is that we aren't actually seeing that many layoffs.
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In fact, quite the opposite.
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Compared to the three years before the pandemic, about a hundred thousand fewer people are laid off in a typical month today.
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Layoffs are noticeably down, not up.
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And strangely, so is everything.
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Hiring, firing, quitting, it's all way down.
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So how do we make sense of this frozen labor market?
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One where the good metrics and the bad alike have fallen.
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Everything begins to make sense once we zoom out a little bit further.
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For clarity, let's also normalize these few months during the onset of the pandemic, when much of the country exited and quickly re-entered the labor market.
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Recall that, after the initial shock, consumer demand actually spiked.
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Americans received thousands of dollars in stimulus checks, at the same time they were stuck at home looking for distractions.
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They adopted a new puppy, or three, upgraded their home office, and stockpiled essentials.
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To keep up with all this demand, companies needed more help than ever.
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Yet that help became harder to find.
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The pandemic drastically increased what economists call the reservation wage, the minimum people are willing to work for.
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Death and tragedy forced salarymen to reflect on their life's priorities.
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Stimulus checks decreased the burden of unemployment.
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Meanwhile, health risks and regulations increased the costs of in-person interaction.
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As the balance of power shifted from employer to employee, the latter quite sensibly exploited this leverage.
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Each and every week for two whole years, nearly a million Americans quit their jobs, in what became known as the Great Resignation.
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Companies responded to this dilemma, that is, extremely high demand for labor,
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yet extremely low supply, by treating it as the scarce and valuable commodity it was.
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They tried to hoard it.
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Better to have too much of it than not enough.
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Only unused labor, after all, was labor withheld from your competitors.
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Thus, the unprecedented boom in hiring you see here.
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More people were hired between January and November of 2021 than this entire period between 2014 and 2020.
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Six years' worth of net hiring took place in the span of just 10 months.
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Eventually, however, life returned to normal, and companies found themselves with all this extra labor they no longer needed.
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In more ordinary times, they may have simply laid them off.
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Some did.
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There have been a few high-profile layoffs in the tech industry, for example.
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That's not surprising.
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As you can see, Big Tech hired even more aggressively during the Great Resignation than other industries, here.
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Which means it's now due for a much bigger correction.
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This, by the way, was the release of ChatGPT, notably after the correction had already begun.
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Although that's not to say AI hasn't played some role in more recent tech layoffs.
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Programming is one area where AI tools have had a more direct, immediate, and measurable impact.
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Overall, however, layoffs have been down.
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And you can see why.
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Only a few short years ago, companies paid a sizable premium to hoard the labor they have now.
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They're scared to give it up and risk being caught in the same unenviable position.
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Especially because they're unsure about the future.
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Hiring, you see, is surprisingly expensive.
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Even a minimum wage service position may cost thousands of dollars to fill.
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Job postings, background checks, interviews, orientations, legal costs add up fast.
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When you add in the extended training periods required of skilled, white-collar work, and the lost productivity of their colleagues doing the training,
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it can take many months or even years for a new hire to turn net positive.
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In other words, hiring is ultimately a prediction about the future.
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Where will the economy be in 3, 6, or 12 months when this new worker starts paying for themselves?
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And as of now, companies have no idea where the economy will be tomorrow, never mind in 12 months.
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Since the two main candidates in the 24 presidential election had such starkly different priorities,
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hiring managers were likely waiting until then to see what would happen.
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But the uncertainty never subsided.
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Instead, they watched as tariffs were repeatedly applied, then struck down.
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wars were started and the global oil market was disrupted.
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The Economic Policy Uncertainty Index is at its third-highest point since the Federal Reserve began reporting in 1985,
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eclipsed, and even then only briefly, by the first months of the pandemic and the Great Recession.
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American companies are so unsure about whether they should invest in the near future
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that they're beginning to hire an increasing number of temporary workers.
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This is not, in other words, really about young people or entry-level jobs.
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The entire labor market is frozen.
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Think of it as a game of musical chairs.
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Employers and employees alike are so terrified that the number of chairs is declining, that the opportunities are scarce,
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and so uncertain about when the music will stop next, that they're paralyzed in place, whether they like their current chair or not.
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The average American believes they have only a 46% chance of securing a new job within three months
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if they were to quit today.
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Likewise, many companies assume AI is on the verge of reshaping their industry, but aren't yet sure how or when.
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While very few outside the tech sector have made cuts as a direct result of AI, many more have frozen hiring in anticipation of that disruption.
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These are brutal conditions for those unhappy with the chair they've got.
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If you don't like your current job, you're sorta stuck.
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That's a terrible feeling.
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And employers know this.
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Some are capitalizing on this anxiety,
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taking the opportunity to roll back many of the worker-friendly policies won back in 2022 during the Great Resignation, when workers had the upper hand.
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Everything from vacation days to healthcare and remote work flexibility is being reduced.
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The share of U.S employers offering paid family leave is now decreasing.
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A few are even introducing new rules, like making their staff lock their personal phones in secure pouches during the workday.
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But things are far, far worse for those with no chair to begin with.
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With so little churn in the labor market, fresh graduates are locked outside, waiting, with little to do as the interest on their student loans accumulates.
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It's no wonder many young people aren't exactly big fans of AI.
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They're already paying for the price of its anticipated disruption, even where companies aren't yet benefiting from it at their expense.
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So how does this end?
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One possibility, of course, is that it ends very abruptly, with a recession.
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We've seen this movie before.
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Rising unemployment depresses economic confidence, which drives down consumer spending, which in turn reinforces the unemployment.
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Throw AI into the mix, widespread layoffs either from actual disruption or the bursting of an AI bubble,
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and there's no telling how bad things could get.
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But, there's some reason to think this time might be different.
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And not in a good way.
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Take another look at this graph of unemployment, now going back to 1956.
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Clearly, booms and busts are quite common.
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They always follow the same pattern.
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suddenly skyrockets, here, then slowly falls, here, until the cycle repeats.
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But not this time.
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Something strange has happened over the past three years.
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For the first time, unemployment isn't skyrocketing, nor is it slowly falling.
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It's just steadily creeping upwards.
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Which suggests a second, perhaps even scarier possibility.
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That we're not on the verge of a recession.
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That this is just a new, long-term normal.
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That the U.S labor market is becoming less dynamic.
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That uncertainty is taking root, making Americans more risk-averse in general.
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The United States is one of the only countries in the world with at-will employment.
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Meaning employers can fire anyone, at any time, for any reason, with just a few exceptions like racial discrimination.
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You can devote your entire 40-year career to a single company, and unless your contract says otherwise,
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they can tell you to clean out your office by lunchtime on any random Tuesday.
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Almost no one is truly secure.
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The rationale for this policy is a simple trade-off.
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On one hand, American workers are fired more often and less compassionately.
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On the other hand, they're also hired faster and in greater numbers.
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The very fact that companies know they can quickly
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and easily let someone go enables them to so quickly and eagerly bring them in.
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In the short term, yes, this churn is incredibly disruptive.
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Losing your job is one of the most traumatic things that can afflict a person, especially given that it's tied to your healthcare here in the States.
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But in the long term, in a well-functioning economy, this leads to better matching between employer and employee.
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The latter can freely quit a job they don't like, knowing they can quickly find a new one.
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And employers can find the right candidate, increasing their productivity.
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This has surely played some role in America's unparalleled economic success.
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companies are bolder, faster, and more innovative than their European or Japanese competitors.
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It's not always a fair system, in fact, it's often quite barbaric.
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But there's at least an argument to be made that the very real benefits outweigh the very real costs, even to any individual worker.
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But that trade-off is now unraveling.
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The cost of at-will employment hasn't changed.
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The law still gives employers the freedom to swiftly dispose of their workers.
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Yet the benefits, the freedom employees have to quickly and easily change jobs, are quickly disappearing.
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That leaves us with the worst of both worlds.
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Getting fired is easy, getting hired increasingly less so.
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We're left with all of the vulnerability, yet too little of the freedom.
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And this is more than a mere annoyance.
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It threatens the very foundation of America's incredible economic success.
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Consider why American consumers spend so much and save so little.
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We're confident about the future, and until recently, rightly so.
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Being secure in and optimistic about our careers, we take bold risks, shop compulsively, and invest in our futures.
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The American addiction to high-interest credit cards,
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student loans, and 30-year mortgages seems incredibly reckless given how quickly we can lose our livelihoods.
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This faith in our ability to repay our massive debt decades into the future only makes sense
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when you account for how easily we can find new work.
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opportunity abounds.
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But what happens when that's no longer true?
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The University of Michigan has been measuring consumer sentiment since 1960, and as of this year, it's now at an all-time low.
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Not during the lowest depths of the Great Recession, pandemic, or even 1970s oil crisis,
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when gas was rationed and the federal speed limit was lowered to 50 miles an hour to save on energy, energy, were Americans as pessimistic as they are today?
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This is truly uncharted territory.
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And the longer this uncertainty continues, the more households will factor this into their spending.
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Meanwhile, the less we spend, the less wealth and opportunity will be created.
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Today, we face an entry-level job crisis.
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But this should concern all of us, because tomorrow, we could be facing much, much more.
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And if you're feeling pessimistic, Planet Wild offers the perfect antidote.
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Planet Wild is a community of over 25,000 members that funds different organizations each month to help solve a specific environmental problem.
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Whether it's reintroducing a species to its habitat, restoring a forest, or cleaning up the world's oceans.
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They then document their progress on YouTube, so you and I can see the impact we're making.
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After all, what better way to handle today's uncertainty than by making a certain difference in the world, all for less than a cup of coffee.
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What I love about Planet Wild is
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that it replaces giant impossible goals like achieving net-zero emissions —
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which frankly sound to me a bit idealistic — with concrete achievable projects called missions.
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First, they identify a specific problem.
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In the February mission, for instance, they explained how grizzly bears in North America struggle in fragmented wildlife areas,
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posing a great danger both to their lives and to ours.
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And second, they tell you exactly how the partner organization is helping, and the exact amount contributed by the Planet Wild community.
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In this case, the project was to connect those areas by building tunnels
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and fencing systems on a huge wildlife corridor from Yellowstone to the Yukon, allowing bears and all kinds of different species to cross highways safely.
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The Planet Wild community contributed a total of 50,056 euros, and we got to watch it happen right here on YouTube.
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Planet Wild is committed to never making a profit from its rewilding membership, and already has loads of successful projects under its belt.
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If you're ready to start making a difference, you can click the link in the description or scan the QR code on-screen and start giving whatever amount you can, big or small.
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The first hundred people to join with the code POLY6 will even have their first month paid for,
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so you can try it for 30 days and cancel any time you need.
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Thanks again to Planet Wild for partnering with us for this video.

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