I anticipate that spread of MOOC will make the job market nasty in the developed world. If people everywhere in the world can have access to the same education as us, they will then compete with us for the jobs, and corporations will glad hire the cheapest labor they can find. There is another development that will make United States a tough place to find a job as we legalize an estimated 12 million illegal immigrants. Indeed, there is no guarantee that the Obama Amnesty will become law but have you noticed that politicians of both parties are now in favor of it. It may take some time but the reality is that this is going to happen during the next five years. That is not where the problem ends, because these people are already here and while some of them are unemployed or working in the underground economy (and will switch to the mainstream economy after legalization), but the law also enables legalized aliens to begin sponsoring their immediate family immediately, and more family members after they naturalize. Assuming that each individual will sponsor an average of four members, during the next 12-15 years, we are looking at almost 50 million individuals entering the United States, looking for jobs, and willing to work at low wages. Be prepared for massive unemployment and falling wages during the next two decades, despite the additional economic growth we can expect from the rapidly growing population.
My Life In Bits And Pieces in Massachusetts.