You make a good point in that.. the industrial revolution is long gone. As more and more jobs are replaced by process automation.. less workers are needed.. now what? Quoting: DOT 2 DOT
Computers replace accountants, robotic assembly replaces line workers.. there is simply less need for laborers. And yet we fail to grasp the systemic nature of a changing economy and blame the individuals themselves.
The answer to "now what?" will decide the fate of humanity. In movie announcer voice
"This time ... it is for real"
We must have out of the home 40+ hour a week jobs for people ... right? No problem, take that worker from the assembly line, and give him a gun, federal paycheck and a badge. Are american football players hitting harder than ever on the field? Give somebody a job making better pads.
Are people committing financial fraud with High Frequency trading? no problem ... hire some disadvantaged inner city kid to work at the SEC. Do we have a 40% H.S. drop out rate, and a 30% illiteracy rate at graduation? No problem, hire a teacher and their spouse as a contractor to build a new school.
The glue that keeps all of this together is that theoretically we have maximized tax revenue in this model. Economists would tell you that full spectrum taxation is the only way you can prevent hyper-inflation in a fiat fractional reserve economy.