Train Wreck

So all those training dollars are wasted.

For decades, “re-training” has been the mantra of free-marketers and government do-gooders alike, noting that as jobs get creatively destroyed in our dynamic economy, workers need a way to acquire the skills they need to compete in the global marketplace. But a new Labor Department study questions that mantra.

Three professors reviewed the incomes and employment status of 160 thousand trainees and 3 million peer-group members from 2003-2005. They found that the benefits of a multi-billion dollar program were small or nonexistent.

A big part of the problem is that these programs train people for industries determined by the State to be “high-demand occupations.” But this designation is decided by the State in a political process that still labels automotive engineer as “high demand.”

It’s no surprise that time and money spent in a political exercise with politically targeted jobs would be wasted. It’s just a shame that so many lives get wasted in the process.

Douglas R. Tengdin, CFA
Chief Investment Officer
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By | 2014-09-04T18:57:19+00:00 July 7th, 2009|Global Market Update|0 Comments

About the Author:

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. –
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