The 2050 Economic Outlook: How the Software Revolution, the Global Middle Class, and the Climate...
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![Page 1: The 2050 Economic Outlook: How the Software Revolution, the Global Middle Class, and the Climate Will Shape Our State.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649f485503460f94c69fcb/html5/thumbnails/1.jpg)
The 2050 Economic Outlook: How the Software Revolution, the Global Middle
Class, and the Climate Will Shape Our State
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2
“Few could have predicted, at the beginning of the present century, that the American people would have to face, in the first quarter of the twentieth century, anything like the changes we have just
experienced. During this period we have undergone the most dramatic series of readjustments in our
history. The most obvious of these changes has been in the fields of industrial activity. The phenomenal increase of invention, the expansion of the factory system, the widespread adoption of new machines
and new processes, have brought about tremendous changes in our ways of making a living….The upshot of all this pressure has been an enormous increase in
the demand for education.”
Arthur B. Moehlman, Public School Finance. 1927
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3
“Few could have predicted, at the beginning of the present century, that the American people would have to face, in the first quarter of the twentieth century, anything like the changes we have just
experienced. During this period we have undergone the most dramatic series of readjustments in our
history. The most obvious of these changes has been in the fields of industrial activity. The phenomenal increase of invention, the expansion of the factory system, the widespread adoption of new machines
and new processes, have brought about tremendous changes in our ways of making a living….The upshot of all this pressure has been an enormous increase in
the demand for education.”
Arthur B. Moehlman, Public School Finance. 1927
![Page 4: The 2050 Economic Outlook: How the Software Revolution, the Global Middle Class, and the Climate Will Shape Our State.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649f485503460f94c69fcb/html5/thumbnails/4.jpg)
4
“Few could have predicted, at the beginning of the present century, that the American people would have to face, in the first quarter of the twentieth century, anything like the changes we have just
experienced. During this period we have undergone the most dramatic series of readjustments in our
history. The most obvious of these changes has been in the fields of industrial activity. The phenomenal increase of invention, the expansion of the factory system, the widespread adoption of new machines
and new processes, have brought about tremendous changes in our ways of making a living….The upshot of all this pressure has been an enormous increase in
the demand for education.”
Arthur B. Moehlman, Public School Finance. 1927
![Page 5: The 2050 Economic Outlook: How the Software Revolution, the Global Middle Class, and the Climate Will Shape Our State.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649f485503460f94c69fcb/html5/thumbnails/5.jpg)
5
“Few could have predicted, at the beginning of the present century, that the American people would have to face, in the first quarter of the twentieth century, anything like the changes we have just
experienced. During this period we have undergone the most dramatic series of readjustments in our
history. The most obvious of these changes has been in the fields of industrial activity. The phenomenal increase of invention, the expansion of the factory system, the widespread adoption of new machines
and new processes, have brought about tremendous changes in our ways of making a living….The upshot of all this pressure has been an enormous increase in
the demand for education.”
Arthur B. Moehlman, Public School Finance. 1927
![Page 6: The 2050 Economic Outlook: How the Software Revolution, the Global Middle Class, and the Climate Will Shape Our State.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649f485503460f94c69fcb/html5/thumbnails/6.jpg)
6
“Few could have predicted, at the beginning of the present century, that the American people would have to
face, in the first quarter of the twentieth century, anything like the changes we have just experienced.
During this period we have undergone the most dramatic series of readjustments in our history. The most obvious
of these changes has been in the fields of industrial activity. The phenomenal increase of invention, the expansion of the factory system, the widespread
adoption of new machines and new processes, have brought about tremendous changes in our ways of
making a living….The upshot of all this pressure has been an enormous increase in the demand for education.”
Arthur B. Moehlman, Public School Finance. 1927
![Page 7: The 2050 Economic Outlook: How the Software Revolution, the Global Middle Class, and the Climate Will Shape Our State.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649f485503460f94c69fcb/html5/thumbnails/7.jpg)
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Software is eating the world
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The Great Decoupling
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Changes in Employment by Skill Percentile, 1980-2005
Source: Autor and Dorn, American Economic Review, August 2013
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Job market has collapsed for less educated workers
1940 1980 2010$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
No HS degreeHS degree
AA or some col-lege
Bachelor’s
Master's +
Source: ECONorthwest analysis of US Census data. Average Portland area wages (2010 dollars) by educational attainment, labor force participants aged 25-64
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The Outlook
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The Next Decade
Service
Professi
onal
Office/A
dminSales
Management
Healthca
re
Transporta
tion
Producti
on
Constructi
on
Installa
tion
Farm/Fish
/Forestry
Other0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Occupational Job Projections, 2012-2022G
row
thRe
plac
emen
t
Source: Oregon Employment Department. Employment Projections by Industry and Occupation. April 2014
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Expanding• Computer design• Building/residential
contractors• Software
publishers• Nursing/residential
care• Ambulatory
healthcare
Declining• Newspaper/book
publishing• Telecommunications• Federal government• Paper manufacturing• Electronic
instruments• Utilities
Expanding/Declining Industries
Source: Oregon Employment Department. Employment Projections by Industry and Occupation. April 2014
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Next Several Decades
Management
Engineering/ Science
Education, Law, Arts, Media
Healthcare
Service
Sales
Office and admin. support
Transportation
Installation, Maintenance
Source: Frey, Carl Benedikt and Michael Osborne. September 17, 2013. The Future of Employment: How Susceptible are Jobs to Computerisation? University of Oxford
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Three Trends Shape the Outlook
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Growth of the Global Middle ClassShares of Middle Class Consumption, 2000-2050
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The Cliff Mass Hypothesis
Heat waves
Water stress
Sea Level RiseSevere Storms
http://cliffmass.blogspot.com/2014/07/will-pacific-northwest-be-climate.html
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Cost of Housing on the West Coast
San Jose Portland
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Strengthening the Outlook
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Reduce Childhood PovertyPoverty v. NAEP (4th Grade Math), 2011
10% 15% 20% 25% 30% 35%200
210
220
230
240
250
260
Share of Children Living in Poverty
4th
Gra
de N
AEP
Avg
. Mat
h Sc
ale
Scor
e
Oregon
Source: ECONW analysis of NAEP and Annie E. Casey Kids Count data
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Connect Education to the Economy
Share of 23-29 Year Olds with College Degrees Working in Occupations that Require a College Degree
Maine
Nevad
a
Oregon
Alaska
Florid
a
Oklahoma
Iowa
Californ
ia
Minnesota
Wash
ington
Indiana
Michiga
n
Tenness
ee
Wisc
onsin
North Dak
ota
Arkansas
New Ham
pshire
Georgi
a
New Je
rsey
Montana
Marylan
d
Wyo
mingOhio
Pennsyl
vania
Connecticu
t
Virginia
40%
45%
50%
55%
60%
65%
US Share: 58%
Source: ECO analysis of US Census
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DiversifyForeign Born Population with a College Degree as a Share Total Population, 2009
Seattle Portland Sacramento San Francisco
San Jose Los Angeles San Diego0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Source: ECONW using Brookings, The Geography of Immigrant Skills and US Census
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Engage Migrating Boomers
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24Source: Bureau of Economic Analysis, SA04, CA35, CA04
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
0%
10%
20%
30%
40%
50%
60%
Medicare Transfers and Social Security Benefits Relative to Wage and Salary Income, Oregon and Douglas
County, 1969 - 2013
Douglas County
Oregon
Engage Migrating Boomers
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Exploit Our Competitive Advantage
Food Manufacturing/Beverage, Job Index 2002 = 1.0
Oregon
United States
Source: ECONW analysis of BLS data
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Contact
PortlandThe KOIN Tower222 SW Columbia StreetSuite 1600Portland, OR 97201503-222-6060
BoiseEagles Center223 North 6th StreetSuite 430Boise, ID 83702208-918-0617
Eugene72 W. Broadway, Suite 206Eugene, OR 97401541-687-0051
SeattleThe Seattle Tower1218 Third AvenueSuite 1709Seattle, WA206-262-8013