Of course, there will be ups and downs in the transition, but I don't see any replacement of that. Neither is there a replacement for the pain that transition will cause individuals, such as the Beloit workers. But economic and technological advance always has caused individual pain, be it to a crossbow maker, blacksmith, ice cutter or, in the century just completed, a farmer. The 20th century saw a revolution in farming. Yet we produce more food than ever.
Expansions are the periods between recessions.
All currently available economic data indicate that the expansion that began in March 1991 is continuing. However, because complete economic data for the first quarter of 2000 will not be available until the end of the year, a final official determination of whether the expansion continued through February 2000 will not be made until 2001. In the 21st century, the same thing may happen to America's industrial workers, with the Beloit employees being the latest local example of a trend that started in the 1980s. To fit into the new economy, these workers, like farmers of 40 years ago, will need to apply their skills elsewhere or learn new skills. But let's face the facts - nobody, from a CEO to the chronically unemployed, has a right not to learn any more.