The $750 Billion Challenge

The U.S. at its present long-term 3.2%-per-year rate of growth will possess the potential in manpower and technology to raise the nation's standard of living close to 25% during the next decade. So the Labor Department predicted this week in a major new study of U.S. manpower. The nation can also increase the production of goods and services at least 45% to a gross national product of $731.7 billion (see chart) and may reach $750 billion. But achieving a three-quarters of a trillion dollar economy by 1970, said Secretary of Labor James P. Mitchell, hinges on the nation's ability to handle the startling changes that will take place in the U.S. labor force between 1960 and 1970.

As the nation's fast population growth continues during the '60s the number of new workers will grow even faster. By 1970, the study said, the U.S. work force will have risen by nearly 20% to 87 million, the largest increase in any ten-year period in U.S. history. Between 1960 and 1970, 29 million new workers will enter the work force, but the net increase will be only 13.5 million because 15.5 million workers will die or retire.

The huge increase in the U.S. labor force is the result of the war and postwar baby boom; nearly half of the new work force will come from those under 25. By the late '60s, 3,000,000 young workers will enter the work force every year v. 2,000,000 now. Despite earlier retirement there will still be more workers over 45 and more women workers. By 1970 there will be a 25% increase in the number of women workers to about 30 million, or one in every three workers. As the work force multiplies, employment hikes of 30% or more are expected to come in construction, finance, insurance, real estate. Although farm employment will decline, farm output per worker will rise.

While the number of workers available in the next ten years will be sufficient to continue the economy's growth, the uneven distribution of workers, said Mitchell, "will require a major overhaul in the employment policies of many businesses." Therefore, employers will have to hire older workers and abandon policies against hiring workers because of their sex, race, religion or nationality.

This file is automatically generated by a robot program, so reader's discretion is required.