Former Treasury Secretary Larry Summers said Ford CEO Jim Farley’s idea of the “essential economy” is a good concept as it doesn’t focus narrowly on just factory work.
Amid fears that AI will wipe out large swaths of white-collar work, Farley has highlighted shortages in blue-collar professions, putting the unmet need at about 1 million jobs, as many American schools, families, and policymakers have neglected the essential economy.
