But even this relatively low unemployment, compared to where we are now, will continue to depress wages for the bottom 90% and drive up income for the top 10%.
The income and wealth disparity we have today, nearly what it was in the 1920's, will grow larger as the top tier of income and wealth consolidate and protect their assets, while the middle class slides into marginal poverty.
Fortunately or unfortunately, you will not need to be a sustenance farmer if you don't choose to.
More likely our children will lower their sights and work in some of the most dangerous jobs in the world: retail sales clerk (think armed robbery) and construction (falling is the major hazard here), and one not so dangerous: police and security work.
Nothing wrong with any of the jobs that will be abundant. Honest work is just that, but the wages they pay will not reflect their worth only their lowly status. The median pay for these jobs now is between: $29,150 to $44,500. Expect these number to fall and fall fast as people accept any job as better than no job. (Money.CNN.com).
Don't be fooled when the top economic story is "a increase in real hourly wages." These statistics include all the money that's levitating to the top 10%. The average wages of the bottom 90% may well be falling.
The New Normal will put America back to work and that work will be doing lots of things that the top 10% of our new two caste society wants...
The Three P's: Pampering, Perfecting and Protecting
The upper 10% will want to be well cared for. Think a house full of servants at Second World prices, labor deeply discounted to the point where everything can be had 24/7 without a thought as to the cost for the top dogs.
Pampering: Lots of personal services. Put personal in front of each of these: assistants, shoppers, physicians, coiffures, chefs, nannies, teachers, coaches, therapists, trainers, gardeners nay master gardeners and a full staff, et cetera.
To the wealthy the world should be a reflection of themselves, therefore, they shall be surrounded with as much perfection as possible with, again, decreased wages making it feasible.
Perfecting: Lots of maintenance and sprucing up. Manicured boulevards and golf courses, utilities moved underground, picture perfect towns and villages; ultra chic hotels, restaurants, night clubs, cafes, resorts, county clubs, etc.