Can’t we all just get along? Yes, we can:
The number of ATMs more than doubled between 1998 and 2008, from 187,000 to 401,500, according to the American Bankers Association. Yet data from the Bureau of Labor Statistics show that during the same period, the number of bank tellers rose from 560,000 to 600,500. BLS expects “favorable” job prospects for bank tellers over the next decade.
John Hall, a spokesman for the American Bankers Association, explained that when ATMs started being used more widely, there was a lot of talk about them eliminating human bank branches, but it turned out that customers wanted both. The number of bank branches in the United States has grown from 81,444 in 1992 to 99,109 by late 2010, according to the Federal Deposit Insurance Corporation. During that time, the total number of bank workers rose from 1.8 million to more than 2 million.
The proliferation of ATMs, meanwhile, has created jobs at businesses like Diebold. Sam M. Ditzion, chief executive officer of Boston-based consulting firm Tremont Capital Group Inc. notes that, “key employees include people who manufacture, repair and maintain ATMs, people who transport and load ATMs with cash, people who work for ATM transaction processors, and the large numbers of people who manage ATM operations on behalf of bank and independent ATM deployers.”
The Obama Economy will increase jobs in manufacturing of shovels as we all will want to bury our gold in the back yard. My savings is “Shovel Ready”
Don’t forget that Obamacare makes Grandma “Shovel Ready” as well.
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