JPMorganChase released a report claiming that a lack of technical skills among Americans should be viewed as a “national security issue.”
The report argues that investments in fields like AI or energy development won't keep the U.S. competitive with other nations unless Americans have the skills to work in those sectors.
"Today's skills gap is a critical national security issue, and the public and private sectors need to come together to drive solutions forward," Tim Berry, global head of corporate responsibility and chairman of the Mid-Atlantic region at JPMorgan, said in a statement accompanying the report.
The view is apparently one shared by the federal government, and is not divided by party lines. Former President Joe Biden's government pushed for industrial expansion under the CHIPS Act and the Inflation Reduction Act, according to Axios.
The Trump administration has made similar moves by encouraging companies in the manufacturing sector to invest in domestic infrastructure.
But none of those initiatives actually target talent, which is what the JPMorganChase report says is necessary to keep America competitive.
For example, multi-billion dollar semiconductor fabrication plants are being built in the U.S. faster than companies can staff them, citing a 3.8 million worker deficit. The report found that nearly half of those jobs will remain unfilled by 2033.
There is also reportedly a lack of electricians and line workers to keep up with national electric infrastructure modernization efforts. That industry reports a deficit of 200,000 workers.
Defense is also feeling the pinch. According to the data, some 46 percent of defense industrial company leaders have reported difficulty recruiting, training, and retaining manufacturing workers.
JPMorganChase CEO Jamie Dimon has been ringing this particular bell for months, arguing in June that there is a global "silent labor crisis" due to a lack of skilled workers.
He complained that universities were "graduating people who aren't job-ready" during the CEO Workforce Forum in June, and called on tech employers to work directly with educational institutions to develop better talent development programs.
Dimon noted that there are, in his opinion, justifiable fears of mass job displacement due to AI, but he warned companies against focusing solely on tech training. He said that human skills — like adaptability, ethics, and problem-solving — will be critical to future industries.
