And yes, of course our response to these facts are even more important. Do we just short steel mill stocks and Pittsburgh bonds or advocate for retraining, for subsidizing emerging industry establishments in the affected areas, etc.
Some of the affected people feel it as elitism, socialism, etc. Usually because outsiders are blind to and ignorant of the local complexities, and also because good fashioned bias and denialism. It's easier to simply deny climate change and hate green liberals than accepting that coal is out. And that software has a much higher ROI due to the marginally aomost zero cost of adding new users/customers than hard labour jobs, etc.
For instance, I remember the wave of de-industrialisation of the 80s. While I wasn't personally affected, I knew plenty who were. For many tens of thousands it wasn't a simple case of just move to where the work is.
How do you do that when your house is worth a quarter or tenth of of what you paid, but the mortgage debt remains? When almost everyone else locally is trying to move to get work too. Who is going to buy the house? In a town with no work. They may lose the dozen ship builders or steel works, but also lose the hundreds of businesses that serviced, supplied and depended on the products of those major works, then everything that depended on the money flowing from those - the takeaways, supermarkets, cinema, garages etc. The whole supply chain breaks. You may as well ask them to flap arms and fly out of the ghost town.
If one of the lucky few that were able to get out, carry a debt that can never be paid off, whilst earning half or less of the former skilled wage. They can't all move to the outskirts of London to work in banking or retrain in age discriminating IT in their mid 50s. Who's going to employ that junior? It ruins more than just one generation. The kids deprived of education and other life chances, or just the consequences of having parents from whom the hope has been sucked, perhaps on anti-depressants long term. Little wonder most of those places gained a huge drug and crime problem in the aftermath. Some places have still not come close to recovering.
Clearly we can't artificially keep every rural pit village viable, but we could, and should try not to lose whole towns, cities and regions, unless we want more civil unrest and more extremists elected. That history even goes some way to explaining Brexit. So yes, from what I've seen over those 40 years in the UK, we should and probably must subsidise through tax and incentives new industries and services establishing in deprived areas until they can sustain once again. Ignoring whole regions as acceptable losses in a "free" market was a huge, unforgivable mistake. Adequate regeneration help is probably far cheaper for the state once you consider all consequences anyway. Particularly in a future where it appears likely many more will lose their work, much more quickly, than in the past.
edit: some words
> Sure it can crush a generation (see the american midwest from 1960-2020), but most people move to where the work is geographically and intellectually or just die out.
That is possibly the most heartless thing I have read on this site. I imagine your perspective would change markedly if it were you that were stuck, unable to afford to move, in a dead town whose industry left, while you contemplate your time until you die out.