Barack Obama recently suggested that the proliferation of ATMs has ultimately cost jobs.Jeffry Bartash at MarketWatch
notes that over the past 40 years the number of bank teller jobs - the ones supposedly getting squeezed out by ATMs - has actually grown.
He notes also that "new technologies also create new jobs, many of them better-paying." ATMs interface with banks and credit card issuers through EFT (electronic funds transfer) networks, which would process far fewer transactions (and thus have far smaller workforces) without ATM traffic. Technicians service the ATMs. Armored car companies replenish ATMs with cash.
Labels: Business, Politics