People often get hyper-focused on a single cause, but there is a whole range of forces driving a sharp decline in jobs. All of this is visible, yet we are marching toward an economic crisis of our own making. I believe the best term for this is "gray rhino".

* Tariffs and Trade Uncertainty – Elevated tariffs and rapidly shifting trade policies are raising costs for manufacturers and discouraging hiring and investment (Investopedia; Atlanta Fed survey; CBO analyses).

* Automation and AI Displacement – Automation and AI, especially in low-skill occupations, are reducing new job creation and wages for some workers (academic studies in arXiv and PMC).

* Restrictive Immigration Policies – Tightened immigration and visa processes are straining labor supply, particularly in sectors that rely on immigrant workers (Axios, 2025 labor coverage).

* Small Business Strain from Economic Pressure – Tariff-related uncertainty is leading small businesses to slow hiring or lay off employees (Joint Economic Committee report, 2025).

* Offshoring and Outsourcing Trends – Technological advances are enabling offshoring and automation, substituting domestic labor with remote or machine-based alternatives (academic research in World Development, 2024).

Yup, introduced by Michelle Wucker at the World Economic Forum Annual Meeting in Davos, Switzerland in January 2013.

  "highly probable, high-impact, yet neglected threat that is obvious to many but often ignored until it causes significant damage."

  "event that is known and possible, but which is assumed to be unlikely."

[1] https://en.wikipedia.org/wiki/Michele_Wucker#Gray_rhinos

[2] https://en.wikipedia.org/wiki/Grey_swan