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Robert Reich Confirms Permanent Destruction of Jobs in America
Former Labor Secretary Robert Reich writes today:
The
basic assumption that jobs will eventually return when the economy
recovers is probably wrong. Some jobs will come back, of course. But
the reality that no one wants to talk about is a structural change in
the economy that's been going on for years but which the Great
Recession has dramatically accelerated.Under the pressure of
this awful recession, many companies have found ways to cut their
payrolls for good. They've discovered that new software and computer
technologies have made workers in Asia and Latin America just about as
productive as Americans, and that the Internet allows far more work to
be efficiently outsourced abroad.
This means many Americans
won't be rehired unless they're willing to settle for much lower wages
and benefits. Today's official unemployment numbers hide the extent to
which Americans are already on this path. Among those with jobs, a
large and growing number have had to accept lower pay as a condition
for keeping them. Or they've lost higher-paying jobs and are now in a
new ones that pays less.
Yet reducing unemployment by cutting
wages merely exchanges one problem for another. We'll get jobs back but
have more people working for pay they consider inadequate, more working
families at or near poverty, and widening inequality. The nation will
also have a harder time restarting the economy because so many more
Americans lack the money they need to buy all the goods and services
the economy can produce.
Reich is only confirming what many others have said:
- JPMorgan Chase’s Chief Economist Bruce Kasman told Bloomberg:
[We've had a] permanent destruction of hundreds of thousands of jobs in industries from housing to finance.
- The chief economists for Wells Fargo Securities, John Silvia, says:
Companies
“really have diminished their willingness to hire labor for any
production level,” Silvia said. “It’s really a strategic change,” where
companies will be keeping fewer employees for any particular level of
sales, in good times and bad, he said.
- And former Merrill Lynch chief economist David Rosenberg writes:
The
number of people not on temporary layoff surged 220,000 in August and
the level continues to reach new highs, now at 8.1 million. This
accounts for 53.9% of the unemployed — again a record high — and this
is a proxy for permanent job loss, in other words, these jobs are not
coming back. Against that backdrop, the number of people who have been
looking for a job for at least six months with no success rose a
further half-percent in August, to stand at 5 million — the long-term
unemployed now represent a record 33% of the total pool of joblessness.
And see this.
Heck of a job, Larry, Tim and Ben.
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Robert Reich is an ass....BUT, now that someone of his stature admits what everyone else has been yelling...it will finally be considered mainstream thought. Despite him being a total ignoranus We do need idiots like him finally telling people the truth.
To be fair, Larry, Tim and Ben simply dropped the Zykon B (® IG Farben) through the hole in the ceiling down on what's left of America's workers. Many others before them in at least four prior administrations have set the stage for this uniquely American final solution.
The only way out of this mess is vigorous economic growth. If other countries can grow at 10%, so can the U.S.
It is the ONLY way to reduce unemployment (rather than just extending unemployment payments), so that people have a paycheck to pay the mortgage and fix the real estate issue.
Because fixing real estate will make banks willing to lend again, and allow businesses / people to prosper.
admin
http://invetrics.com
Reich should have titled his essay "Global deflation, and no.. I have no f.. idea how to fix it".
Gotta love a labor sec. talking the truth.
Its a great way to reduce our carbon footprint. Our consciences can be clear now.
All I want to know is this ... who's going to pay the $25 it takes to buy Gillette razors every few weeks? Those BICS at less than 1/10th the price work awfully well. There's a major downshift in spending patterns that will last a generation. Let's see how P&G makes it up on volume China. This will be played out in every product category across the board - including services. The big corporations see this and are taking defensive actions. Good for them. But I think it's creating unbelievable opportunities for new ideas, products and yes, companies. Best time ever to attack, compete and win. Or I guess some of you may prefer to lock yourself up in your closet with gold, guns and canned goods and wait for 2012. Is it safe yet? hahahahahaaa
MOst of these "forward thinkers" with new ideas and products are in ... China - and most of them holding best American diplomas, not the least among them being those in International Finance.
Grasshopper, prepare for the worst, hope/work for the best, keep mind open to opportunity in the meantime...
"At this festive season of the year, Mr. Rubin," said the gentleman, taking up a pen, "it is more than usually desirable that we should make some slight provision for the poor and destitute, who suffer greatly at the present time. Many thousands are in want of common necessaries; hundreds of thousands are in want of common comforts, sir."
"Are there no prisons?" asked Rubin "Are they still in operation?"
"They are. Still," returned the gentleman, "I wish I could say they were not."
"The Treadmill and the Poor Law are in full vigour, then?" said Rubin.
"Both very busy, sir."
"Oh! I was afraid, from what you said at first, that something had occurred to stop them in their useful course," said Scrooge. "I'm very glad to hear it."
"Under the impression that they scarcely furnish Christian cheer of mind or body to the multitude," returned the gentleman, "a few of us are endeavouring to raise a fund to buy the Poor some meat and drink, and means of warmth. We choose this time, because it is a time, of all others, when Want is keenly felt, and Abundance rejoices. What shall I put you down for?"
"Nothing!" replied Rubin.
"You wish to be anonymous?"
"I wish to be left alone," said Rubin. "Since you ask me what I wish, gentlemen, that is my answer. I don't make merry myself at Christmas, and I can't afford to make idle people merry. I help to support the establishments I have mentioned: they cost enough: and those who are badly off must go there."
"Many can't go there; and many would rather die."
"If they would rather die," said Rubin, "they had better do it, and decrease the surplus population. ... It's enough for a man to understand his own business, and not to interfere with other people's. Mine occupies me constantly. Good afternoon, gentlemen!"
A Dickens' American Christmas 2009! courtesy of Goldman Sachs. Priceless.
Right on JR; and I thought only good looking women came from Dallas. Even though JR was a oil man you make damn good sense here. But alas you will be labeled a right wing nazi protectionists and run out on a rail by the leftist, secular, progressives who believe in a new international order... the USA is passe it is the world now that counts. WTF!! We can beat this thing but we have to grow some real nadds in DC and all I see are whimps and girls. Send Moe, Curly, Timmie and Ben and BHO all to Europe and ban them from returning. They can then concentrate on the controlling the EU and creating a new experiment there.
You aren't so bad looking yourself, bayou_plumber... By the way, thanks, and I won't mind the labels or the rails. And that's an excellent plan you've got for Moe, Curly, Timmie, Ben and BHO. We need to get right to it.
I assumed I was in a minority for having thought Reich to be an astute observer of our current situation for quite some time now. He calls it as he sees it, and as it is. Well, the jobs are gone and they ain't coming back. we'll need to rebuild our economy, we need smart manufacturing here in the US, and forget all this "global economy" crap. That philosphy is elitist, and benefits only those who sit at the top of an ever-enlarging heap. Time for the elites to be deposed.
Dinge in, new and shiny out.
Following Barack Obama’s Afghanistan speech last night Sen. Bernie Sanders (I-Vt.) was to be the counter balance opposing the Republican for National Public Radio’s analysis of the speech. But Sanders blasted the Administration plan saying, “I want to know where the rest of the world is? If they're worried about the future of Afghanistan and Pakistan…where is Europe? Where is Russia? Where is China? They're all just sitting back as America pays the bill."
Sanders said Washington should be focused on the economy. "My view is that among many other things, in the middle of a severe recession with 17 percent of our nation unemployed or underemployed, with one fourth of our kids living on food stamps, I'm not sympathetic to spending $100 billion a year on Afghanistan, plus what we are spending on Iraq."
The same points could be made regarding American jobs and the economy. Americans are fighting the wars, we are paying the taxes, we are protecting overseas corporate interests, our young people are being maimed and dying in these wars, their families are sacrificing, their tuition at universities is going through the ceiling because of the high salaries and junkets for faculty and administrators and for subsidies of foreign students and out-of-state students and illegal immigrant students, and, then, when they graduate, they have no jobs.
This is happening to America’s young people at the same time European, Japanese, Chinese, Indian and Mexican students and workers are coming to the U.S. under jobs programs for the corporations.
And now former Secretary of Labor Robert Reich has the unmitigated gall to suggest that with the developments of foreign labor, Americans need to get used to a reduced employment economy.
His comments suggest that there may be no alternative to the trends of corporations hiring foreign workers, who, he says, are qualified to do the jobs.
Secretary Reich, Listen up! The alternative is staring us in the face. Restrict the H1-B visa program severely; encourage universities to begin once again to train our youth in technology and engineering by widespread reforms in university grants and budgets and entrance systems; and close the border to Mexico and to corporations who outsource. If the U.S.-based multi-national corportions don’t need us except for our taxes and our support of their low-pay foreign labor and our consumerism and their wars, we don’t need them.
Until America’s employment and opportunity problem is solved, the amount of outsourcing by U.S.-based corporations needs to be restricted to zero.
-1
the reason for his statements is that the manufacturing infrastructure is no longer there. so any recovery that happens is not going to be in manufacturing which is historically a large part of any modern economy. So much would have to be rebuilt from scratch that if a company is to do so they will likely do so overseas where total costs are much lower, including wages. The only way to really make it happen is to change the world trade system and tariff structure to encourage capital to stay at home rather than move around. As long as capital is free to move wherever it wants whenever it wants with no impositions then there is just no logical way to see those jobs coming back. There may be new jobs that arise, but they will be more service type, which historically has paid lower wages than manufacturing. Of course, killing trade would hurt the one chance the us has of really getting out by deflating the dollar and debt burden and exporting out with a cheap dollar. Its no panacea, but that's the politically acceptable route that allows the same powers to stay in power even if the faces change, which again has been historically chosen by govts.
Corporate lawlessness has now gone too far; multinational corporations based in the United States have put the nation, her people, and her economy in serious jeopardy. It must be stopped. And Congress is the problem.
A year ago, Sen. Fritz Hollings|, former South Carolina Senator, gave the answer. It's long, but for anyone interested, the answer's there, in Outsourcing: How America Is Losing the Trade War:
Today, Americans agree that the economy is their principal concern. But no one wants to mention the most damaging effect to the economy -- the outsourcing of jobs; the outsourcing of production; the outsourcing of technology; the outsourcing of research; the outsourcing of investments; the outsourcing of the economy… [Obamanomics] discusses every effect to the economy but the outsourcing of the economy.
…Congress doesn't regulate outsourcing because the economists and business leadership keep telling us the economy may need a little stimulation but it is fundamentally strong. And now, Congress is fearful of stopping outsourcing because Corporate America that contributes to campaigns constantly admonishes "free trade," "protectionism."
After World War II, the strategy in the Cold War was to defeat communism with capitalism. We instituted the Marshall Plan and entered into free trade agreements to open markets, yielding entry into our market. But Japan refused to open its market and set about taking over in international trade with an assault for market share. Japan sold its export at cost or below cost, making up the profit in its closed domestic market. It directed this global assault by financing production with the Ministry of Finance and selecting aim in trade with the Ministry of International Trade and Industry.
Today, as General Motors and Ford struggle, Toyota is No. 1. Other countries followed Japan's strategy of market share, more or less resulting in a trade war. Corporate America and Congress tried to engage, but were thwarted at every turn. Forty years ago, we passed a trade bill to protect our textile industry with a bipartisan majority in the United States Senate, only to have it defeated by President Lyndon Johnson in the House of Representatives. President Johnson joined the big banks, the Trilateral Commission, and the Council on Foreign Relations in a call for free trade, against protectionism. Banks were interested in increasing their profits by developing economies abroad, and President Johnson was determined to defeat communism with capitalism. But back home we were losing jobs and production because we couldn't get into Japan's market. The sale of textiles in Korea was blocked because we had to secure permission from the Korean textile manufacturers. All along we couldn't get the administration to enforce the laws against dumping.
Later, we passed a protectionist trade bill with the help of Corporate America through both Houses of Congress, only to be vetoed by President Jimmy Carter counseling productivity and free trade. At the time, the textile industry was upgrading $2 billion a year and was far and away the most productive of manufacturers. Corporate America sought protection for its investment and production by passing two more trade bills, both to be vetoed by President Ronald Reagan. The National Association of Manufacturers, the American Textile Manufacturers Institute, the United States Chamber of Commerce, all joined with the textile industry in passing another bill to protect America's investment and production through both Houses of Congress, to be vetoed by President George Herbert Walker Bush again warning against protectionism. Our trading partners kept their markets protected and continued to violate free trade agreements. Not receiving protection from either Democratic or Republican presidents, industry began outsourcing. President Clinton's North American Free Trade Agreement with Mexico and Permanent Normal Trade Relations with China turned outsourcing into a hemorrhage… [U]nder President George W. Bush, little South Carolina experienced a net loss of 94,500 manufacturing jobs with an unemployment rate of 7%. The nation has lost millions of jobs and important production. And what isn't being outsourced is being bought up with the cheap dollar -- IBM with 500 patents to China; Lucent and 800 Bell Lab patents to France; Westinghouse Nuclear with all of its government nuclear research to Japan; Vodaphone to Germany; Gateway to Taiwan; Bethlehem Steel, that furnished the steel for World War II, to Russia, and now Genentech to Switzerland. Our country is going out of business.
China now engages in this trade war with the supermodel of government-controlled capitalism. It has opened its market, but only on condition. China demands research and technology for Corporate America to produce in China. Twenty years ago, General Motors located the most modern automotive research lab in Shanghai for permission to produce its Buick automobile in China. The best of U. S. technology, Microsoft and Intel, have followed suit. Today, China already has a space program and nuclear program and by this time next year will out-produce the United States of America. China alters the technology, patents it, and Chinese production becomes the best and cheapest in international trade. In a few short years, when China tells Corporate America it doesn't need it anymore, Corporate America will return home unable to produce anything for a profit.
Globalization is nothing more than a trade war -- with the United States AWOL. We refuse to fight; we refuse to compete in globalization; we refuse to protect our economy and standard of living like the plague. Ironically, the United States was founded on protectionism. We obtained a consensus for a Constitution in 1787, but it took four more years to reach a consensus on First Amendment rights of the freedom of speech, religion, assembly and the press. Foremost in the minds of the forefathers in 1787 was manufacture. The Crown had forbidden manufacture in the colonies -- one couldn't even print a Bible. So President George Washington, in his first message to the Congress in 1789, counseled: "A free people should promote such manufactories as tend to render them independent on others for essential, particularly military supplies." And the first bill to pass Congress in history, on July 4, 1789, called for a 50% tariff on numerous articles. We financed and developed the economy of this great nation with protectionism. We didn't pass the income tax until 1913. Today, all in Congress swear by free trade. None other than Teddy Roosevelt exclaimed: "Thank God I'm not a free trader." Edmund Morris, in Theodore Rex, reported that the United States when Teddy Roosevelt was President "found her worth twenty-five billion dollars more than her nearest rival, Great Britain, with a gross national product more than twice that of Germany and Russia."
Few realize the business leadership of America has been outsourced. Corporate America has changed sides and along with the Business Round Table, National Association of Manufacturers and the United States Chamber of Commerce opposes our country competing in globalization. As a "fifth column" in the Trade War, they shout "free trade," "protectionism," to protect Corporate America's record profits from outsourcing. This leads the people and us in politics to think free trade is a sound policy to build the economy. Nonsense! As Cordell Hull said: "It is reciprocal free trade."
Article I, Section 8, of the Constitution, assigns the responsibility for trade to Congress. We've got to get out of the Iraq War and the Afghanistan War and get into the Trade War. First, Congress must organize to do battle by correlating the Special Trade Representative and other entities of trade into a new Department of Trade and Commerce. We don't need any new trade laws; all we need is to enforce the laws on the books. We enforce the trade laws against domestic production with an Assistant Attorney General for anti-trust. Have the same attorney general enforce trade laws governing foreign production. We can abolish the International Trade Commission and take the tax benefits to outsourcing and give them to domestic production. We need a value added tax to remove the disparity (17%) or penalty for the United States in international trade. Every industrialized country has a VAT that's rebated at the time of export. But Corporate America's taxes are not rebated. It will take a year for the IRS and business to organize for a VAT. In the meantime, we can enact a 5% to 10% import surcharge as President Richard Nixon did in 1971. This will stop the hemorrhaging of outsourcing, remove the disparity in trade, and provide the money for the health, infrastructure, energy and deficit problems. The Secretary of commerce is burdened with the duty to prepare a list of materials critical to our national security. We have now some 500 items on the list, some of which we will have to enact quotas or tariffs to produce for our defense. For example, we are getting in a position that we have to depend on China, Japan and India for vital plane and automobile parts. Rolling stock is necessary for our defense. In World War II, Ford produced the tanks and GM produced the B-24s. Activate the Secretary of Commerce's list and put America back to work.
As Lincoln said: "As our case is new, so we must think anew and act anew. We must disenthrall ourselves [from free trade and protectionism and begin trading], and then we can save our country."
http://www.huffingtonpost.com/sen-ernest-frederick-hollings/outsourcing-...
+1
however american labor has priced themselves out of the global market. why make anything here when you can pay 10% of the price for people in malaysia? plus not deal with this overbearing government
The American idea was emphasis on the worth of the individual; it was a departure from the serfdom of Europe, it was an economic system whereby each person could apply himself to work for his own prosperity. The American idea was never to be a link in the world’s labor pool--always surrendering to the ever-declining wages from the Lord of the Manor.
Globalism is the road to universal serfdom; have we not met the masters? Are these not their words we are reading here? Would you have us bid for our labor on the world market, give up what we have fought and sacrificed for and built, only to be corralled like sheep and ruled by the whip?
The American Dream was about human freedom, individualism and the opportunity to succeed—it led to our nation and her people becoming the freest, strongest and most prosperous on earth. We do not intend to sacrifice it on the altar of globalism—to submit to global governance by the international bankers and the likes of Maurice Strong, founder of the UN Environment Programme and on the board of the Chicago Climate Exchange (CCX), whom I quote: “Current lifestyles and consumption patterns of the affluent middle class—involving high meat intake, the use of fossil fuels, electrical appliances, home and work-place air-conditioning, and suburban housing—are not sustainable.”
Or Michael Oppenheimer of the Environmental Defense Fund: “The only hope for the world is to make sure there is not another United States. We can’t let other countries have the same number of cars, the amount of industrialization, we have in the US. We have to stop these Third World countries right where they are.”
Or Ted Turner, who donated over a billion dollars to the UN to fund the Intergovernmental Panel on Climate Change (IPCC): “A total population of 250-300 million people, a 95% decline from present levels, would be ideal.”
stop getting me hopeful enough of us will wake-up and take this back and fix this clusterfuck...damn...the vacillation between fighting for it and letting it implode is driving me to drink...oh...wait...I already do that...:)
+1000
Preach on JR!
Priced themselves out of the global market? I just reveiwed contractors in the Phillipines willing to work for 2.78 an hour and less. Are you mad? American corporations were profitable before oursourcing, but not obscenely profitable. Why do you think that companies like GE went in the loan business? Because so much money was coming in they didn't know what to do with it, but lend it out. Your comments are treasonous and US corporations are traitors.
nope
its inflation that priced us out
+100000, as a father of 3...
Oh grow up.
Good stuff on ZH today.
In a sense the post WWII economic powerhouse that was America sprang from one source, the building of suburbia, of which autos were a part. And we built totally new things with technology but still, sububia was at the base. This was not a terrible thing. Yes there was a lot of waste but still, other great nations and empires have done worse.
As globalization took hold and another 2 billion souls arrived on the scene to take part in the modern world of production and consumption it stands to reason that so much of the production of stuff to fill suburbia would come from elsewhere. Which became a potential political and social disaster. I can sort of forgive the Fed and the politicians for doing everything in their power to keep the real estate engine humming. The jobs to build and sell and finance those homes wasn't going to be done by people accross the Pacific Ocean.
Then it got out of hand. There was never a good time to slow it down. It had to finally crash down on its own but there is nothing to replace it. Which is why there was never a good time to slow it down. Everyone wanted it except the hippies, who were on to something. Even if the banks were in good shape instead of zombies it's impossible for me to see how America works for the bottom 40% or more now. The dream of the Geithner's and Summers of the world, if they know it or not, is that things will work out pretty well without the bottom. Corporations don't need them. The Randians and the Donner Party Conservatives say good riddence.
We will see won't we?
Larry, Tim and Ben, you say? Isn't it more like Moe, Larry and Curly, which would be funny, perhaps, if it weren't so irretrievably appropriate.
Jobs that won't be coming back, 30,000 more kids that'll be risking death as this fetid sewer of a government works its way through satisfying, almost breathlessly, those, like AIPAC, that intimidate it and its many oily benefactors and campaign contributors. And as they do so they remain so utterly insulated from the truths of these realities, so unconcerned by them, that they've begun making the last Russian Czar look like Santa Claus. Perhaps one day if they keep it up, they'll face a fate no different than his.
With this latter in mind one well notes the timeless propriety of Edwin Markham's nineteenth century poem, The Man With The Hoe, whose lines ring true no less so in the present than in the days that they were written:
The Man with a Hoe
Bowed by the weight of centuries he leans
Upon his hoe and gazes on the ground,
The emptiness of ages in his face,
And on his back, the burden of the world.
Who made him dead to rapture and despair,
A thing that grieves not and that never hopes,
Stolid and stunned, a brother to the ox?
Who loosened and let down this brutal jaw?
Whose was the hand that slanted back this brow?
Whose breath blew out the light within this brain?
Is this the Thing the Lord God made and gave
To have dominion over sea and land;
To trace the stars and search the heavens for power;
To feel the passion of Eternity?
Is this the dream He dreamed who shaped the suns
And marked their ways upon the ancient deep?
Down all the caverns of Hell to their last gulf
There is no shape more terrible than this--
More tongued with cries against the world's blind greed--
More filled with signs and portents for the soul--
More packed with danger to the universe.
What gulfs between him and the seraphim!
Slave of the wheel of labor, what to him
Are Plato and the swing of the Pleiades?
What the long reaches of the peaks of song,
The rift of dawn, the reddening of the rose?
Through this dread shape the suffering ages look;
Time's tragedy is in that aching stoop;
Through this dread shape humanity betrayed,
Plundered, profaned and disinherited,
Cries protest to the Powers that made the world,
A protest that is also prophecy.
O masters, lords and rulers in all lands,
Is this the handiwork you give to God,
This monstrous thing distorted and soul-quenched?
How will you ever straighten up this shape;
Touch it again with immortality;
Give back the upward looking and the light;
Rebuild in it the music and the dream;
Make right the immemorial infamies,
Perfidious wrongs, immedicable woes?
O masters, lords and rulers in all lands,
How will the future reckon with this Man?
How answer his brute question in that hour
When whirlwinds of rebellion shake all shores?
How will it be with kingdoms and with kings--
With those who shaped him to the thing he is--
When this dumb Terror shall rise to judge the world,
After the silence of the centuries?
Excellent post. Thank you.
Excellent post. Thank you.
If JS6 was a single entity and asked me "how do can I stop Wall Street and the Fed?" my answer would be don't go to work! That's exactly what's happening it's not by choice. But happening none the less.
11.5% unemployment will bring the TBTF's down.
13% will blow the Fed up!
The Fabian Jobs Machine
Dramatis Personae
the answer is very simple, manage controlled destruction of economy,destroy currency value and the existing international trade. From there to the Mad max 2010 amidst us making our own chairs, bowls and baubles. Shoe repair shops will become the new shoe makers. This will be a renewal of the american maker society. I think we will do quite well after we pass truh the present poverty storm.
Thse who own silver and gold will have the capital to begin the rehiring and rebuilding. The fools with mirrors, now balancing what must come apart, will suffer least on earth. Life is not fair and we are not equal. The best way to live during this time is to see it as the adventure that life is. It could have been so boring. Lets be thankful for the crap we got.\!
What means this, this phrase, "Shoe repair shop" that you use? I am unfamiliar with it and have no cultural reference point...
I do agree with you though, especially "The best way to live during this time is to see it as the adventure that life is. It could have been so boring."...very nice!
An inconvenience is an adventure wrongly considered.
An adventure is an inconvenience rightly considered.
Attitude is everything.
exactly!!
Here's my predictions for 2010. A hint.. recovery isn't amongst the many predictions:
http://themeanoldinvestor.blogspot.com/2009/12/outlook-for-2010.html
You blamed the wrong people fuck nut. Ross Perot warned us where the road to Nafta led. WTO status for currency msnipulatotrs. Our entire "free" trade policy is as much a sham as a ninja loan application circa 2005.
Start your blame with Clinton and Rubin. Add Bush and other miscellaneous traitor assholes.
But it's okay, because manufacturing jobs are being replaced by knowledge-sector industries like real estate and finance... ... oh wait.
This is absolutely right-on. The structural problem created by deindustrialization will echo and re-echo for decades. This is going to create a very real post-industrial crisis for the U.S. (and, eventually, for Europe).
de-industrialization is only part of the problem....
the real problem is that reich and other intentionally
planned this destruction of jobs in order to bring
lower priced labor to the plutocrats....
his attitude was so clinical, so dispassionate
and furtively gleeful...i hate that piece of shit...
if capital (software) can equalize productivity
it suggests a diminished value for education.
the only way to address borderless economies is
to reinstate tarriffs and establish ones for labor...
competing with 3d world countries is not competition -
it is suicide....
americans will have to learn to make their own
livings instead of relying upon companies to do
so....
industrial activity should be nurtured at home
rather than exported abroad....yet the general
trend in economies is toward service and knowledge
work....creating policies to offshore huge
percentages of gdp is wrong.
fuck free trade and the new world order.
You have sifted through the obfuscators’ chaff and found the kernels of wisdom. Amazing, the clarity, when the jargon blind is raised, and the truth revealed. A powerful summation! Thanks!
+$23.7 Trillion
It's a crisis for the workers, not the corporations. They are only too happy to keep wages low and employees in fear of losing their jobs.
What did anyone expect. The world has billions of ordinary people who can do the same thing ordinary Americans can do. If you don't own capital or at least intellectual capital, you're worth nothing more than them.