"... as measured by the methodology of 1980". From other board:
Good Bye: Truth Has Fallen and Taken Liberty With It
by Paul Craig Roberts, published March 24, 2010
There was a time when the pen was mightier than the sword. That was a time when people believed in truth and regarded truth as an independent power and not as an auxiliary for government, class, race, ideological, personal, or financial interest.
Today many whose goal once was the discovery of truth are now paid handsomely to hide it. “Free market economists” are paid to sell offshoring to the American people. High-productivity, high value-added American jobs are denigrated as dirty, old industrial jobs. Relicts from long ago, we are best shed of them. Their place has been taken by “the New Economy,” a mythical economy that allegedly consists of high-tech white collar jobs in which Americans innovate and finance activities that occur offshore. All Americans need in order to participate in this “new economy” are finance degrees from Ivy League universities, and then they will work on Wall Street at million dollar jobs.
Economists who were once respectable took money to contribute to this myth of “the New Economy.”
And not only economists sell their souls for filthy lucre. Recently we have had reports of medical doctors who, for money, have published in peer-reviewed journals concocted “studies” that hype this or that new medicine produced by pharmaceutical companies that paid for the “studies.”
The Council of Europe is investigating the drug companies’ role in hyping a false swine flu pandemic in order to gain billions of dollars in sales of the vaccine.
Wherever one looks, truth has fallen to money.
Wherever money is insufficient to bury the truth, ignorance, propaganda, and short memories finish the job.
As an economist, I am astonished that the American economics profession has no awareness whatsoever that the U.S. economy has been destroyed by the offshoring of U.S. GDP to overseas countries. U.S. corporations, in pursuit of absolute advantage or lowest labor costs and maximum CEO “performance bonuses,” have moved the production of goods and services marketed to Americans to China, India, and elsewhere abroad. When I read economists describe offshoring as free trade based on comparative advantage, I realize that there is no intelligence or integrity in the American economics profession.
Intelligence and integrity have been purchased by money. The transnational or global U.S. corporations pay multi-million dollar compensation packages to top managers, who achieve these “performance awards” by replacing U.S. labor with foreign labor. While Washington worries about “the Muslim threat,” Wall Street, U.S. corporations and “free market” shills destroy the U.S. economy and the prospects of tens of millions of Americans.
With over 21 per cent unemployment as measured by the methodology of 1980, with American jobs, GDP, and technology having been given to China and India, with ..., the liberty and prosperity of the American people have been thrown into the trash bin of history.
Really?? Questions for you hajohn:
1) What's your source for the "3 1/2% unemployment among college graduates?
2) Assuming your number is correct, it means that supply of college graduates is more than demand already. Why do you need more of them?
If "all non-college lay-abouts" become "college graduates", how high the unemployment rate would be??
You are being illogical, just as lgtccjm & puckstopperforh... LOL.
The truth is still alive, it's just in the ICU, with guards posted the the door. The prognosis is good. As soon as it regains consciousness and makes testimony, there are people going to jail who would do anything to stay out of it.
puckstopperforh preaches: "Teach your children spanish! and tell them they do not have to stay in America for a job."
Why?? Do you see Brazil is short-handed now or in the future? -- sooo short-handed that it needs import of American labor??
Or, are you advocating export of Americans as economic refugees??
"As an economist, I am astonished that the American economics profession has no awareness whatsoever that the U.S. economy has been destroyed by the offshoring of U.S. GDP to overseas countries. U.S. corporations, in pursuit of absolute advantage or lowest labor costs and maximum CEO “performance bonuses,” have moved the production of goods and services marketed to Americans to China, India, and elsewhere abroad."
DUH! Someone please provide an example, in the history of free trade and business, where business did not go where the margin is maximized. I'm astonished if one believes otherwise and if I'm a shareholder of a company that would do otherwise, I'd want the CEO fired.
If we want business to come home, then we must provide an environment of growth and lower labor costs. Simple as that(tongue inserted in cheek here). More seriously, until we can provide, or accept, such an environment, quit whining and expect more of the same.
Lastly, I do not accept that the U.S. economy has been destroyed. It's out of kilter right now for a host of reasons. Economies do that in cycles but to infer that it "has been destroyed" is, IMO, gross exaggeration.
You are a classic case of lack norm syndrome. To learn common sense, you may start with the lessons below.
Common Sense Lesson 4 (4-Jul-10, 01:53pm)
Common Sense Lesson 3 (22-Jun-10, 09:16 pm)
Common Sense Lesson 2 (22-Jun-10, 08:20pm)
Common Sense Lesson 1 (22-Jun-10, 07:36pm & 08:04pm)
Read them over and over again, until you understand if ever. Good luck.
What crap. Surplus middle class income drove the American economy, now failing due to idiocy like yours, and now you want to create a slave class? We're almost there already. We also have slaves working right over the border in Mexico already, and more in South America, China, Africa, and India. Where did you get this great idea, anyway? Was it a study of Prebellum Mississippi, or an essay found in an antique Cracker Jack box?
Yes, totally agree yet, I will maintain a positive attitude and in November the tables will turn. Doome and gloom for now but it can and will turn around. It is not over till the fat lady sings. p
I know they keep blaming the undocumented workers too, but real fact is big business wants to make big bucks by producing products for extremely lower price. I also feel that people in other countries should get jobs they are poor. It is ok if something good comes out of our troubles, but the truth is they are getting paid less too and their safety and social life is being destroyed by mistreatments.
I agree, however there will be a price to pay and the American people will at some point " the tipping point' take it all back. When and how is unkown but it will be ugly and long lasting.
Wow - very well put. And i have believed every word of it for a long time. I am an IT professional and outsourcing started for us early in this decade. working in IT isn't challenging or even interesting anymore. it is just managing the outsourcing agreement, struggling with language and cultural barriers, and redoing the work many times over on this end. top mgmt doesn't see it. all they care about is their big, huge bonus for cutting costs.