Thursday, January 07, 2010
A decade of no job growth:
Bush Supports Shift of Jobs Overseas
The loss of work to other countries, while painful in the short term, will enrich the economy eventually, his report to Congress says.
February 10, 2004
WASHINGTON — The movement of American factory jobs and white-collar work to other countries is part of a positive transformation that will enrich the U.S. economy over time, even if it causes short-term pain and dislocation, the Bush administration said Monday.
The embrace of foreign outsourcing, an accelerating trend that has contributed to U.S. job losses in recent years and has become an issue in the 2004 elections, is contained in the president's annual report to Congress on the health of the economy.
"Outsourcing is just a new way of doing international trade," said N. Gregory Mankiw, chairman of Bush's Council of Economic Advisors, which prepared the report. "More things are tradable than were tradable in the past. And that's a good thing."
The report, which predicts that the nation will reverse a three-year employment slide by creating 2.6 million jobs in 2004, is part of a weeklong effort by the administration to highlight signs that the recovery is picking up speed. Bush's economic stewardship has become a central issue in the presidential campaign, and the White House is eager to demonstrate that his policies are producing results.
In terms of raw numbers, a growing population will result in more jobs. But the last decade had that growth offset with job losses from outsourcing/importing (referenced in the Bush report above), for a net of zero
. An unprecedented result.
But the U.S. economy has been "enriched" anyway. Right?
Remember that, although median income flat-lined or declined slightly during the Bush years, average net worth increased. This is because 90% of the population lost a substantial chunk of their assets and savings while their incomes stagnated or got cut--but the wealthiest 5% of the country saw their incomes, assets, and overall net worths skyrocket because of Bush's tax cuts and policies that tilted the playing field toward the rich.
As the Bush Treasury viewed the world, if you got into an elevator with Bill Gates, the average net worth of the people in the elevator would be $7 billion. Sure, you have almost nothing and Gates has $15 billion. But for the duration of the ride, both of you averaged $7 billion.
I fear we're still ruled by retards in many ways.
we shipped american jobs to india. we got mangoes in return.