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Trump and Carrier: how a modern economy is like a parking garage
Great article on the constant change of the labor market and how jobs that are destroyed are offset by the creation of new ones. The author uses the delightful analogy of a parking garage to illustrate how the President-elect's Carrier deal is not only not sustainable but actually counter to what makes the American economy so dynamic and fluid.
In the two hours that President-elect Donald Trump spent flying to Indiana on Thursday to boast that he saved 1,000 jobs, about 6,000 private-sector jobs in the United States were probably destroyed.
It’s a surprising statistic — one that speaks to the constant state of change in the labor market. My calculation is based on government data that shows that every three months roughly 6.7 million private-sector jobs are destroyed, which in an expanding labor market is offset by the creation of nearly 7.2 million jobs.
Over a full presidential term, more than 100 million jobs will be destroyed. Trump can’t expect to stanch much of that flow.
Of course, not all jobs that go away are gone forever: Public beaches need lifeguards every summer, and Macy’s hires elves around Christmastime. Not that this is necessarily much comfort to a jobless elf in January.
More: http://www.sfgate.com/business/article/Trump-and-Carrier-how-a-modern-economy-is-like-a-10688320.php
It’s a surprising statistic — one that speaks to the constant state of change in the labor market. My calculation is based on government data that shows that every three months roughly 6.7 million private-sector jobs are destroyed, which in an expanding labor market is offset by the creation of nearly 7.2 million jobs.
Over a full presidential term, more than 100 million jobs will be destroyed. Trump can’t expect to stanch much of that flow.
Of course, not all jobs that go away are gone forever: Public beaches need lifeguards every summer, and Macy’s hires elves around Christmastime. Not that this is necessarily much comfort to a jobless elf in January.
More: http://www.sfgate.com/business/article/Trump-and-Carrier-how-a-modern-economy-is-like-a-10688320.php
It's a brilliant public realtions coup for Trump, of course -- a short-term solution and huuuuge news bit that his gullible supporters will eat up. But as in everything else, this moron is clueless.