What really killed the economy, and why it won't come back. Also why the "Recovery" isn't one.

[Peter1x9]

http://www.nytimes.com/2012/08/31/business/majority-of-new-jobs-pay-low-wages-study-finds.html?_r=2

The report looked at 366 occupations tracked by the Labor Department and clumped them into three equal groups by wage, with each representing a third of American employment in 2008. The middle third — occupations in fields like construction, manufacturing and information, with median hourly wages of $13.84 to $21.13 — accounted for 60 percent of job losses from the beginning of 2008 to early 2010.

The job market has turned around since then, but those fields have represented only 22 percent of total job growth. Higher-wage occupations — those with a median wage of $21.14 to $54.55 — represented 19 percent of job losses when employment was falling, and 20 percent of job gains when employment began growing again.

Lower-wage occupations, with median hourly wages of $7.69 to $13.83, accounted for 21 percent of job losses during the retraction. Since employment started expanding, they have accounted for 58 percent of all job growth.



In summary, people that once had decent full-time jobs with benefits can now expect to be waiters and burger flippers...if they can even find a job. By now, we all know the business model of the past decade has been to send the jobs overseas and pocket the difference in labor costs. All the tax cuts in the world won't make a difference if people don't have jobs to begin with. Tax cuts will just put more money in the hands of the already rich.
And once the tax revenue dries up (already happening on the local level as people lose their homes and no longer pay property taxes), old people can expect to live off cat food and dumpster diving without any healthcare.

[antigop]

1. and people on DU get upset when I post Hillary's OWN WORDS on the "advantages" of outsourcing

http://www.ndtv.com/article/india/ndtv-exclusive-hillary-clinton-on-fdi-mamata-outsourcing-and-hafiz-saeed-full-transcript-207593

Hillary Clinton: So you are talking about the outsourcing of US jobs to India. We know it's been going on for many years now and it's part of our economic relationship with India and I think there are advantages with it that have certainly benefitted many parts of our country and there are disadvantages that go to the need to improve the job fields of our own people and create a better economic environment so it's like anything like the pluses and minuses.

The "advantages" to outsourcing have gone to the corporate executives.

<edit> So wait for it...3...2...1....which name will I be called? "saboteur"? "hater"?

[Turbineguy]

2. It costs a lot to support those few in high pay occupations.

The money has to come from somewhere.

[Teamster Jeff]

3. We have a wage crisis as well a job crisis

I don't hear any plan out of Washington to address this. Raise minimum wage? Make union organizing easier (card check)? Fix crappy trade agreements?

[jonthebru]

4. A multi-national corporation by definition is not loyal

to any specific country. As they moved manufacturing out of the country and closed factories it must have been clear to the leaders that what the poster presented above was about happen.
One year ago I saw it in Buffalo, NY and across Northern NY. Hundreds of factories were closed. They showed a prosperity that was lost to the greed of the corporatists and their political puppets.
A loyal American would support the middle class. The middle class, hopefully with some expendable income, fuels our nations economy. Good paying secure jobs are very important to the economy. It appears that our paradigm must change because most of those factories will never reopen.