Nuking the Economy - Paul Craig Roberts

[Wind Dancer]

Forget Iran, Americans Should be Hysterical About This

Last week the Bureau of Labor Statistics re-benchmarked the payroll jobs data back to 2000. Thanks to Charles McMillion of MBG Information Services, I have the adjusted data from January 2001 through January 2006. If you are worried about terrorists, you don’t know what worry is.

Job growth over the last five years is the weakest on record. The US economy came up more than 7 million jobs short of keeping up with population growth. That’s one good reason for controlling immigration. An economy that cannot keep up with population growth should not be boosting population with heavy rates of legal and illegal immigration.

Over the past five years the US economy experienced a net job loss in goods producing activities. The entire job growth was in service-providing activities--primarily credit intermediation, health care and social assistance, waiters, waitresses and bartenders, and state and local government.

US manufacturing lost 2.9 million jobs, almost 17% of the manufacturing work force. The wipeout is across the board. Not a single manufacturing payroll classification created a single new job.

The declines in some manufacturing sectors have more in common with a country undergoing saturation bombing during war than with a super-economy that is “the envy of the world.” Communications equipment lost 43% of its workforce. Semiconductors and electronic components lost 37% of its workforce. The workforce in computers and electronic products declined 30%. Electrical equipment and appliances lost 25% of its employees. The workforce in motor vehicles and parts declined 12%. Furniture and related products lost 17% of its jobs. Apparel manufacturers lost almost half of the work force. Employment in textile mills declined 43%. Paper and paper products lost one-fifth of its jobs. The work force in plastics and rubber products declined by 15%. Even manufacturers of beverages and tobacco products experienced a 7% shrinkage in jobs.

-more-

http://www.counterpunch.org/roberts02112006.html

[converted_democrat]

1. I don't really like the guy, but the fact that he is standing up to this

administration means alot to me. Our economy is in trouble.. It's refreshing to hear a puke that isn't a cheerleader for the administration..

[Wind Dancer]

4. He has been speaking out for years against this administration.

Dr. Roberts offers an interesting perspective as a former conservative. He worked for years under Reagan so I find his writings a must read.

[kenny blankenship]

2. This is the most potent condemnation of the Bush disaster ever penned

Here it is the liquidation of the American economy.
Where are our representatives? Where is the media--oh right (i forgot) collecting their corporate bribes and shopping for 3,000 dollar suits respectively.

[Double T]

3. Good to see the real truth about our economy articulated so clearly

The USA is in serious trouble and continued DENIAL by this current administration will lead to a SUDDEN collapse of our economy. Trade deficits of humongous proportions continue with virtually every nation; what the hell has the USA got to sell, everything is made somewhere else. The WH can only spin their BULLSHIT for so long before truth and reality will set in and take over. Their is a huge older work force that is either retired or in the process of retiring; retiring with the fear that their pensions and health care may not be there for the 'golden years'. Who the hell is going to foot that bill. Corporations are sucking the life out of the USA and relegating our nation to the backseat in world standings. The Chinese will win the war without firing a shot.

[hadrons]

5. to hear Paul Craig Roberts talk about this (and much more)

I downloaded the interview a few days ago (here at http://www.electricpolitics.com / ... its long, over an hour ... about 58MB) and I enjoyed it (Paul Craig Roberts still defends Reagan's economic policies, but don't let that turn you off,) but he says so much that incredible

[Wind Dancer]

7. Thanks for the link.

Bookmarked for later, I look forward to hearing it.

[necso]

6. In my opinion, it all comes down to

"historical" momentum (that is: mass, speed, direction -- and pattern)... and the slope of the gravity well.

The pit no longer merely awaits -- it starts to pull strongly.

And so:

"One by one and two by two,
past eight by tens in shattered frames,
the players try to leave the room,
frantic puppets on a string,
and all the while the music sings."