The real point is this. Where are the new consumer products that America
could be making in order to sell to the Chinese and others and balance up
their imports?
But nor are European firms inventing and making these either. The truth is
that the industrial-consumer revolution has reached the end of its run.
Most of advanced country populations are as locked into their urbanized way
of life and their existing stock of goods) as ever peasants were locked
into their feudal way of life. Average wages have been declining for the
last 30 years and unless someone invents something more explosive than the
iPad -- and several more -- then the drift will continue.
Keith
At 20:21 28/12/2010 -0800, Michael Gurstein wrote:
-----Original Message-----
From: Portside Moderator [mailto:[email protected]]
Sent: Tuesday, December 28, 2010 7:16 PM
To: [email protected]
Subject: [SPAM] Where Are The Jobs? For Many Companies, Overseas
Where Are The Jobs? For Many Companies, Overseas
Associated Press
December 28, 2010
http://www.npr.org/templates/story/story.php?storyId=132396866
Corporate profits are up. Stock prices are up. So why isn't anyone hiring?
Actually, many American companies are - just maybe not in
your town. They're hiring overseas, where sales are surging
and the pipeline of orders is fat.
More than half of the 15,000 people that Caterpillar Inc. has hired this
year were outside the U.S. UPS is also hiring at a faster clip overseas. For
both companies, sales in international markets are growing at least twice as
fast as domestically.
The trend helps explain why unemployment remains high in the United States,
edging up to 9.8 percent last month, even though companies are performing
well: All but 4 percent of the top 500 U.S. corporations reported profits
this year, and the stock market is close to its highest point since the 2008
financial meltdown.
But the jobs are going elsewhere. The Economic Policy Institute, a
Washington think tank, says American companies have created 1.4 million jobs
overseas this year, compared with less than 1 million in the U.S. The
additional 1.4 million jobs would have lowered the U.S. unemployment rate to
8.9 percent, says Robert Scott, the institute's senior international
economist.
"There's a huge difference between what is good for American companies
versus what is good for the American economy," says Scott.
To read more, go to
http://www.npr.org/templates/story/story.php?storyId=132396866
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Keith Hudson, Saltford, England
<http://allisstatus.wordpress.com/2010/12/>http://allisstatus.wordpress.com/2010/12/
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