Everyone talks about US jobs "going over seas."
Or US jobs that are "lost" to cheap foreign workers.
Some economists say this "JOB LOSS" is insignificant.
Even Greenspan debunks the notion that US jobs are MIGRATING EN MASSE!
But consider:
THEY MAY BE RIGHT!
IT'S NOT THE JOBS THAT ARE LEAVING!
IT'S THE JOBS THAT ARE NOT BEING CREATED!
THE US LABOR MARKET IS NOT "LOSING" JOBS AS MUCH AS IT IS NOT
CREATING JOBS IN THE FIRST PLACE!
That's were the big "mystery" of this "recovery" will ultimately be
found.
Jobs are not DYING! Jobs are not being BORN!
AND IT MAKES ALL THE DIFFERENCE IN THE THE WORLD!
Clearly, the focus of the GLOBAL ECONOMY is no longer on the US.
China and India are the new darlings of capital and they are where
the NEW INVESTMENTS are going in huge amounts.
YET MANY ECONOMISTS IN THE US ARE STILL TRYING TO "FIND" THE JOBS
THAT ARE "LEAVING,"......GO FIGURE!
And surprize, not finding mass migration are then saying: NOTHING IS
WRONG!
This of course misses the point entirely. And, I suppose since no
one has noticed this, the conventional wisdom will continue for a
while.
BUT SOONER OR LATER, EVEN GREENSPAN WILL NOTICE THAT JOB MIGRATION IS
NOT AS IMPORTANT AS A US LABOR MARKET THAT IS "ON THE PILL!"
THE REAL PROBLEM IS NOT JOB MIGRATION, IT'S A LACK OF JOB CREATION!
AND THAT SAD STATE WILL CONTINUE AS LONG AS THE US IS A HIGH WAGE
ECONONY WITH LOW BENEFITS;
AN ECONOMY THAT DOES NOT SUBSIDIZE IT'S LABOR WITH HEALTH CARE, PENSIONS, WELFARE AND OTHER "SOCIALIZED BENEFIT COSTS" THAT ARE FOUND IN VIRTUALLY EVERY OTHER COMPETITIVE ECONOMY NOWADAYS.
