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Our real underemployment/unemployed rate is over 19% or one in five Americans! A Business Week article suggests that it's not just manufacturing workers who have seen big employment declines and are at risk, but a substantial portion of the 57 million U.S. white-collar and professional employees who face real global competition as a portion of these jobs can be readily outsourced. In other words, hang on folks the fun is just beginning.
Three more statistics – 45% of all U.S. company profits came from Wall Street. Wall Street doesn’t make anything. Their traditional role has been to facilitate business credit and finance. This appears to be out the window. Wall Street continues to make money through their trading of securities that have no intrinsic value. They caused most of this down turn and they are still conducting business in the way that caused this “Great Recession”. Small business, have you tried getting a business loan lately? Major Banks don’t need you to make piles of money. Why should they take the risk?
Small businesses have always been the little engine that could with regards to pulling the U.S. out of a decline. But this year, small business hiring actually declined by 2%.
Large U.S. corporations (transnational corporations operating under the laws and protection of the U.S.) made more profit this past quarter than since this statistic has been recorded (60 years). On an annualized basis, corporations made profit of $1.75 Trillion. And yet they won’t hire. If business hired 5 million employees in the U.S., the unemployment problem is over and they still make more than half of this year’s profits. They make more and more profit through increased worker productivity, through higher levels of automation and through outsourcing to low wage and 3rd world countries. My guess is that these businesses will ultimately divert most of this money to even greater development of their businesses offshore.
Conclusion: Countries that have developed or increased their manufacturing base have economic conditions and an economic future that is much brighter than the U.S. A country’s economic outlook is directly related to the goods (not the services) that are made in that country.
U.S. banks need to return to their primary role of promoting and supporting commerce here in America.
Laws must be enacted that penalize a U.S. corporation for outsourcing jobs, especially manufacturing jobs. Manufacturing jobs support a middle class lifestyle. Not everyone can be a doctor, lawyer, engineer or work on Wall Street. Economic viability comes out of the middle class not the financial upper echelon.
Support those in government that ‘walk the walk’ concerning protecting and preserving American industry.
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