Where's Elaine Chow?, when you need her...
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All of us clever economists know that employment statistics are a trailing indicator with very considerable lag. Today's numbers (which will be hugely revised like all the previous ones) reflect more the consequences of the Clinton-Rubin strong-dollar policy than anything now being done at the White House. The lower-dollar policy will bring jobs back to the U.S. But if the labor pool expands faster than jobs can be created - which is very possibly the case at present - we'll see worse looking employment numbers at the very time when the economy is beginning to pick up steam.
"All of us clever economists know that employment statistics are a trailing indicator with very considerable lag. Today's numbers (which will be hugely revised like all the previous ones) reflect more the consequences of the Clinton-Rubin strong-dollar policy than anything now being done at the White House."
You've got to be kidding, right?
We are well passed the point that these "lagging" numbers should have kicked-in by now. It's time to wake-up and face the fact that there are structural impairments to job growth these days.
Businesses have added just 277,000 new jobs since July,today's report showed, cutting earlier estimates of growth in October and November. So much for the upward revisions!
You've got to be kidding, right?
We are well passed the point that these "lagging" numbers should have kicked-in by now. It's time to wake-up and face the fact that there are structural impairments to job growth these days.
Businesses have added just 277,000 new jobs since July,today's report showed, cutting earlier estimates of growth in October and November. So much for the upward revisions!
You're absolutely right about the Clinton-Rubin mess. I love it how everyone blames Bush for lack of jobs, but he is not the one that led the country into a massive bubble burst. Outsourcing started out while Clinton was still in the office mainly because of the cost issue due to the strong dollar and the whole globalization promoted by the Clinton administration.
Now we are in the employment mess due to that and everyone blames Bush because he cannot magically make all the jobs come back.
Quote from waggie945:
60% of Japanese college graduates have Engineering degrees while only 6% of American college graduates graduate with a degree in Engineering.
And you wonder why big American firms like Intel and Texas Instruments are not highering American workers???
You got it all wrong, it's the other way around. Because there is no future in technical careers in USA, few people are willing to pursue engineering college education.
I'm going to give you the benefit of the doubt and not point out how unintelligent this composit statement that you borrowed really is.
Simply put:
1) Clinton inherited the worst conditions possible with 4 sets of official Federal Debt numbers, each being successively more horrid than the previous from the Reps before him. During his 8year tenure he took the country into a corrective phase that worked because of Robert Rubin and the credibility that he had with not only Wall Street, but with the world Financial community. That downturn was not only explained first and kept short it worked. The resulting upswing made even janitors able to buy new homes and launched, among other things:
a) the largest housing upturn in world history, US history, modern history and in our lifetimes, and it still continues today
b) turned the US into a net creditor nation, which wasn't supposed to have happened until way past 2030 by the most optomistic projections
c) gave us a jobs explosion that allowed even for the chronicly unemployable to have more choices at work than ever before in history
2) Clinton / Rubin provided an environment where investment in US equities reached such a fever's pitch that more tax revenues (in every measureable category) were creating surpluses in almost every munitipality and taxing authority in America
3) Dow 12,000+ was either in sight or exceeded;
NASDAQ 5,000 was exceeded
other stock indicators reached levels never expected
indirect contrast we have more:
...financial collapses than ever before
...we have exceeded the Depression collapses of 1800's, 1929's, 1979, 1987, 1992-1994 and even South American countries
...we are shipping more jobs offshore to other countries in the name of corporate profits which should benefit the shareholders (whomever these really are) to the direct disadvantage of American citizens
...we are shoving more lies down the throats of more citizens through false economic rose colored pictures
...we are collapsing more municipalities, state governments and other agencies than ever before
...we can't see worse employment figures than we have without formal recognition of the horrid state that the country is in...
Nafta, Free Trade, non-enforcement of existing tax break arrangements in exchange for labor creation and non-enforcement of existing trade laws are to blame...not Clinton, nor Bush....
non-enforcement....
however, the ability to enforce has been substantially weakened more so, under this administration than even under the other Bush, or Clinton, or Reagan or other administrations...
so, yes he is to blame, and not the preceeding presidents' administrations
Not only is there no future in technology in America, there is no present, and its hard to beleive we even had a past, in technology jobs....
I bet you couldn't put your hand to name 6 out of 10 people from/in Japan with one of these degrees, nor might you be able to do that even in America....
Statistics have virtually no credibility in intelligent conversations becuase of their easy manipulation and inherent need to be so qualified as to lose their significance. One needs to explain how/why 60% of anything came to be, and whether or not there is/are artificial reasons (scholorships, guaranteed jobs, re-training existing workers, etc....) for such a high participation rate or how that is comparable to US based higher education conditions, where students have to actually pay for their degrees and justify their student loans with actual employment after graduation. The same conditions do not apply (equally) in Japan or Asia as we have in the United States.