did not bring Americans any jobs. On the contrary, the private
sector lost 13,000 jobs from the previous month.
is a harbinger of the new year, it is going to be a bad one. The
past year, hailed by Republican propagandists and "free trade"
economists as proof of globalism's benefit to Americans, was dismal.
According to the Bureau of Labor Statistics' nonfarm payroll data,
the US "super economy" created a miserable 1,054,000 net new jobs
during 2007. http://www.bls.gov/news.release/empsit.t14.htm
This is not
enough to keep up with population growth - even at the rate discouraged
Americans, unable to find jobs, are dropping out of the work force
- thus the rise in the unemployment rate to 5 per cent.
past year, US goods-producing-industries, continuing a long trend,
lost 374,000 jobs.
things was the "old economy." The "new economy" provides services.
Last year 1,428,000 private sector service jobs were created.
Are the "free
trade" propagandists correct that these service jobs, which are
our future, are high-end jobs in research and development, innovation,
venture capitalism, information technology, high finance, and
science and engineering where the US allegedly has such a shortage
of scientists and engineers that it must import them from abroad
on work visas?
to the official job statistics.
were more jobs for hospital orderlies than for architects
and engineers. Waitresses and bartenders accounted for
as many of last year's new jobs as the entirety of professional
and business services.
provided the 1.4 million service jobs in 2007?
and bartenders accounted for 304,200, or 21 per cent of the new
service jobs last year and 29 per cent of the net new jobs.
and social assistance accounted for 478,400, or 33 per cent of
the new service jobs and 45 per cent of the net new jobs. Ambulatory
health care and hospitals accounted for the lion's share of these
and business services accounted for 314,000, or 22 per cent of
the new service jobs and 30 per cent of the net new jobs. Are
these professional and business service jobs the high-end jobs
of which "free traders" speak? Decide for yourself. Services to
buildings and dwellings account for 53,600 of the jobs. Accounting
and bookkeeping services account for 60,500 of the jobs. Architectural
and engineering services account for 54,700 of the jobs. Computer
systems design and related services account for 70,400 of the
jobs. Management consultants account for 88,400 of the jobs.
more jobs for hospital orderlies than for architects and engineers.
and bartenders accounted for as many of last year's new jobs as
the entirety of professional and business services.
and retail trade, transportation, and utilities accounted for
181,000 of 2007's new jobs.
the rest of the new jobs? There are a few scattered among arts,
entertainment, and recreation, repair and maintenance, personal
and laundry services, and membership associations and organizations.
a super new economy Americans have! US job growth
has a distinctly third world flavor. A very small percentage
of 2007's new jobs required a college education. Since
there are so few jobs for university graduates, how is
"education the answer"?
Keep in mind
that the loss of 374,000 goods-producing jobs must be subtracted
from the 1,428,000 new service jobs to arrive at the net job gain
figure. The new service jobs account for more than 100 per cent
of the net new jobs.
Keep in mind,
too, that many of the new jobs are not filled by American citizens.
Many of the engineering and science jobs were filled by foreigners
brought in on work visas. Indians and others from abroad
can be hired to work in the US for one-third less. The engineering
and science jobs that are offshored are paid as little as one-fifth
of the US salary. Even foreign nurses are brought in on work visas.
No one knows how many of the hospital orderlies are illegals.
What a super
new economy Americans have! US job growth has a distinctly
third world flavor. A very small percentage of 2007's new jobs
required a college education. Since there are so few jobs for
university graduates, how is "education the answer"?
the benefit to Americans of offshoring? The answer is that the
benefit is confined to a few highly paid executives who receive
multi-million dollar bonuses for increasing profits by offshoring
jobs. The rest of the big money went to Wall Street crooks who
sold trusting people subprime derivatives.
will assert that the benefit is in low Wal-Mart prices. But the
prices are low only because China keeps its currency pegged to
the dollar. Thus, the Chinese currency value falls with the dollar.
The peg will not continue forever. The dollar has lost 60 per
cent of its value against the Euro during the years of the Bush
regime. Already China is having to adjust the peg. When the peg
goes, Wal-Mart shoppers will think they are in Neiman Marcus.
Just as Americans
have been betrayed by "their" leaders in government at all levels,
they have been betrayed by business "leaders" on Wall Street and
in the corporations. US government and business elites have proven
themselves to be Americans' worst enemies.
Paul Craig Roberts was Assistant Secretary of the Treasury in
the Reagan administration. He is credited with curing
stagflation and eliminating "Phillips curve" trade-offs between
employment and inflation, an achievement now on the verge of being
lost by the worst economic mismanagement in US history. He
was Associate Editor of the Wall Street Journal editorial page
and Contributing Editor of National Review. He is coauthor of
Tyranny of Good Intentions. He can be reached at: PaulCraigRoberts@yahoo.com
articles by Paul Craig Roberts:
The Lies At The End Of The American Dream
America's Days Of Reckoning
Supermodel Spurns The Dollar
The Wages Of Hegemony
Hypocrisy Rules The West
American Economy, R.I.P.
The War Criminal In The Living Room
More War On The Horizon
China Is Not The Problem
China's Threat To The Dollar Is Real
In The Hole To China
A Free Press Or A Ministry Of Truth?