Thread: Robert Reich Confirms Permanent Destruction Of Jobs in US

Robert Reich Confirms Permanent Destruction Of Jobs in America

Washington's Blog
12-4-9

Former Labor Secretary Robert Reich writes today:

The basic assumption that jobs will eventually return when the economy recovers is probably wrong. Some jobs will come back, of course. But the reality that no one wants to talk about is a structural change in the economy that's been going on for years but which the Great Recession has dramatically accelerated.

Under the pressure of this awful recession, many companies have found ways to cut their payrolls for good. They've discovered that new software and computer technologies have made workers in Asia and Latin America just about as productive as Americans, and that the Internet allows far more work to be efficiently outsourced abroad.

This means many Americans won't be rehired unless they're willing to settle for much lower wages and benefits. Today's official unemployment numbers hide the extent to which Americans are already on this path. Among those with jobs, a large and growing number have had to accept lower pay as a condition for keeping them. Or they've lost higher-paying jobs and are now in a new ones that pays less.

Yet reducing unemployment by cutting wages merely exchanges one problem for another. We'll get jobs back but have more people working for pay they consider inadequate, more working families at or near poverty, and widening inequality. The nation will also have a harder time restarting the economy because so many more Americans lack the money they need to buy all the goods and services the economy can produce.

Reich is only confirming what many others have said:

JPMorgan Chase's Chief Economist Bruce Kasman told Bloomberg:

[We've had a] permanent destruction of hundreds of thousands of jobs in industries from housing to finance.

The chief economists for Wells Fargo Securities, John Silvia, says:

Companies "really have diminished their willingness to hire labor for any production level," Silvia said. "It's really a strategic change," where companies will be keeping fewer employees for any particular level of sales, in good times and bad, he said.

And former Merrill Lynch chief economist David Rosenberg writes:

The number of people not on temporary layoff surged 220,000 in August and the level continues to reach new highs, now at 8.1 million. This accounts for 53.9% of the unemployed - again a record high - and this is a proxy for permanent job loss, in other words, these jobs are not coming back. Against that backdrop, the number of people who have been looking for a job for at least six months with no success rose a further half-percent in August, to stand at 5 million - the long-term unemployed now represent a record 33% of the total pool of joblessness.

And see this... http://www.msnbc.msn.com/id/33384835/ns ... nd_economy

Heck of a job, Larry, Tim and Ben.

http://www.rense.com/general88/robb.htm

Oh for heaven sakes, are they ducks waking up to a new world every day? We've lost not hundreds of thousands of jobs, we've lost 40 million jobs since NAFTA, over 32 million in free trade and at last another 10 to 12 to illegal immigration. And this didn't just happen, this has been happening for 15 years, accelerated tremendously during the Bush II administration because of the compounding effect of NAFTA, CAFTA and about 13 other Free Trade Agreements signed or negotiated by Bush II and now suddenly the economy collapses and they seemed dismayed, surprised, shocked at the "structural change"? These Globalist Rats designed the structural change, they're responsible for every job we lost.

Just another step to the NAU.

http://www.stopthenorthamericanunion.com/