U.S. Employment Growth Not Part Of Global Economy

[dumpster_baby]

Regarding the miserable job market, outsourcing, job losses, declining hours worked, and Dems and GOP deliberately ignoring our disasterous job market, Paleocon Paul Craig Roberts of Vdare (warning: right wing site) writes:

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Charles McMillion of MBG Information Services in Washington DC reports a new move by the US economy into uncharted territory. Total hours worked for non-managerial workers have fallen during the current recovery. There are 0.9 percent fewer total hours worked by private non-managerial workers in June 2004 than in November 2001 when the current “recovery” began. Hours worked in the manufacturing sector have declined 7.7 percent. Since January 2001 when President Bush was inaugurated, non-managerial private sector hours worked have declined 4 percent, and manufacturing hours worked have declined 17.2 percent.
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Declining hours worked during economic recovery is unprecedented. Republican apologists and free market ideologues attribute the decline in hours worked to productivity gains. However, the unprecedented decline appears to reflect job displacement from the growth in net imports caused by the movement of US production offshore and by outsourcing. While the US economy ceases to provide employment growth in tradable goods and services, Stephen Roach at Morgan Stanley reports that the industry share of Chinese GDP rose from 41.6 percent in 1990 to 52.3 percent in 2003, accounting for 54 percent of the growth in China’s GDP over the period. In India, the services share of GDP increased from 40.6 percent in 1990 to 50.8 percent in 2003, accounting for 62 percent of India’s GDP growth over the period.
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Perhaps the fall in American real wages has begun. The New York Times reports that during the past year average hourly earnings have not kept up with low inflation and that take-home pay as a share of the economy is at its lowest level since the government started keeping track in 1929. The labor force participation rate has fallen 2.4 percent since the spring of 2000. After identifying the problem, Mr. Roach recommends “education” as a solution. The pretense that the US lacks enough educated graduates to fill high tech jobs and that US employers are “forced” to turn to Third World countries for high tech workers is deception on the level with the claim that Saddam Hussein was linked to terrorism and had weapons of mass destruction.

The US already has a class of university graduates living with parents, waiting bars and contemplating meth production and distribution as a way of making money. No political party speaks for Americans. American jobs and careers are being sacrificed to “globalism.” American culture is being sacrificed to open borders. Americans’ sons and daughters (thanks to feminism) are being sent to die in foreign wars that increase American insecurity.

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more here:
http://vdare.com/roberts/employment_growth.htm

[xocolatl]

1. What they really mean

After identifying the problem, Mr. Roach recommends “education” as a solution. The pretense that the US lacks enough educated graduates to fill high tech jobs and that US employers are “forced” to turn to Third World countries for high tech workers is deception on the level with...

What they really mean is that there are not enough educated Americans willing to work for low wages.

As if...

[G_j]

2. the race to the bottom

take-home pay as a share of the economy is at its lowest level since 1929.