Saturday, September 4, 2010

Jobs, Jobs, Jobs -- WHERE?

There is some logic and Common Sense missing in the jobs debate. In my opinion, at least, and I am no economist or the like. So excuse me for a moment while I repeat the mantras on the subject we keep hearing (ad nauseam!): we must create jobs, they must come from the private sector, small businesses need to hire people -- then the numbers will improve. Well, I do not believe this scheme will work. Let's assume small businesses hire lots of people which then in turn produce lots of products (what? may I ask - everything I have bought within the last six months was "Made in China" or in some other cheap-labor country). And who will now buy these products? In volumes that will shore up the economy? With 30 Million people unemployed or underemployed, who has the money to buy anything but the bare necessities?

None of the pundits and/or government officials have mentioned any specifics where these millions of people could be employed and what they are supposed to produce. Last night, on her last day in the White House, the Chair of the President's Economic Advisors, Christina Romer, in an interview aired on PBS, complained very lightheartedly about the lack of aggressiveness in the Administration. Aggressiveness is what we need, I think. New thinking and honest thinking. I would like to see some statistics of the labor market showing the sectors where significant growth could be expected. You experts out there, put on your thinker's hats, rather than keep repeating the empty phrases we keep hearing over and over again. Please give us some hope.

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