Friday, March 12, 2010

U.S. suffers loss of 36,000 jobs (actually more like 186,000 jobs) in February 2010.

The Associated Press is reporting that the nation suffered a loss of 36,000 jobs for February, 2010.  Paradoxically(?) stock prices actually increased since some economists had previously predicted a loss of 50,000 jobs.  When you factor in our nation's explosive rate of population growth (about 3+ million new people/year) we actually lost about 186,000 jobs relative to population growth.  Thus, it's possible for the nation to gain jobs while the percentage of working-aged people who are employed decreases.

In the meantime our politicians, our economists, and our pundits are still optimistic about an economic recovery.  A recovery based on--what?  Since we offshored millions of manufacturing jobs and a great many knowledge-based jobs while also importing foreign workers on H-1B and L-1 visas to take domestic knowledge-based jobs, our economy no longer has the economic foundation it needs for a recovery.  Besides, global labor arbitrage played a role in our entering the recession in the first place, and it has only continued to prolong it.

The good news is that the economy will recover--in China.

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