Whatever the numbers, American unemployment צmust be hurting. Americans lived on credit and have no savings. The economy is not going to rebound as in former recessions, because this is not a cyclical inventory recession but the factories that used to hire people are no more. New industries have to be created, and I dont see them anywhere. No capital is channeled to productive enterprises. Britain, eventually, found its place as a tourist/entertainment economy. The USA is too big for that.
Follow Up: Pat Buchanan quotes "if one uses the household survey of job losses for June-July, Hispanics gained 150,000 positions, while non-Hispanics lost 679,000. Guess who got the stimulus jobs." Apparently, the hardest hit sector is the White lower middle class, and the colored sectors are advancing. Exactly as my update of La Griffe's seminal ten years old paper shows (see note a week ago). My intuition was correct to the smallest detail, except on the Chicago meat packing industry, which I did not know that had evaporated 40 years ago. Obama is making a big mistake in openly favoring his own race in times of crisis. America is no more prosperous and it will not be tolerated. Obama started wrongly by calling Israelis to "a honest self-appraisal", as if we were not honest enough. Throwing money to Wall Street from helicopters will not pacify the Jewish people. Let see if my intuition that the opposition will coalesce around Jewish intellectuals comes to be true.
10 comments:
Outsourcing, off-shoring, and robotic automation are destroying the unskilled/low-skilled labor market.
As you are surely aware, you are grossly exaggerating. The American lower class has lived on credit, but we Americans in the middle class and upper class have lots of savings. Probably more than our counterparts elsewhere in the world.
But the question stands: As manufacturing employs an ever-smaller part of the American workforce (already below 10%, I believe), what is the American lower class going to do?
One logical solution would be to see an explosion in servant-jobs: personal drivers and chefs and the like. At present, however, servitude is not socially acceptable. "Rich guy with a servant" is a Hollywood archetype, and not a sympathetic one. It is all part of the morality this nation adopted during the Golden Age of the middle class, when virtually anyone could work, buy a house and a car, and raise a family. But at some point, we will need to acknowledge that this is no longer possible, and abandon this morality that frowns upon "haves and have-nots."
Am I exaggerating?
http://perotcharts.com/2008/05/household-saving-rates-for-selected-countries/
Americans save less than any other people and in certain categories they are living up their savings. I understand that average american household owns less than 50,000 dollars.
Well, let's assume that chart is correct, and American saving rates are approaching zero. You seem to be picturing a population that is uniformly running out of money. Now I admit, most people I know are on the upper side of the so-called socioeconomic spectrum, and my perspective is likely skewed. But still, the idea of a population slowly running out of money is so far removed from anything I see with my own eyes, that I can't help but think the statistic is a bit misleading.
The driving factor in these numbers may well be old people. Wealthy Americans retire with decades left to live, during which time most of them presumably have a negative savings rate. There's nothing wrong with that, since they're just spending the money they saved during their working years. But when the older population booms, it distorts the overall number by driving down savings rates. This would also explain why the savings rate of the Japanese, those notorious savers, has also dropped sharply.
Sure, there probably are a large number of Americans who have overspent and are in debt with no prospect of paying it off. Stories of this type are told constantly in the media, and I suspect that their prevalence is wildly exaggerated. Again, I judge from personal observation. Every single household in my extended family owns their house outright and has a large investment portfolio. (Except my mother's brother, who made aliyah and lives on a kibbutz, and I think technically doesn't own his home at all.) In any event, I don't expect the Times to do a profile of us any time soon. But there must be millions of families like us.
"One logical solution would be to see an explosion in servant-jobs: personal drivers and chefs and the like."
I don't want those types anywhere near me. It is a recipe for trouble. The kind that leaves you dead, your wife raped and your place cleaned out.
To Anonymous (the commenter from the wealthy family):
Every single household in my extended family owns their house outright and has a large investment portfolio.
You are atypical. And very lucky.
In the USA, the main economic problem is that Jewish plutocrats/billionaires (40-50% of America's billionaires are Jewish), the Jewish nouveau riche, and the Jewish upper-middle class are hoarding a lot of America's money.
For a small ethnic group (less than 5% of America's population), Jews account for a lot of America's economic activity - far too much, in fact.
The more money that urban American Jews hoard, the less is circulating in the general economy for the rest of Americans. Jews are also concentrated in urban areas, especially the Boston-New York-Washington DC corridor, and all the money is flowing around there and and not seeping out enough around the rest of the country.
"all the money is flowing around there and not seeping out enough around the rest of the country"
I hope that you don't seep out much either, scum-sucker.
The Jews are hiding money in the cookie jar in the upper shelf and no one can reach it, even standing on a chair. They are hoarding all the money for themselves, buying up all the sweets that they eat at night when no one is watching. Life sucks.
Solution:persuade Jews to move to Kansas!
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Better Jews than Asians. Jews may be apathetic but Asians just don't like us.
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