U.S. sees no net job growth, worst performance for economy since end of Great Depression
Pastor Dale Morgan
U.S. sees no net job growth, worst performance for economy since end of
Great Depression*
January 12, 2010
Free-trade globalists have been dealt a shocking setback after net job
growth in the United States in the last decade, from 2000 through 2009,
was announced to be zero, the worst performance for the U.S. economy
since the end of the Great Depression in the 1930s.
"Globalists typically gloss over the issue by citing statistics that
claim 26 million jobs were created in the United States between 1993 and
2007."
The real picture becomes clearer when 1990s data is separated from
2000-2009 data and when "net jobs" are analyzed by taking into
consideration not just new jobs created but also existing jobs lost.
We have consistently warned that what went wrong in the decade 2000-2009
was largely attributable to the determination of globalists to create a
one-world economy through "free-Trade" agreements such as NAFTA, CAFTA
and the World Trade Organization.
With millions of high-paying manufacturing jobs lost in the U.S. to
China while millions more white-collar jobs are shipped to India, the
Federal Reserve and U.S. Treasury are left to creating bubbles by
reducing interest rates to zero or near zero to stimulate the semblance
of economic growth.
The first disaster from this policy was the bursting of the housing
bubble, to be followed shortly by the bursting of the stock-market
bubble, that Red Alert continues to predict will happen once the Fed
begins increasing interest rates.
No previous decade going back to the 1940s has had net job creation in
the U.S. economy of less than 20 percent.
We have noted that American middle-class families appear to be falling
backward with regard to income levels.
"Middle-income families made less in 2008, when adjusted for inflation,
than they did in 1999 � and the number is sure to have declined further
during a difficult 2009," the Washington Post reported. "The Aughts were
the first decade of falling median incomes since figures were first
compiled in the 1960s."
Moreover, the newspaper reported the net worth of American households,
as measured by the value of their houses, retirement funds and other
assets minus debts, has also declined when adjusted for inflation,
despite sharp gains in every previous decade since the data were first
compiled in the 1950s.
The Post also pointed out that the bursting of the housing bubble has
been particularly difficult on middle-income families, of which 69
percent owned a home in 2007, more than four times the proportion owning
stocks.
"The basic globalist formula under the free-trade banner is that the
United States has exported high-paying manufacturing jobs to foreign
nations, while a Spanish underclass from south of the border has been
imported to compete at lower benefits and wages for low-skilled jobs in
the United States." . "The loser in this equation is the U.S. middle
class and as a result, the U.S. consumer, ironically the very engine
that has propelled the growth in the global economy since the presidency
of Jimmy Carter."
Since 2000, the U.S. manufacturing sector has lost approximately 4
million manufacturing jobs, nearly 25 percent of the total manufacturing
workforce, according to the Bureau of Labor Statistics.
While economists argue not all these jobs were lost to outsourcing, U.S.
multinational corporations have invested heavily in transferring
manufacturing to China.
We have noted that even Mexico is losing manufacturing jobs to China,
with some 500,000 manufacturing jobs transferred from Mexico to China,
in search of even cheaper labor than is available under NAFTA.