Where are the jobs? Overseas of course (and you are subsidizing multi-national corporations to ship your job overseas)
December 30, 2010
Posted by AzBlueMeanie:
Where are all those private sector jobs being created by record corporate profits? I have posted on this topic previously. The new corporate business model: increase profits, not jobs; UPDATE: The new corporate business model: increase profits, not jobs; and Update II: The new corporate business model: increase profits, not jobs; and Update III: The new corporate business model: increase profits, not jobs.
Now the Economic Policy Institute, a Washington think tank, says American companies have created 1.4 million jobs overseas this year, compared with less than 1 million in the U.S. The additional 1.4 million jobs would have lowered the U.S. unemployment rate to 8.9 percent, says Robert Scott, the institute's senior international economist. Where are the Jobs? For Many Companies, Overseas – CBS News (AP report).
The trend helps explain why unemployment remains high in the United States, edging up to 9.8 percent last month, even though companies are performing well: All but 4 percent of the top 500 U.S. corporations reported profits this year, and the stock market is close to its highest point since the 2008 financial meltdown.
But the jobs are going elsewhere. . .
"There's a huge difference between what is good for American companies versus what is good for the American economy," says Scott.
American jobs have been moving overseas for more than two decades. In recent years, though, those jobs have become more sophisticated think semiconductors and software, not toys and clothes.
And now many of the products being made overseas aren't coming back to the United States. Demand has grown dramatically this year in emerging markets like India, China and Brazil.
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"Companies will go where there are fast-growing markets and big profits," says Jeffrey Sachs, globalization expert and economist at Columbia University. "What's changed is that companies today are getting top talent in emerging economies, and the U.S. has to really watch out."
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A key factor behind this runaway international growth is the rise of the middle class in these emerging countries. By 2015, for the first time, the number of consumers in Asia's middle class will equal those in Europe and North America combined.
"All of the growth over the next 10 years is happening in Asia," says Homi Kharas, a senior fellow at the Brookings Institute and formerly the World Bank's chief economist for East Asia and the Pacific.
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The strategy isn't restricted to just the largest American companies. Entrepreneurs, whether in technology, retail or in manufacturing, today hire globally from the start.
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[E]conomists, like Columbia University's Jeffrey Sachs, say multinational corporations have no choice, especially now that the quality of the global work force has improved. Sachs points out that the U.S. is falling in most global rankings for higher education while others are rising.
"We are not fulfilling the educational needs of our young people," says Sachs. "In a globalized world, there are serious consequences to that."
AZ legislators who want to drown government in the bathtub
December 30, 2010
by David Safier The new Americans for Tax Reform list of No New Tax Pledgers (correct name: Taxpayer Protection Pledge) is out. Here are the Arizona state legislatures who have taken a pledge to a foreign (i.e., out of state) entity instead of focusing on their duty to the people of Arizona. 11 Senators of
The “Worst Star Headline of 2010” results are in
December 30, 2010
by David Safier It's official. BfA readers have decided, the worst headline from the Star in 2010 was: Why seniors say Obamacare is bad medicine for them Though this was a secret ballot, I have to say, I concur. That was my choice as well. Here are the vote percentages, in order of preference: Why
Banksters of Wall Street whine: ‘where’s the love?’
December 30, 2010
Posted by AzBlueMeanie: Drudgico Politico has one of the most insane reports I have read in some time. Our Betters, the banksters of Wall Street, the "smartest guys in the room" who invented casino capitalism and nearly destroyed the world's financial system and economy, are whining "where's the love?" from the Obama administration. Obama &
Redistricting update: No change, Pearce and Adams fended off
December 29, 2010
by Craig McDermott, cross-posted from Random Musings The Arizona Commission on Appellate Court Appointments met today to consider the "Communication from House Speaker Kirk Adams and Senate President-Elect Russell Pearce" – basically, they met to decide whether to reopen the nomination process for the Arizona Independent Redistricting Commission because Pearce and Adams didn't like the
Anyone notice a whiff of fresh air wafting through Arizona?
December 29, 2010
by David Safier No, I'm not talking about the storm breezes blowing. I'm talking about the action taken today by the screening panel which nominates people to the Independent Redistricting Commission. They refused to knuckle under to Adams and Pearce. Rejecting Republican legislative leaders, a special screening panel refused today to strip three people from
Seems it never rains in Southern California (oh yeah!)
December 29, 2010
Posted by AzBlueMeanie: Just spoke with my sister in California who had a heads-up on what is headed our way for the next few days into New Year's Day. From the Los Angeles Times this afternoon, Rain snarls commuter traffic, triggers flood warnings [Updated]| Los Angeles Times: More rain pummeled storm-weary Southern California on Wednesday,
Last chance to help pick worst Star headline of 2010
December 29, 2010
by David Safier The voting will close today on the worst Star headline of 2010 contest. Those of you still mulling your decision (and those who have decided to allow others to carry the weight of the democratic process on their shoulders while your mouse sits mute and idle), you still have one more day
