Forget Iran, Americans Should be Hysterical About This

[Solve_et_Coagula]

Forget Iran, Americans Should be Hysterical About This

Nuking the Economy

By PAUL CRAIG ROBERTS

Last week the Bureau of Labor Statistics re-benchmarked the payroll jobs data back to 2000. Thanks to Charles McMillion of MBG Information Services, I have the adjusted data from January 2001 through January 2006. If you are worried about terrorists, you don’t know what worry is.

Job growth over the last five years is the weakest on record. The US economy came up more than 7 million jobs short of keeping up with population growth. That’s one good reason for controlling immigration. An economy that cannot keep up with population growth should not be boosting population with heavy rates of legal and illegal immigration.

Over the past five years the US economy experienced a net job loss in goods producing activities. The entire job growth was in service-providing activities--primarily credit intermediation, health care and social assistance, waiters, waitresses and bartenders, and state and local government.

US manufacturing lost 2.9 million jobs, almost 17% of the manufacturing work force. The wipeout is across the board. Not a single manufacturing payroll classification created a single new job.

The declines in some manufacturing sectors have more in common with a country undergoing saturation bombing during war than with a super-economy that is “the envy of the world.” Communications equipment lost 43% of its workforce. Semiconductors and electronic components lost 37% of its workforce. The workforce in computers and electronic products declined 30%. Electrical equipment and appliances lost 25% of its employees. The workforce in motor vehicles and parts declined 12%. Furniture and related products lost 17% of its jobs. Apparel manufacturers lost almost half of the work force. Employment in textile mills declined 43%. Paper and paper products lost one-fifth of its jobs. The work force in plastics and rubber products declined by 15%. Even manufacturers of beverages and tobacco products experienced a 7% shrinkage in jobs.

Continue to read:
http://counterpunch.org/roberts02112006.html

[obxhead]

1. kick

[annabanana]

2. Why must we have

to chase our statistics all across the country to find out the truth of our National situation? I would think that the money men who still think that they can make coherent business plans with the doctored info that is regularly put 'out there' would be screaming bloosy murder.

[Surya Gayatri]

3. The decline and fall begins--

with the emperor blithely looking on, playing his guitar and assuring the masses that things have never been so good. SG

[HereSince1628]

4. We all knew this was happening to American goods manufacturing

And globalization isn't over.

[free4now]

5. In FIVE YRS?

"Not a single manufacturing payroll classification created a single new job."

This is the most disturbing statement and the one we should stick out there and scream from the rooftops.

[HereSince1628]

6. At the risk of being boring by repeating myself, it ain't over.

There is still manufacturing to be lost.

[Toots]

12. And not one single UNION has requested action

Manufacturing jobs are almost entirely UNION jobs but not a single peep. If the UNIONS were truly on the Democrats side they would demand actiion through their own actions. If the freight hawlers were to simply stop they would put America on it's knees. But not one single solitary sound...Nothing...

[area51]

7. Excellent article. (n/t)

[Cobalt Violet]

8. K & R.

Thanks for this post.

[CoffeeCat]

9. These numbers are staggering and I'm wondering....

...why the official unemployment numbers aren't higher?

Is Bush making up the numbers?

[jasmeel]

15. I think based on this statement from the article

"Last week the Bureau of Labor Statistics re-benchmarked the payroll jobs data back to 2000. "

that they are making up the numbers by only comparing them back to the year 2000 (at least that's how I understand it) as well as changing the definition of manufacturing jobs etc... There are so many ways to play with data and nobody catches on.

[Mnemosyne]

10. But didn't * have flipping burgers reclassified as

a manufacturing job? I'm sure I read that here awhile ago. That is where he gets his job growth he keeps bragging about. :grr:

Does anyone remember? I'll see if google is my friend on this one and post a link if I can find anything.

[CoffeeCat]

13. You're exactly right...

...Junior re-classified fast-food jobs as manufacturing jobs.

How clever of him. ((((heavy sarcasm)))) As manufacturing loses jobs and more people turn to minimum-wage, burger-flipping positions--the numbers don't reflect the disaster that is happening. The numbers cover up the disaster.

What an evil bastard. Junior has managed to make underemployment look good on paper.

Why...WHY are they doing all of these things to this country? They are destroying it, and covering it up. They can only hide the truth for so long.

What's ultimately sad...is that the walls are crashing down--but Junior's smoke and mirrors are hiding the crash. Our nation should be forging together, to come up with solutions and deal with the problem. Junior hides the problem, so it will only worsen.

I'm so sickened.

[Mnemosyne]

16. I thought I was remembering it correctly. Evil little prick.

I think one of the major problems is so many of the middle class are afraid to admit exactly how bad things are for them. They are too embarrassed or ashamed to admit they have fallen into the pit that idiot son has helped dig for them. "Go shopping?" I could be wrong about that though.

The unemployment rate is a complete fraud. It doesn't reflect those that have completely run out of benefits and have all but given up looking for work. If it did I would harbor a guesstimate of closer to 12 or 15 percent national rate with some local rates as high as 25%. And I think that could be optimistic. I hope not.

I'm sure someone will argue my opinion, that's fine. Flame away. They don't live in NW Pa. in a small city that has lost nearly all of it's manufacturing jobs with nothing left to replace them and I mean absolutely nothing.

They are doing this to our country TwoSparkles, because they can. They are greedy and selfish. Nothing less. Add evil and power hungry and you get the * administration. The worst American government in US history. It was planned for many years, I believe, but they couldn't plan for everything and that will be their downfall in the end.

As you said, "They can only hide the truth for so long." and that keeps hope alive in my heart each moment of each day for now.

We'll get through all of this somehow! :hug:

Hang in there baby, Fitzdays coming! :toast:

In peace and hope,
Still,
V

[farmbo]

11. Gee...you must REALLY hate the Troops...Quick! Look over there!

eom

[bush_is_wacko]

14. I don't think this is surprising to a lot of us but all those millionaires

don't give a rat's behind about those of us that actually NEED more than one job to survive. We are all whiners. If we can't find jobs we should "open up a small business." They really do believe this.

Believe me, my father has listened to his boss who was BORN into money and then married even more money give him this lecture several times since * took office.
The guy just does NOT get the fact that we are NOT lazy. We actually have to WORK for our money and there are just so many hours in a day to do that and if you are only making $15 an hour (despite your college education)there just simply is not enough money to SAVE to open up a small business! He's getting his tax cuts left and right so he really doesn't give a shit about the rest of us anyway!

[HippieCowgirl]

17. K&R

Nothing of subtstance to add but that people need to read this.

[kineneb]

18. PCR does it again- accurate stats on economy

vs. the Spinmeisters in the Admin. We all should have figured out that any numbers promulgated by BushCo will be skewed (cooked) to make them look better. For the rest of us, we have to rely on on gut instinct and folks like Roberts to cut through the crap and give some kind of real approximation of truth.