Larry Summers persuaded Obama not to stem the offshoring of American jobs

[brentspeak]

Larry Summers has helped destroy the American economy from both the financial end (Wall St. deregulation) and the trade end (read below and accompanying article). Is he in jail? Has he been deported? Forced to apply for work at McDonalds or Wal-Mart? No! He's back to being a Harvard economics professor.

http://www.manufacturingnews.com/news/newss/summers123.html

December 30, 2010 Volume 17, No. 20

Obama's Top Economist Discloses Why The Administration Refused To Support U.S. Manufacturing

For the past two years, executives of domestic manufacturing companies -- along with their workers -- were in a daze, wondering why the Obama administration pushed no policies to counter the hemorrhage and the continued offshoring of American production.

Now it is clear.

Obama's outgoing chief economist Lawrence Summers does not think it necessary for the United States to mass-produce products that would be consumed by hundreds of millions of Americans. Summers justifies this position by stating that even the number of manufacturing jobs in China is declining, when in fact, they are not.

snip

The Obama administration's top economic policy maker's argument is not correct, however. The latest data available from the Department of Labor's International Labor Comparisons Program found that China's manufacturing employment is not in decline but instead rose by an astounding 11 million workers between 2002 and 2006, to 112 million. In four years, China added as many manufacturing jobs as exist in the United States.

[DJ13]

1. I wish the definition of traitor included financial crimes against the country

[roguevalley]

13. the more I hear about Obama the more I see Reagan.

[Lorien]

21. With the same results-or worse. nt

[Brickbat]

18. They've been waging economic terrorism against the country for years.

[BreweryYardRat]

20. It does, so far as I'm concerned.

Use these definitions. 1. Treason: "a violation of allegiance...to one's state". 2: Traitor: "a person who commits treason by betraying his or her country."

http://dictionary.reference.com/browse/treason
http://dictionary.reference.com/browse/traitor

Crippling our manufacturing sector, thereby crippling the working and middle classes who make up the backbone of our economy, is treason and nothing else but.

[ProSense]

2. "In four years, China added as many manufacturing jobs as exist in the United States."

Bogus comparison. The U.S. added manufacturing jobs for the first time in 13 years. More than 130,000 were added last year, and in January, 49,000. The rebirth of the manufacturing sector is leading the recovery.

[burning rain]

3. What an alarming development!

Our freedtrading friends need to get on the stick and do something about that.

[ProSense]

5. The U.S. manufacturing sector

has seen a double-digit drop in terms of percentage of the job market since the early 1970s. It was in the 27 percent range then, and now it's about 9 percent.

[brentspeak]

6. Kind of hard to add 130,000 manufacturing jobs when every state lost them

Did some household survey come up with that "added 130,000" number? Or was it a matter of adding 130,000 after subtracting 700,000?

http://blog.hometeampower.com/2010/10/11/ohio-industrial-jobs/">Ohio Industrial Employment Declined 12% In Just 24 Months

http://www.bizjournals.com/memphis/news/2010/10/25/industrial-employment-down-14-percent.html">Tennessee industrial employment down 14 percent over last 2 years

http://www.tulsaworld.com/business/article.aspx?subjectid=48&articleid=20100918_46_E6_Indust713012&rss_lnk=5">Industrial employment down in Oklahoma

http://www.memphisdailynews.com/editorial/Article.aspx?id=49144">Industrial Employment Down in Mississippi

http://www.virginiabusiness.com/index.php/news/article/virginia-industrial-employment-fell-2.2-percent-last-year-directory-says/">Virginia industrial employment fell 2.2 percent, last year, directory says

[ProSense]

8. Here

Employment changes by industry in January 2011

[brentspeak]

10. I don't see the figure of 130,000+ manufacturing jobs "added" last year, do you?

[ProSense]

11. Here's what I said: "More than 130,000 were added last year, and in January, 49,000." Still

As the economy recovered and big companies began upgrading old factories or building new ones, the number of manufacturing jobs in the U.S. last year grew 1.2%, or 136,000, the first increase since 1997, government data show. That total will grow again this year, according to economists at IHS Global Insight and Moody's Analytics.

more

[brentspeak]

12. Yeah, I know what you said

And it's wrong. The WSJ article you link to uses a figure that was arrived at the conclusion of 1st half of 2010 by the JEC:

http://wallstreetpit.com/38247-new-jec-report-details-recovery-in-manufacturing

The manufacturing sector began to rebound in 2010, adding jobs for six consecutive months and a total of 136,000 manufacturing jobs in the first half of 2010. Nearly all (96 percent) of the manufacturing employment gains during the first half of 2010 have been in durable goods

snip

In the first six months of 2010, manufacturing employment has increased by 4 percent in Indiana, 3 percent in Ohio, Wisconsin, Michigan and Texas, and 1 percent in California, Illinois and Pennsylvania.

And then much of those gains were erased by the end of the year, as the http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=433&topic_id=611244&mesg_id=611255">links I provided show. Good that some manufacturing jobs were created last month, but that's a long way from the 3.5 million manufacturing jobs and thousands of plants that were lost in the preceding 10 years.

[ProSense]

15. "136,000 manufacturing jobs in the first half of 2010" Is the first half still 2010? From

the link you provided:

•The six consecutive months of manufacturing employment gains from January-June 2010 is the longest stretch of manufacturing growth since 1997.

And for January:




Manufacturing is growing for the first time in 13 years.

[ProSense]

4. Summers' final speech

Summers delivers final public address at EPI

Speaking at the Economic Policy Institute, where he delivered his final public address before stepping down as President Obama’s top economic advisor, Larry Summers said that the public sector played a crucial role in the country’s short-term and sustained economic health, both by providing the investment to offset a severe slowdown in private spending, and by creating the conditions by which a private sector could thrive over time.

“Had it not been for a willingness to support an aggressive response to the financial crisis of 2008,” he said, “I have little doubt that we would be looking at a vastly different world today.”

Referring to a still fragile economy, the ongoing jobs crisis, and particularly high rates of unemployment in the construction sector, Summers said, “What better time to invest in upgrading and renewing our nation’s infrastructure….A substantial, sustained effort to rebuild American should be at the top of Washington’s agenda.”

<...>

Not only did Summers stress investment, but he's also gone. Also, the President is going to focus on investment.

[brentspeak]

7. Yeah, Summers is gone...replaced by his acolyte, Gene Sperling

So, actually, Summers isn't really gone, after all.

[Name removed]

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[OHdem10]

9. It is not just Larry Sommers( BTW, I am not defending him) Rather

this further confirms no one(s) are willing to stand
up against Wall St and make real change.

Serious change cannot come for the American People
until every Democrat gets on the same page and is
willing to point out the failures of the the Free Market
System.

First the Free Market System functions great for Business
and the Elites and the Haves. It crushes the Middle Class
and the poor.

When I say the Free Market System I am referring the specific
changes in our Economic System started by Reagan and nailed
in place firmly by GWB. Reagan came to office with the notion
that Business needed more power. If we just freed Business
of all thes burdens (regulations taxes etc), Business would
flourish and everyone would prosper. He proceeded to Deregulate
and every President since him, followed suit. We have seen
how those Free Market Principles wrecked havoc with our financial
system

During Regan's time, he managed to establish certain practices
for Business. Businesses had only one responsibility and that
was to earn profits for their shareholders. No longer did they
owe anything to workers, the Community or the Country.
Further Wall Streets runs the system. Along with the Elites they
crack the whip on companies demanding more profits each quarter.
You can increase profits by cutting the number of workers and
making the worker produce more at rhe same wage. When the Company
has drawn as much blood as possible, this way, then they
go freely about the world seeking cheap labor. (Outsourcing)
and relocating their plants overseas. This is Corporatism.
Business and State have merged and Business is the driver.

We can easily see how the system now only works for the Haves
and Business and Elites. The System has been redesigned to do
this.

Unless this is changed: Wall St continues to call the shots.
If I were Sommmers unless I had complete backing by every Democratic
Member of the House and Senate and at least half the American
People, I too would probably tell the President to maintain
the status quo. This big a change requires unequivocal call
for change. One person cannot make the changes. We will continue
to make some cosmetic changes but do not expect conditions
for the Middle Class and Poor to change.

Also remember Democrats voted for Reagan's plan.

These are the sorts of thing A Democratic Movement would
take on and work at it knowing it takes time.

Conservative Economic Fundamentalism (Free Market Principles)
will eventually leave us in a bad way.

[_ed_]

16. Both Obama and Summers

are rich, conservative people. This should surprise no one.

[Name removed]

17. Deleted message

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[polichick]

19. Apparently the prez has no problem with selling out the people to continue...

...corporate welfare - he could have chosen true public servants for his cabinet, but he went with corporate tools across the board.