Wednesday, February 11, 2004
Losing your job is good for you.
"Outsourcing is just a new way of doing international trade," said N. Gregory Mankiw, chairman of Bush's Council of Economic Advisors, which prepared the report. "More things are tradable than were tradable in the past. And that's a good thing."
Last year's Economic Report of the President predicted that 1.7 million jobs would be created in 2003. Instead, the nation lost 53,000 jobs. In Bush's three years in office, 2.2 million jobs have disappeared.
Since the Great Depression, it has never taken this long for the economy to begin creating jobs after emerging from a recession. After the last recession ended in 1991, it took 14 months for employment to begin expanding. Current problems with the economy have gone on nearly twice as long, 26 months. - Common Dreams
|
