Thursday, August 6, 2015

8/6/15 A big picture view of employment

The 1990s, the Camelot period of Bill Clinton and the Republican congress, produced fantastic growth in jobs.  And this was during a period when the new policy was to send jobs overseas, as Bill Clinton put it, because of the economic concept of comparative advantage.  Of course, most of the job growth in the late 1990s was fraudulent do phony dot com companies sucking up the savings of the nation while producing no profits.  Also there was a lot of actual fraud during this period.

After the dot com bust the Bush administration was scathed about their jobless recovery and with Alan Greenspan the created another phony job growth that hid the purposeful job loss to Asia and lead to the phony real estate boom.

Now there is no phony economic policy to hide the job losses to Asia.  And now, the slow burn of demographics is setting in.  We grew up in a magical period for the middle class and I think the magic is over.

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