Faith-Based Economics

From CounterPunch courtesy of J. Orlin Grabbe:

The US economy has ceased to create jobs in tradable goods and services. The disastrous September payroll jobs data are a repeat of the monthly trend that has held for the nearly four years of the Bush administration.

Of September's 96,000 new jobs, 73% are accounted for by two categories: government jobs and temporary help! There were only 59,000 private sector jobs created in September, and 33,000 of those--56%--are temps!

Manufacturing lost another 18,000 jobs. More Americans are employed in accommodations and food services than as production workers.

It is easy to blame the Bush administration, but the real blame lies with outsourcing and offshore production. By locating production for US markets offshore, US firms can substitute much cheaper foreign labor for US labor to make the goods and services sold to Americans.

And

Despite all evidence to the contrary, "free market," "free-trade" economists continue to give assurances that Americans are prospering from outsourcing.

Click here for the rest.

For years now I've listened to conservatives justify the most draconian of economic policies with the mantra "helping business creates more jobs." Indeed, my conservative older brother once told me that "a rising tide raises all the boats." It has become increasingly clear these past few years that such thinking is total bullshit. Maximizing profits is not at all the same thing as the welfare of the country. Ultimately, responsible Americans must ask this question: what responsibility to the country do businesses have? There is only one answer with any sense of morality at all. Unfortunately, neither Democrats nor Republicans seem to come to the same conclusion that I have.

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