Thursday, March 18, 2010

More on the death of the American economy

I am pretty sure that the folks who have a major voice in the operation of the economy have ANY idea how bad things are.  The jobs that have been lost in the past years took DECADES to create (if not more).  Yet the "conservatives" want us to believe that the economy will recover on its own while the "liberals" seem to think that everything will be fine if we all just learn how to get along better--maybe spend some more money on our worse than useless schools.

chart of the day, employment during recession

The Ruins of Detroit
The Off-Shored Economy
In the 20th century, Detroit, Michigan, symbolized American industrial might. Today it symbolizes the offshored economy.
Detroit’s population has declined by half. A quarter of the city--35 square miles--is desolate with only a few houses still standing on largely abandoned streets. If the local government can get the money from Washington, urban planners are going to shrink the city and establish rural areas or green zones where neighborhoods used to be.
President Obama and economists provide platitudes about recovery. But how does an economy recover when its economic leaders have spent more than a decade moving high productivity, high value-added middle class jobs offshore along with the Gross Domestic Product associated with them? more

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