Friday, January 08, 2010
Unemployment Rate Holds Steady At 10%, 85,000 Jobs Lost In December
As poorly as the big investment banks and the Fed managed the economy since the 1999 Banking Modernization Act a major recessions was in the cards.
This current recession will be harder for the country to recover from since beginning with the consumer electronics industry in the1970s major Wall Street investors have consciously hollowed out the domestic economy by outsourcing manufacturing to countries with slavery-level wages for workers. The socio-economic class landscape of the United States is taking on the look of a Third World country, a large and impoverished lower class, a small though extremely wealthy upper class and an almost non-existent middle class.
Just about the only unionized blue-collar, heavy manufacturing industry which has not been outsourced into extinction is the manufacturing arm of the military-industrial complex. I am sure the patriotic board members of Boeing, Lockheed Martin, Raytheon etc are entertaining the thought of depending more on our foreign allies for low-cost, high-tech weapons of mass destruction.
The sad fact is ever since Ronald Reagan declared the industrial economy dead and that the dawning to the so-called service (servant?) economy the nation has been on a downward economic spiral. Manufacturing will come back to the United States in the future, when workers will willingly accept hard, dirty factory jobs for below current hourly minimum wage.
Read the Article at HuffingtonPost