The reason jobs aren’t coming back to the U.S. is because we lack the economic understanding and the political will to reinstate the protective tariffs that helped keep Americans working for Americans.
And we won’t do anything about China whose Communist goverment keeps wages low and collects most of the profits, keeping those profits from returning to buy American goods. They buy only more companies (more means of production) or U.S. debt.
You realize, of course, that whilst your presentation was excellent, the minute you used even the most elementary math (comparing the size of two incomes/values created), you have exceeded the laughable math ability of virtually every MSM member and the vast majority of our representatives.
To say nothing of the Obamadork collection of illiterate voters.
Government jobs do not create wealth, they consume it..........
Pay minimum wage to hire someone clean up an office during work hours and you won’t find any takers since they are having more fun on welfare, food stamps, medicaid, obama phones, free tuition, xbox whatever.
Duh. Of course employment will come back, but only as inflation devalues salary expectations. What will not come back, ever, is the standard of living we had before socialism.
I really, really like reading Smith’s thoughts on economics.
He’s not an economist, but despite (maybe because?) of that he comes across with a lucidity sorely lacking in most econ circles. I agree with DannyTN, that piss-poor trade policy is also partly to blame for our current national employment woes, but Smith nails it on the head in terms of the overhead cost dynamic of government, and our inability to sustain low-value labor because of our high societal carrying cost (cost-of-living and maintaining a behemoth gov’t).
It's because people believed that only college graduates got the "good" jobs, so we were told that everybody "deserved" to go to college. It got to the point where high school graduates couldn't meet college standards (couldn't get the "good" jobs), so the standards were lowered so they could get in. Universities became scams for high-wage tenured professors living off the backs of unqualified students with government loans backed by taxpayers.
The bottom line is that work isn't coming back because the workforce is becoming more and more unqualified to do the work.
-PJ
It is irrational to expect people to work when they can get more collecting unemployment.
What is the value created by an administrative assistant who makes copies and empties the trash cans? Let's say the value added is $20,000 a year. At $40,000 per year minimum cost, it makes no sense to hire a "low-cost" worker because the value created by that worker is not even close to their total compensation costs.
Been seeing that in the private sector for years, once teaming offices with rows of desks are being handled by the few, with menial tasks going to the ones who used to have assistants - everyone is their own assistant now.
This hasn't happened fast enough in the public sector - applying more and more taxes to compensate for all those wages draws more away from the private sector - who have to absorb even more jobs to pay the fees/taxes. Not to mention higher and higher wages of the public employees that don't pay themselves....nothing is produced there, it's churned.
Similar to what happened in France,after the socialists took over,even after they were ousted in the early to mid 90s...their economy legacy left a long-term social impact of high unemployment.
Still I don’t think this country is a far gone as that,just yet,however it is certainly getting closer to the point of no return.These kind of economic conditions virtually guarantee the left getting elected over and again.
Let’s not bring race into this. /s