The jobs are gone, never to come back till wages drop below those in China. The problem isn't just the regulations, or unions, but the fact that it costs so much less to employ someone in a third world country than in the US.
In short, the middle class will be gone before the recovery.
The only caveat is that there may be a major war. Many economist point to the post war booms as a sign that we need to have a good blow out to do two things.
1. Kill off a few million people (reduce labor supply).
2. Defer demand for consumer goods (post war ration boom when everyone tries to catch up).
The trouble is that the only reason we had the 50’s like they were in this country is we had killed and destroyed our competitors ability to produce. The US was the only major manufacturing power that wasn't bombed, invaded, or starved out.
It won't be that case next time.
Follow it daily..........Job cuts and Store Closings........
http://www.dailyjobcuts.com/
This is the correction.
Importantly, an economic reality is that economic change is buffered by time.
That is, if you have a stock market plunge in a week, it is a “panic”; but if it takes an entire year, it is a “correction”. This is because when there is time, people can try to mitigate the damage, and others will try to exploit the damage.
But other conditions apply as well. Often economic changes do not happen at the international and national level, but at the regional, or even state and local level. For decades, the US would have regional changes, where a prosperous region would “take the pressure off” an adjacent region having a downturn.
However, what we are seeing today is long term international and national erosion, in which economic policies, even philosophies, have run their course and are starting to fall apart.
If politicians try and cling to collapsing ideas, like Keynesianism, despite the reality, there will be a bad fall, sooner or later. But those with better ideas, such as conservatives, can hopefully take over and start to replace failure with the success of the new economic idea.
A lot of the companies mentioned in the article have been going out of style for years like sears staples office depot—and especially radio shack. Heck I’m glad to hear radio shack is going down. I hated nearly every darn thing I’ve bought from them. sears used to be great but not anymore. as more office material changes to bits and bytes, staples and office depot will naturally slim down.
The “dollar” stores are hurting Wal-Mart. They carry quite a few basic items, and their overhead is very low. Usually just two employees on duty at any one time. The owner of the store is the manager, and may own 2-5 locations.
bttt
Probably 16 or 17 of those listed are the result of bad management and probably would be happening in a good economy. Maybe not as fast but still happening.