Twas the week before Christmas and the news was all barren. Out came Joseph Stiglitz with some views he was wearing. Oh hark oh Angel, may we contract? Does this mean I should take all of my presents back? Oh food stamps, oh foreclosure, how long must ye be bearing? On Geithner, on Summers, BLS, spin some stats! This ain't good news, can I have my taxes back?
The world’s largest economy isn’t likely to expand fast enough to create jobs for new entrants into the labor force or compensate for increases in productivity that will reduce demand for workers, Stiglitz told reporters in Singapore today.
Note, when they say productivity what they refuse to mention is offshore outsourcing, which does indeed play into productivity numbers. They also refuse to mention other labor arbitrage methods, such as guest workers.
Considering the United States has lost 7 million jobs since the start of this recession, one would think global labor arbitrage might be examined...before spending another almost trillion dollars.
Ya think? It doesn't cost anything to stop offshore outsourcing Federal and State contracts, especially because those jobs are funded with taxpayer dollars. There are a host of things which could be done, which do not cost a dime.
Is offshore outsourcing a taboo to mention?
Also, in spite of my holiday amusement, Stiglitz isn't vying for Dr. Doom. He is clearly aware that the United States must create a good 86,600 at least jobs every month to maintain the status quo and none of the 2nd half 2010 GDP predictions indicate enough growth to create almost any jobs.