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09.18 'Terrifying' New Climate Models Warn of 6-7°C of Warming by 2100 If Emissions Not Slashed

09.17 New Report Details 10 'Critical Transitions' to Tackle the Climate Crisis and Feed the World

09.16 Common pesticide makes migrating birds anorexic [Neonicotinoids, again...]

09.16 ACT plans far-reaching electrification of vehicles and homes in drive to reduce emissions

09.16 'Like a sunburn on your lungs': how does the climate crisis impact health? [Important]

09.16 $1m a minute: the farming subsidies destroying the world [Important]

09.15 German Study: Alarming Levels of Dangerous Plastics in Children's Bodies

09.15 Sea levels may rise more rapidly due to Greenland ice melt

09.15 The world has a third pole – and it's melting quickly

09.14 Not Just the Bees, First-of-Its-Kind Study Shows Neonics May Be Killing Birds Too [A GESTALT: Like happened at Boeing, deregulation has displaced scientific and engineering professionalism in many companies and governments to focus on profits/economics almost exclusively. But after similar failure of scientific rigor, die-off reports of bees, worms and sea-life, generally, there must be a moritorium on production, sale and use of all potentially dangerous chemicals!]

09.13 Trump Rollback of Key EPA Water Protection Rule Denounced as 'Callous' and 'Immoral' Giveaway to Big Polluters

09.13 Worms fail to thrive in soil containing microplastics – study

09.13 Dolphins in Channel carry 'toxic cocktail' of chemicals [What is safe to eat?]

09.11 How Can We Address Climate Change Through Agriculture? [3:43 video]

09.11 New solar tech could revolutionise electricity production

09.11 'It can kill you in seconds': the deadly algae on Brittany's beaches

09.10 How to look after your mental health

09.10 Who’s Ready for the Electric Moped Moment? [Uses car lanes instead of sidewalks!]

09.09 The Climate Investment That Promises 400 Percent Returns

09.09 Suicide rates are rising across the US, especially in rural areas

09.08 Blend solar panels with agriculture, new study recommends

09.08 Before Hurricane Dorian, Charleston Already Had a Flooding Crisis

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09.16 From Voice of America to NPR: New CEO Lansing's Glass House

09.15 'No Policy, No Facts, Just Displays of Violence': Ocasio-Cortez Says Hysterical Ad Proves GOP Has No Response to Progressive Vision [0:30 video]

09.14 Sanders Campaign Hits Back Against 'Dishonest' Biden Attack on Medicare for All [The facts don't lie, but America's media totally does lie when paid by advertisers to distort single-payer as more expensive: 1:35 video]

09.12 Media bias is OK – if it's honest [‘It should be obvious that there can’t be such a thing as a neutral journalist.’]

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09.18 Why Trump Can’t Learn: An Educated Guess by a Veteran Teacher [Might dyslexia explain the Republican party, generally?]

09.18 'Heartless and Unconscionable': Outrage as General Motors Cuts Off Healthcare for 50,000 Striking Workers [Hideous corporate behavior putting 50,000 families at greater health and bankruptcy risk.]

09.18 Whole Foods Will Cut Health-Care Benefits for Nearly 2,000 Employees [Hideous corporate behavior putting 2,000 families at greater health and bankruptcy risk.]

09.18 US healthcare is booming. So why do one in five workers live in poverty?

09.18 Greta Thunberg to Congress: ‘You’re not trying hard enough. Sorry’

09.17 'The silenced': meet the climate whistleblowers muzzled by Trump

09.17 Democrats have long blamed 'culture' for black poverty. Joe Biden is no exception

09.17 The Guardian view on the future of work: share out the benefits

09.16 America is stuck with Brett Kavanaugh

09.16 Sanders Responds to Biden's Praise for Pharma Companies: 'Their Behavior Is Literally Killing People Every Day'

09.15 'Americans are waking up': two thirds say climate crisis must be addressed

09.15 The Plutocratic War on People: Centrists and Conservatives are Ignoring the Giant Elephant in Our National Living Room

09.14 The U.S. Health-Care System Found a Way to Make Peanuts Cost $4,200

09.14 California church leaders 'used homeless as forced labour' [A coarsening of public behavior...]

09.14 Taco Bell customer who was treating homeless group to meals says she was kicked out of restaurant [A coarsening of public behavior...]

09.14 We Asked Prosecutors if Health Insurance Companies Care About Fraud. They Laughed at Us.

09.14 Elizabeth Warren’s Health Care Plan Still Leaves a Lot of Unanswered Questions

09.14 Medicare for All Would Cut Poverty by Over 20 Percent

Justice Matters

09.14 NY AG uncovers $1 billion in Sackler family wire transfers amid opioid probe: report

09.12 'Decades of Progress Are at Stake' as Trump Reaches 150 Lifetime Judicial Appointments and Right-Wing Court Takeover Accelerates

09.12 JUSTICE SOTOMAYOR ISSUES SCATHING DISSENT TO SUPREME COURT'S ASYLUM RULE DECISION: THE STAKES 'COULD NOT BE HIGHER'

09.11 Former top FEMA officials arrested on fraud charges in Puerto Rico

09.09 The great break-up of Big Tech is finally beginning [Facebook and Google effectuate the evil of data analytics]

High Crimes vs. Human Rights
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09.12 The insidious ideology pushing us towards a Brexit cliff-edge

09.12 Boeing's travails show what's wrong with modern capitalism

International & Futurism

09.18 If the world ran on sun, it wouldn’t fight over oil [1:45 video]

09.17 ONLY A GREEN NEW DEAL CAN DOUSE THE FIRES OF ECO-FASCISM

09.17 The Guardian view on Modi’s 100 days: trashing lives and the constitution

09.17 The Observer view on the threat posed to Israel by another Benjamin Netanyahu victory

09.17 For Palestinians, Israel’s elections promise nothing but defeat

09.17 I now look back on my 20 years of climate activism as a colossal failure

09.17 The world ignored the warning signs – and now the Middle East is on the brink

09.16 EXCLUSIVE: Iranian drones launched from Iraq carried out attacks on Saudi oil plants

09.16 'We walk with our heads high': the women who care for country by fighting fire with fire

09.16 Inheritance tax would be scrapped by the Brexit party – good news for the very rich

09.16 Tunisian exit polls suggest shock victory for political outsiders

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  Nuking the Economy

COMMENTARY:

Nuking the Economy

Forget Iran—Americans Should be Hysterical About This

By Paul Craig Roberts
In five years the US economy only created 70,000 jobs in architecture and engineering, many of which are clerical. Little wonder engineering enrollments are shrinking. There are no jobs for graduates. The talk about engineering shortages is absolute ignorance.
Last week the Bureau of Labor Statistics re-benchmarked the payroll jobs data back to 2000. Thanks to Charles McMillion of MBG Information Services, I have the adjusted data from January 2001 through January 2006. If you are worried about terrorists, you don’t know what worry is.

Job growth over the last five years is the weakest on record. The US economy came up more than 7 million jobs short of keeping up with population growth. That’s one good reason for controlling immigration. An economy that cannot keep up with population growth should not be boosting population with heavy rates of legal and illegal immigration.

Over the past five years the US economy experienced a net job loss in goods-producing activities. The entire job growth was in service-providing activities--primarily credit intermediation, health care and social assistance, waiters, waitresses and bartenders, and state and local government.

Job growth over the last five years is the weakest on record. The US economy came up more than 7 million jobs short of keeping up with population growth.

US manufacturing lost 2.9 million jobs, almost 17% of the manufacturing work force. The wipeout is across the board. Not a single manufacturing payroll classification created a single new job.

The declines in some manufacturing sectors have more in common with a country undergoing saturation bombing during war than with a super-economy that is “the envy of the world.” Communications equipment lost 43% of its workforce. Semiconductors and electronic components lost 37% of its workforce. The workforce in computers and electronic products declined 30%. Electrical equipment and appliances lost 25% of its employees. The workforce in motor vehicles and parts declined 12%. Furniture and related products lost 17% of its jobs. Apparel manufacturers lost almost half of the work force. Employment in textile mills declined 43%. Paper and paper products lost one-fifth of its jobs. The work force in plastics and rubber products declined by 15%. Even manufacturers of beverages and tobacco products experienced a 7% shrinkage in jobs.

The knowledge jobs that were supposed to take the place of lost manufacturing jobs in the globalized “new economy” never appeared. The information sector lost 17% of its jobs, with the telecommunications work force declining by 25%. Even wholesale and retail trade lost jobs. Despite massive new accounting burdens imposed by Sarbanes-Oxley, accounting and bookkeeping employment shrank by 4%. Computer systems design and related lost 9% of its jobs. Today there are 209,000 fewer managerial and supervisory jobs than 5 years ago.

In five years the US economy only created 70,000 jobs in architecture and engineering, many of which are clerical. Little wonder engineering enrollments are shrinking. There are no jobs for graduates. The talk about engineering shortages is absolute ignorance. There are several hundred thousand American engineers who are unemployed and have been for years. No student wants a degree that is nothing but a ticket to a soup line. Many engineers have written to me that they cannot even get Wal-Mart jobs because their education makes them over-qualified.

Offshore outsourcing and offshore production have left the US awash with unemployment among the highly educated. The low measured rate of unemployment does not include discouraged workers. Labor arbitrage has made the unemployment rate less and less a meaningful indicator. In the past unemployment resulted mainly from turnover in the labor force and recession. Recoveries pulled people back into jobs.

Unemployment benefits were intended to help people over the down time in the cycle when workers were laid off. Today the unemployment is permanent, as entire occupations and industries are wiped out by labor arbitrage as corporations replace their American employees with foreign ones.

Economists who look beyond political press releases estimate the US unemployment rate to be between 7% and 8.5%. There are now hundreds of thousands of Americans who will never recover their investment in their university education.

Unless the BLS is falsifying the data or businesses are reporting the opposite of the facts, the US is experiencing a job depression. Most economists refuse to acknowledge the facts, because they endorsed globalization. It was a win-win situation, they said.

They were wrong.

At a time when America desperately needs the voices of educated people as a counterweight to the disinformation that emanates from the Bush administration and its supporters, economists have discredited themselves. This is especially true for “free market economists” who foolishly assumed that international labor arbitrage was an example of free trade that was benefitting Americans. Where is the benefit when employment in US export industries and import-competitive industries is shrinking? After decades of struggle to regain credibility, free market economics is on the verge of another wipeout.

No sane economist can possibly maintain that a deplorable record of merely 1,054,000 net new private sector jobs over five years is an indication of a healthy economy.

No sane economist can possibly maintain that a deplorable record of merely 1,054,000 net new private sector jobs over five years is an indication of a healthy economy. The total number of private sector jobs created over the five year period is 500,000 jobs less than one year’s legal and illegal immigration! (In a December 2005 Center for Immigration Studies report based on the Census Bureau’s March 2005 Current Population Survey, Steven Camarota writes that there were 7.9 million new immigrants between January 2000 and March 2005.)

The economics profession has failed America. It touts a meaningless number while joblessness soars. Lazy journalists at the New York Times simply rewrite the Bush administration’s press releases.

On February 10 the Commerce Department released a record US trade deficit in goods and services for 2005--$726 billion. The US deficit in Advanced Technology Products reached a new high. Offshore production for home markets and jobs outsourcing has made the US highly dependent on foreign provided goods and services, while simultaneously reducing the export capability of the US economy. It is possible that there might be no exchange rate at which the US can balance its trade.

Polls indicate that the Bush administration is succeeding in whipping up fear and hysteria about Iran. The secretary of defense is promising Americans decades-long war. Is death in battle Bush’s solution to the job depression? Will Asians finance a decades-long war for a bankrupt country?


Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions. He can be reached at: paulcraigroberts@yahoo.com. This article originally appeared at counterpunch.org and is published in the Baltimore Chronicle with permission of the author.


Copyright © 2006 The Baltimore Chronicle. All rights reserved.

Republication or redistribution of Baltimore Chronicle content is expressly prohibited without their prior written consent.

This story was published on February 13, 2006.

 

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