I didn't think of this until I saw this funny little movie, but there are a lot more people out of work than the news agencies are leading us to believe...now I don't feel quite so bad.
Call your representatives now and tell them to stop giving money to the military. We need road maintenance, bridges, schools, hospitals, housing, and food, not bombs to blow up schools and hospitals in other countries. Thank you!
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It's not "unemployment" that's too high. It's the cost of labor that is too high. Simple Economics 101. Things that are costly will have a lower demand. Where I work we need at least three more people to get a quality product out the door on time. But we are not hiring because hiring an employee simply costs too damn much. If you cut the cost of labor by (1) eliminate the federal minimum wage, (2) cut the payroll tax in half, (3) lift the work week to 46 hours, and (4) lower the working age to 15 you will find that unemployment will fall into the "full employment" range of 2 - 3 percent.
ReplyDeleteHi,
ReplyDeleteYou got it correct. The cost of labour in america is very high. Look at the composition of the gdp 20% is production and 80% is service. So it is the higher cost of labour for every work which is cumulated. With the communication improvement, the capitalist found a way to send the work to countries like india where the same work was got done at 50% or less than that.
External debt of american is 13.5 trillion usd equal to that of yearly gdp. However america does not export services and hence it will have to spend years to repay this loan out of the produces which is only 20% of the gdp meaning 2.6 billion usd.
Since everything other than defence has been outsourced, the only way to keep the things going is to increase defence expenses. That is precisely what obama is also doing.
Probably the other way is to stop the outsourcing to any country and in that case, usa will become uncompetitive in selling its products. As such america is not in the automobile industry any how. So the most important things is to bring purchase parity theory type of scale for the labour and american have to increase their productivity or reduce the cost.