QUOTE
July 10, 2008
A Workforce Betrayed
Watching Greed Murder the Economy
By PAUL CRAIG ROBERTS
The collapse of world socialism, the rise of the high speed Internet, a bought-and-paid-for US government, and a million dollar cap on executive pay that is not performance related are permitting greedy and disloyal corporate executives, Wall Street, and large retailers to dismantle the ladders of upward mobility that made America an “opportunity society.” In the 21st century the US economy has been able to create net new jobs only in nontradable domestic services, such as waitresses, bartenders, government workers, hospital orderlies, and retail clerks. (Nontradable services are “hands on” services that cannot be sold as exports, such as haircuts, waiting a table, fixing a drink.)
Corporations can boost their bottom lines, shareholder returns, and executive performance bonuses by arbitraging labor across national boundaries. High value- added jobs in manufacturing and in tradable services can be relocated from developed countries to developing countries where wages and salaries are much lower. In the United States, the high value-added jobs that remain are increasingly filled by lower paid foreigners brought in on work visas.
...
The study adds more cover for corporate America’s rear end by repeating the false assertion that US firms are moving jobs offshore because of a shortage of scientists and engineers in America. A correct statement would be that the offshoring of science, engineering and professional service jobs is causing fewer American students to pursue these occupations, which formerly comprised broad ladders of upward mobility. The Bureau of Labor Statistics’ nonfarm payroll jobs statistics show no sign of job growth in these careers. The best that can be surmised is that there are replacement jobs as people retire.
The offshoring of the US economy is destroying the dollar’s role as reserve currency, a role that is the source of American power and influence. The US trade deficit resulting from offshored US goods and services is too massive to be sustainable. Already the once all-mighty dollar has lost enormous purchasing power against oil, gold, and other currencies. In the 21st century, the American people have been placed on a path that can only end in a substantial reduction in US living standards for every American except the corporate elite, who earn tens of millions of dollars in bonuses by excluding Americans from the production of the goods and services that they consume.
Complete at LINK
A Workforce Betrayed
Watching Greed Murder the Economy
By PAUL CRAIG ROBERTS
The collapse of world socialism, the rise of the high speed Internet, a bought-and-paid-for US government, and a million dollar cap on executive pay that is not performance related are permitting greedy and disloyal corporate executives, Wall Street, and large retailers to dismantle the ladders of upward mobility that made America an “opportunity society.” In the 21st century the US economy has been able to create net new jobs only in nontradable domestic services, such as waitresses, bartenders, government workers, hospital orderlies, and retail clerks. (Nontradable services are “hands on” services that cannot be sold as exports, such as haircuts, waiting a table, fixing a drink.)
Corporations can boost their bottom lines, shareholder returns, and executive performance bonuses by arbitraging labor across national boundaries. High value- added jobs in manufacturing and in tradable services can be relocated from developed countries to developing countries where wages and salaries are much lower. In the United States, the high value-added jobs that remain are increasingly filled by lower paid foreigners brought in on work visas.
...
The study adds more cover for corporate America’s rear end by repeating the false assertion that US firms are moving jobs offshore because of a shortage of scientists and engineers in America. A correct statement would be that the offshoring of science, engineering and professional service jobs is causing fewer American students to pursue these occupations, which formerly comprised broad ladders of upward mobility. The Bureau of Labor Statistics’ nonfarm payroll jobs statistics show no sign of job growth in these careers. The best that can be surmised is that there are replacement jobs as people retire.
The offshoring of the US economy is destroying the dollar’s role as reserve currency, a role that is the source of American power and influence. The US trade deficit resulting from offshored US goods and services is too massive to be sustainable. Already the once all-mighty dollar has lost enormous purchasing power against oil, gold, and other currencies. In the 21st century, the American people have been placed on a path that can only end in a substantial reduction in US living standards for every American except the corporate elite, who earn tens of millions of dollars in bonuses by excluding Americans from the production of the goods and services that they consume.
Complete at LINK
Emphasis added. Paul Craig Roberts always says it like it is...like it or not.