I can bore with you details until we’re all blue in the face, but suffice it to say we are losing domestic jobs to outsourcing abroad, and on a large scale. The example I used with Apple in an earlier post illustrates this well. Everyone has been affected in some way by this economy. If it hasn’t been you directly, it’s been someone close to you – family or friend. The indisputable truth is that outsourcing is hurting us. It would be one thing if these foreign countries we buy massive amounts of things from and whose factories we keep humming to produce things for the U.S. market, patronized our U.S. made goods, and it was quid pro quo, but the story is so one-sided. In my post from February 6 I indicated that for every $4 the US spends on Chinese goods, China spends $1 on our goods. This equation is not working for Americans.
There was a bright spot in the Wall Street Journal Today that energy mining, extraction, services, and ancillary businesses that benefit from these areas are humming right here on our US soil – hallelujah ! One, this will decrease our reliance on foreign energy, it’s helping jobs in these areas, and the article reports we haven’t produced as much oil since the 1970s. Also natural gas prices are at a ten year low from our activity. More money in our pockets!
In the WSJ’s article US Market Shines Brighter the article mentions some companies are boosting domestic production and spending. Job seekers sharpen your pencils 🙂 http://online.wsj.com/article/SB10001424052970203315804577209511105401168.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsForth
More than 2/3s of the measure of our economy called GDP (for simplicity’s sake, all goods and services produced in the U.S.) is from consumer spending. How can GDP improve from its anemic levels unless we have jobs and can afford to live and have some discretionary income afterwards.
We’ll talk more about jobs soon. Stay tuned.