Monday, February 13, 2006

Nuking the Economy

This piece, Nuking the Economy, written by Paul Craig Roberts contains a lot of sobering statistics:

"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. "

"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."


(via The Leiter Reports)


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