AND SO IT GOES…#86


  • A prominent American economist recently stated that the US economy has to create 200,000 jobs every quarter from now until 2016 in order to bring the headline unemployment rate down to 5%.Since the onset of the financial meltdown in 2007/08,the global capitalist system has been mired in the worst crisis of the last hundred years,and the US economy hasn’t been creating new jobs anywhere near the aspirational headline figure.Coal,steel,cars,shipbuilding and the like,are the very sinews of an industrialised economy,but are no longer available to the extent as once they were for leading western economies.Job creation,in the wake of the decades-long outsourcing to developing economies of basic manufacturing,is now almost entirely deskilled,low-waged service sector forms of employment.The West has long since reached its historical apogee;only the pace of its decline is now increasing.Game over.
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