He reports that many job losses are running through the small business sector(the traditional 'petri dish' that grows jobs), many more employed people involuntarily placed on part-time status, and the reluctance of recovering businesses to rehire.
His chart is here, truly a wonder to behold. It resembles a fighter plane on an afterburner climb.
His article is here, worth pondering.
Remember, this isn't somebody in a tin hat living in Mom's basement. This is a wonk for the Federal Reserve in Atlanta.
I have a buddy who works for Whirlpool in Evansville. Those manufacturing lines are moving to Mexico next summer. Given this bit of cheery news, you have to wonder what they were thinking.
(But, they're MBA's, most likely, so thinking isn't part of the job description.)
He reports a huge overcapacity of manufacturing capacity compared to demand, and Mexican compensation packages that are only 1/6 the US cost, plus lower taxes.
Those jobs aren't coming back, ever.
Now, add on the Brave New Health Care Bill, Cap and Trade, and the unfunded obligations already in place in our federal government, and the taxes that will be required to fund all that.
So, where are the new businesses and jobs to come from? Has anyone in either Congress or the Executive Branch given this serious thought?
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