The White House jobs summit didn’t do well on its price point evaluation and production is being outsourced to China.
Obama said there will be no government money to create jobs but he will cut red tape on exports anywhere he can and expects that to create 200,000 jobs. What red tape? Does he mean on technology transfers? The Bush Crime Family simply ignored that law. China has the best guidance systems that Boeing could develop and can pick which window of the White House they want to put an ICBM in through.
Even if the 200,000 jobs was to materialize from cutting red tape it won’t offset the 30 million jobs lost. The only thing more pathetic was Newt Gringrich’s counter summit where he promoted more tax cuts for the rich. He wants to cut the corporate tax rate too, no matter that 2/3 of corporations that do business in the US pay no taxes already.
New jobless numbers came out today. Great news! The initial claims were down for the fifth week in a row! New claims dropped by 5000 BUT continuing claim are up by 28,000 this week alone. And of course they don’t count all the people who aren’t eligible to claim. The government now admits the real number is 18% but even that is well below the real number.
We have Depression Era unemployment already but safety nets intended to help the poor are keeping the middle class going too, but this can’t last. Add in the trade deficit with China which is keeping up the appearance of prosperity and that will end when it either suits China or if the China bears are right will end suddenly with China’s collapse. Then you will see scenes from the Great Depression and worse, much, much worse. www.prairie2.com