roberts - how the economy was lost; the war of the worlds (2009)

[...]... Chapter 4: The New Face of Class War The attacks on middle-class jobs are lending new meaning to the phrase “class war. ” The ladders of upward mobility are being dismantled America, the land of opportunity, is giving way to ever deepening polarization between rich and poor The assault on jobs predates the Bush regime However, the loss of middle-class jobs has become particularly intense in the 21st century,... free-market economists rush to the defense of H-1B visas The visas are nothing but a subsidy to U.S companies at the expense of U.S citizens Keep in mind the H-1B subsidy to U.S corporations for employing foreign workers in place of Americans as we examine the Labor Department’s job projections over the 2004–2014 decade All of the occupations with the largest projected employment growth (in terms of the. .. data on the part of a Federal Reserve Chairman renowned for his command over numbers and a complete lack of grasp of offshoring The incentive to offshore U.S jobs has nothing to do with “old” and “new” economy Corporations offshore their production, because they can more cheaply produce abroad what they sell to Americans When corporations bring their offshored production to the U.S to sell, the goods... in the production of goods and services for U.S markets, U.S firms are destroying the ladders of upward mobility in the U.S So far economists have preferred their delusions to the facts 19 It is becoming more difficult for economists to clutch to their bosoms the delusion that offshoring is free trade Ralph Gomory, the distinguished mathematician and co-author with William Baumol (past president of the. ..Chapter 1: The Return of the Robber Barons The U.S economy continues its 21st century decline, even as the Bush Regime outfits B-2 stealth bombers with 30,000 pound monster “bunker buster” bombs for a possible attack on Iran While profits soar for the armaments industry, the American people continue to take it on the chin The latest report from the Bureau of Labor Statistics shows that the real wages... the developed economies are seriously lagging behind their historical norms as offshore outsourcing displaces the “new economy jobs in “software programming, engineering, design, and the medical profession, as well as a broad array of professionals in the legal, accounting, actuarial, consulting, and financial services industries.” The real state of the U.S job market is revealed by a Chicago Sun-Times... this disinformation in the media The lie is repeated everywhere and has become a mantra among no-think economists and politicians However, no sign of these jobs can be found in the payroll jobs data But there is abundant evidence of the lost American jobs During the past five years (January 01–January 06), the information sector of the U.S economy lost 644,000 jobs, or 17.4 percent of its work force Computer... are the Richistanians? They are CEOs who have moved their companies abroad and converted the wages they formerly paid Americans into $100 million compensation packages for themselves They are investment bankers and hedge fund managers, who created the subprime mortgage 13 derivatives that threaten to collapse the economy One of them was paid $1.7 billion last year The $575 million that each of the. .. raise the number) and the loss during the past five years of 761,000 jobs in the information sector and computer systems design and related sectors Judging from its ten-year jobs projections, the U.S Department of Labor does not expect to see any significant high-tech job growth in the U.S The knowledge jobs are being outsourced even more rapidly than the manufacturing jobs The so-called “new economy was. .. white-collar jobs are vulnerable to being outsourced offshore These are not only call-center operators, customer service and back-office jobs, but also information technology, accounting, architecture, advanced engineering design, news reporting, stock analysis, and medical and legal services The authors note that these 22 are the jobs of the American Dream, the jobs of upward mobility that generate the . 2 3 Introduction In the first decade of the 21st century Americans have experienced the worst economy since the Great Depression of the 1930s. Today’s policy-makers are just as bereft of solutions as policy-makers. perhaps the major, cost of capitalist profits are imposed on third parties who do not share in the profits? In the U.S. today, 7 corporate profits are no longer related to the welfare of the general. While profits soar for the armaments industry, the American people continue to take it on the chin. The latest report from the Bureau of Labor Statistics shows that the real wages and salaries of