Where are the jobs? (Quite possibly the dumbest MSM article EVER)

January 22, 2011

According to the National Journal, the economy added 10 million fewer jobs in the last decade than economists had predicted:

Somehow, rapid advancements in technology and the opening of new international markets paid dividends for American companies but not for American workers. An economy that long thrived on its dynamism, shedding jobs in outdated and less competitive industries and adding them in innovative new fields, fell stagnant in the swirls of the most globalized decade of commerce in human history.

Even now, no one really knows why. [Emphasis added]

The author is expressing wonder that workers displaced by new technologies and offshoring didn’t magically get switched over to “innovative new fields,” whatever those are.

The only thing I got out of the thousands of years and hours spent at college was a basic understanding of economics and the history of human civilization. And even the dumbest kid in the class could have told you that the above statement makes no sense whatsoever. If new technologies are developed allowing robots to do the jobs of humans, and if trade barriers are lifted so that Chinese slaves can do the work of middle class American workers, how exactly is that going to create new jobs in the domestic market?

But according to employees at the Federal Reserve Bank of Atlanta, it’s all a big mystery. The National Journal article continues:

If we can’t figure out why, we may be doomed to a future that feels like a long jobless recovery, no matter how fast our economy grows. “It’s the trillion-dollar question,” says David E. Altig, senior vice president and research director for the Federal Reserve Bank of Atlanta, where economists are beginning to explore the shifts that have clubbed American workers like a blackjack. “Something big has happened. I really don’t think we have a complete story yet.” [Emphasis added]

Good luck on your snipehunt, fellas. Let us know when you’ve found the real killers.

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