http://www.whitehouse.gov/government/chao-bio.html http://www.dol.gov/_sec/aboutosec/chao.htm www.elitetrader.com welcomed her along with CNBC, upon her appointment some 6 or 7 years ago to this administration, her distinct style and presentation before the cameras earned her one of the most distinctive presentation awards ever .... just review the comments from a few years ago, on ET now that the real details of the real economy are no longer being window dressed, as more and more companies, factories, industries and such, as well as all the supportive smaller businesses (coffee shops, luncheon counters, etc.) loose jobs, where do we as an economy stand? 1. Employers actually slashed 80,000 jobs â the biggest number in five years and the third straight month of job losses ... 2. The national unemployment rate has rocketed higher â from 4.8% to 5.1% in March â the highest since Hurricane Katrina wiped out thousands of Gulf Coast businesses in 2005 ... 3. Job cuts in both January and February were far worse than previously reported. Payrolls for January and February were revised lower by a total of 67,000 jobs, and ... 4. Altogether, employers have cut a whopping 232,000 jobs from their payrolls since January. (taken from: www.moneyandmarkets.com Weekend Edition, Sunday, April 6th, 2008, titled: "The Handwriting on the Wall for the U.S. Dollar â And What You MUST Do NOW by Larry Edelson ") (((no, this is not an advertisement))) So, where's the cheerleader Elaine on all these economic facts?
It isn't just Elaine Chow that is a notable 'no-show', Bush also is a standout in his absence...a true epitomy of the lame duck he is, (to put it mildly). Every time there was a job or two, sure as hell they were out there, crowing it up, yada, yada, yada...now that their failed policies are fully manifesting, and gutting the economy, they are nowhere to be found...Bush, by his very words, is already 'mentally' kicking his feet up at Crawford...and I quote, "I done my bit". You sure have, Mr, Bush. And then some.
Actually Bush's policies have been pretty decent for job growth. As much as I lament the administrations love of a sinking dollar there's no doubt that domestic production has benefited from a more export friendly currency. No pun intended but getting American's to buy less from Asia is âjob one.â Secondly, while the Bush budget deficits may have down the road implications (or might not-I sure don't see the Treasury market suffering)deficit spending is a Keynesian requirement for trickle down payroll growth. Just look at how government jobs keep expanding. Certainly low taxes also help. If I were to give Uncle Sam an extra 10k a year in taxes there's no doubt I'd have to give up a fair amount of discretionary spending, i.e. car washes, meals out, services that put money into the pockets of low wage earners. I realize when I get into ET debates I'm arguing with teenagers who possess a thimble of historical reference but the global economy would have gone into meltdown back in 2002 if not for many of these measures.
BMW is hurting. They recently laid off 8000 workers because of declining U.S. sales. Do you think it's easy for the 3 series or the Mercedes C class to compete with the CTS at a 1.56 EUR?
What I am mean is that buying cheap stuff from Asia isn't hurting middle class Americans. After all, people vote with their dollars. People aren't dumb enough to buy rip-off products.
People buy products that offer the best value regardless of manufacture origin. A lower dollar is a tariff of sorts. More often than not the products we buy are foreign. Without doubt American consumers have benefited from access to Asia. Items like apparel that a generation ago would've required a days worth of wages now can be bought for an hour of toil. The effect of these buying patterns on American workers though is quite debatable. The computer guy who complains about his job being outsourced to India while he's driving a Japanese car is both irony proof and ultimately part of the problem. It's great for American consumers to shop at Walmart. Certainly a better value than the days of a wealthy merchant class on Main Street. However it was a better for workers to be employed in manufacturing than having to work for Walmart. It's all ying and yang but this thread is about employment not consumer utility.