Hi-tech industry cuts a quarter-million jobs
The US' hi-tech industry cut nearly 250,000 jobs last year, after four years of growth in a row.
However, software services rallied later in the year, adding 10,000 jobs in the fourth quarter.
Here is a perfect example of how the government economics works.
The United States is at the beginning of the worst depression that has ever happened. But the federal government has no wish to do anything about the problem, other than to waste taxpayer money on frivolous pet projects, or on projects with good names that actually do the opposite of what they claim. So how can the existing politicians plan to get reelected when they are actively fighting the economic recovery? By doing what I am calling their "Brainwash America" tour. This is where the government ignores the facts they don't like, and pushes the facts they do like. Or in the case of "Global Warming", making up whatever facts they think will work best. The rest of us call this lying.
This is how it works.
If you are a government economists, or any other form of professional liar, you ignore the 250,000 jobs that the hi-tech industry lost permanently last year. Instead you focus on the one and only small segment of the industry that gained jobs. And there you have it. Instant economic recovery.
For the last quarter of 2009, the software industry added 10,000 jobs.
The next time you read or hear any report from the federal government about economic recovery, you would do well to remember this simple explanation.
Neglecting to note that about 100,000 of those jobs were lost to H1B Visa workers -- in other words, to cheaper foreigners willing to work in the U.S. for a lower wage than would be paid to Americans.
ReplyDeleteI wonder how many of the Americans thus displaced would have been happier to take a lower wage and keep their job, rather than winding up with NO wage and being forced onto the dole, or at best into an industry other than the one they're trained for (such as flipping burgers).