Economic Czar Summers : Unemployment will "remain unacceptably high for a number of years."
What percentage of GDP is making THINGS for profit?
The president's chief economic adviser warned Friday that the nation's unemployment rate could stay "unacceptably high" for years to come -- a situation that would seriously complicate Barack Obama's ability to convince Americans that he's beating back the recession.
"The level of unemployment is unacceptably high," National Economic Council Director Larry Summers said Friday. "And will, by all forecasts, remain unacceptably high for a number of years."
Summers' comments came in a briefing with reporters ahead of Obama's speech in New York City on Monday, marking the one-year anniversary of the collapse of Lehman Brothers, an event widely regarded as having created a panic that caused the global economic meltdown.
Even with his gloomy forecast for unemployment, Summers said the economy is getting better and made the case that Obama's $787 billion stimulus package and other fiscal rescue steps headed off even more economic pain.
What % of GDP is in health ? 16% ? How much in Rx, and devices for profit? How much in delivery of services (necessary but does not make for a successful economy or nation)?
Of the 84% left what % is in service? What % get a check from fed, state and local govt? None of them makes anything for profit.
Do financial services and wrapping 'instruments' into securities represent things for profit? Where do those funds go?
Of all paychecks here, and all paychecks in COMMUNIST CHINA, what % of checks goes to workers and managers and salespeople and marketing/adverstising/creative people who are engaged in MAKING THINGS FOR PROFIT?
The basis of our economy and our military, and political strength is in making things for profit.
Is it a shock that when we don't do this as well as others the inevitable result is long term high unemployment?
When people do go back to work, what will they be doing? Selling insurance and real estate to each other?
Making wind turbines based on engineering innovations and discoveries?
Creating and selling new software?
Social work for permanently displaced and underemployed depressed former line workers, and their families?
We need many types of jobs to keep our society functioning. But IMHO it all starts unavoidably with inventing, producing, and marketing things for profit. Since the late 60's and early 70's this has all gone in one direction in the USA.
The top five fastest growing exports?
Take out non computer business machines .. and you have AMERICA IN 1800.
Think about it.