( Note more jobs losses and corporate close downs below:)
A Bush Administration Official says the
record breaking trade deficit negatives are over emphasized while they neglect to comment about a Walmart
opening a store in China that has virtually no products made in the USA in the store. The trade deficit with
China is overwhelming. Some say the overall trade deficit could have been the equivalent of a $50,000 home for every
family in the USA.
The Official said Germany has a trade surplus but has 10% unemployment while
the USA has only 5 1/2 %. ( Real unemployment in the USA is much more. 92 million Americans are jobless. The unemployment
rate is fiction.
The Official did not get into how Germany collects unemployment rates compared to the
USA. We doubt if they do it like we do in this country polling households since it is impossible to obtain
an real data from the unemployment insurance offices since only about 38% of all Americans qualify for unemployment. Besides
this the Germans try to maintain a living wage for the average German worker and balances out unemployment
accordingly. Here we have created a working poor class where even someone making only a $100 a month is considered
employed. Neither the media or our poltical leaders question if the statistics are fabricated or manipulated to hide
reality.
The loss of jobs continue. The cuts are endless. Even UPS is closing down a hub in Dayton Ohio cutting
1400 jobs.
Standard and Poor warns that airline cuthroat competion could create "a domino effect"
of airline bankruptcies with the airlines seeking to get rid of their pension funds. The government again would have to take
over these pension plans with the taxpayers paying the toll. Many in the working poor class would end up paying
for others pension without ever seeing any themselves. The government pension plan is already broke and needs more funding
now. Many of the steelworkers with pensions now are paid by the government with the tax payers absorbing the cost.
Meanwhile,
Mittal Steel Company plans to cut 45,000 workers worldwide after it completes the purchase of International Steel
Group (LSG) who pick up all the assets of bankrupt LTV Steel which in turn took over Republic Steel and J&L Steel. In
the process, about 700,000 steel workers and related workers lost their jobs since about 1990. Over 30 steel companies
went broke during this time.
When NAFTA and GATT trade agreements were announced. we were told that anyone who lost
their jobs due to the new trade agreements would be helped. No one got any help in the steel industry or for that matter
in all the other companies that closed down or moved outside the USA.
At the same time, companies are still
being challenged by federal prosecutors regarding their accounting practices. The latest is Krisby Kreme Donuts.
A "money
talk" article has a story about a worker who worked as a
nanny and housekeeper and who was paid under the table
in these jobs her whole life. Now she is old and can not continue to work but has no Social Security to rely upon because
she never paid into it.
How many times has this happened? Reportedly, only 88 million workers have full time
jobs in the USA. This means there is a 100 million workers with only part time jobs, or in the underground economy with many missing
in action from any kind of reporting. How large is the underground economy? How can anyone talk about Social
Security reforms without considering the underground economy and companies moving out of the USA to escape paying the payroll
tax.
Who will untangle the terror Globalism and Free Trade have bred?
