I can't recall the name of the financial analyist I heard speak on the issue of jobs this week, but she stated a string of statistics re recent substantial corporate earnings, increase in personal wealth, increase in durable goods, etc. She stated the economy is booming and the fact that job creation has been disappointing is that we also have seen large increases in productivity. The more productive American workers are, the fewer workers are necessary to do the work. Also a 20-year trend continues sending health costs through the roof.
Rather than hire a new employee with related costs for health care, FICA, unemployment insurance, workers compensation etc., employers are authorizing more overtime than ever for existing employees. Result: fewer new jobs being created.
She further said this happens ever so often and soon a new industry is created to pick up the slack. It will be interesting to see what the next new industry will be.
John Kerry is promising 12 million new jobs if he is elected when in fact a president cannot create a single job except by hiring more people to work in government. It is neither Bill Clinton's nor George Bush's fault that we aren't creating a lot of new jobs now; however unemployment numbers remain fairly stable across the country.
Oh.....and I am self employed and I can assure everybody I work very hard indeed. And I wouldn't have it any other way.
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