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02/21/2010

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Jack

"In economies that have full employment except during recessions, which describes the American economy, increased exports do not create jobs, any more than building football stadiums creates jobs....

.............. Hmmmmm, I'm wondering (and strongly suspect) that the US economy has fundamentally been changed, and that with the "help" of imports and outsourcing may well never see full employment again unless changes in trade relations are made. Consider that much of "GM's problem" and that of every car mfg and most other mfg's is that of the product lasting longer and being built with far fewer man hours. As for "building football stadiums" and making lattes for each other neither is going to help our soaring trade deficit.......... and the dollar weakens but not enough for our exports to compete in China, India, Africa, while the oil that we use/waste at far higher rates than other economies, continues to increase in dollar terms.

Kinda wish you'd have used a different example, such as projects that result in less use of imported fuels, or that we'd have invested in infrastructure maintenance and upgrades so when, or if, this mess is over we'd have something in our asset column that would pay dividends in improved efficiency.

Then if we regained, or expanded our leadership in biotech, and fossil fuel conservation tech and mfg perhaps we would increase our exports at a higher percentage/year.

One last thought on employment is that of our economy having "matured" in a manner in which many of our jobs are largely featherbedding of some sort that is politically protected, for example our H/C system using 8 or more clerical people to Canada's one,"investment bankers" skimming off billions for either gutting and reselling long established companies, or "packaging loans" at some godawful rate of leverage that would arguably be better off where they were. "Lean and mean" would be part of the prescription for maintaining our std of living, against high odds to the contrary, but what do we do with the former featherbedders?

altereggo

"The financial assets that China is accumulating is not yielding much more in the way of income than the mercantilist goal of accumulating zero interest bearing gold in exchange for goods produced by labor, materials, and capital."

Amazing! This was my argument against mercantilism when I was seven years old... not expressed in those precise terms, of course. Nobody seems to realize how much cheap walmart-sold chinese imports have improved quality of life in this country, especially for the poor.

K.R.Srivarahan

Doubling exports in five years is possible (as other nations have demonstrated in the past) provided adequate capital and labour are available.Provision of $2 billion may not be adequate for this ambitious target.Regarding labour, it is not necessary to shift them from production for domestic consumption inasmuch as the unemployment rate is now atrociously high and threatens to be so in the light of imminent jobless growth scenario. It is too risky to depend entirely on increase in domestic demand to sustain growth. Casting the net wide is a sane economic and social policy.

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Think about it. For flag football, you don't need to work out or develop any skills; you just have to be fast and be able to catch. It basically defeats the purpose of any other position player except the fastest positions like receiver and cornerbacks. It kills the point of being able to bench press 400 pounds when all you have to do is be fast.

Who agrees with me when I say that flag football is a terrible substitute for tackle football? Or for those of you who prefer flag football to tackle football, why?

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One last thought on employment is that of our economy having "matured" in a manner in which many of our jobs are largely featherbedding of http://www.new-jerseys.com some sort that is politically protected, for example our H/C system using 8 or more clerical people to Canada's one,"investment bankers" skimming off billions for either gutting and reselling long established companies

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I thought China had a lot more than 10% of US treasuries. Anyway, with all the spending and dollar printing going on in the US, it's only a matter of time before the dollar reverts back to the slide it was on. It's only up at the moment due to the Euro problems. Once the dollar tanks, exports will increase but at a very costly price.

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Doubling exports in five years is possible (as other nations have demonstrated in the past) provided adequate capital and labour are available.Provision of $2 billion may not be adequate for this ambitious target.Regarding labour, it is not necessary to shift them from production for domestic consumption inasmuch as the unemployment rate is now atrociously high and threatens to be so in the light of imminent jobless growth scenario. It is too risky to depend entirely on increase in domestic demand to sustain growth. Casting the net wide is a sane economic and social policy.

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Pretty insightful post. Never thought that it was this simple after all. I had spent a good deal of my time looking for someone to explain this subject clearly and you’re the only one that ever did that. Kudos to you! Keep it up

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Pretty insightful post. Never thought that it was this simple after all. I had spent a good deal of my time looking for someone to explain this subject clearly and you’re the only one that ever did that. Kudos to you! Keep it up

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The answer is no. Thanks for the post.

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I agree, no.

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With all the dollar printing going on in the US, it's only a matter of time before the dollar reverts back to the slide it was on. It's only up at the moment due to the Euro problems. Once the dollar tanks, exports will increase but at a very costly price.

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