Archive for November 20th, 2012
The disintegration of an economy and a society can take two courses. One course is like rust. It is slow and barely perceptible. The other is a sudden collapse. The first course, if left untended, eventually turns into the second.
The US economy is now rusting away. Arguably it has been for decades. For anyone interested in looking, the signs are there. They will soon become unavoidable for even the most disinterested of our citizens.
Dan Amoss correctly described what is happening as a result of Washington’s overbearing involvement in the economy:
All government-directed economic activity grows at the expense of the private sector. And the election suggests that government coercion will drive even more U.S. economic activity in the future. This is a shame, because freely adjusting prices, competition, and innovation elevate living standards. Mandates, price controls, and subsidies — coercive actions — depress living standards. Quality falls. Shortages develop and persist.
Mr. Amoss is correct but does not forcefully convey the reality of a dying economy. These effects are beginning to appear.
Many businessmen hung on, hoping for a change in the madness that passes for economic leadership and policy. These hopes were dashed with the re-election of the ideologue driving the madness. Obama won the electoral college, but not the confidence of business. They are just beginning to cast their votes and it does not bode well for the future. Here is a partial list of the business reactions to the outcome of the election:
LAYOFFS ANNOUNCED SINCE ELECTION:
- Abbott Labs 700
- Activision 30
- Adventist Health 48
- Airlines SAS 6000
- AMD 400
- American Cotton Growers 110
- ArcelorMittal 20
- American Independence Museum 4
- Ameridose 790
- American Airlines 4400 + 800 leaving voluntarily
- American Coal 54
- Atlantic Lottery Corporation 16
- Assc Milk Producers 130
- Aveo Oncology 45
- ATI 172
- Bankia 5000
- Bechtel Power Corp 277
- Bigpoint Games 47
- Boston Scientific 1200
- Brake Parts LLC 75
- Brattleboro Retreat 31
- Bristol Myers 500
- Career Education 900 + Closing 23 Campuses
- Cigna 1300
- Citigroup 100
- Commerzbank 6000
- Consol Energy in W.V. 145
- Covidien 595
- Crouse Hospital Syracuse NY 70
- Cummins 150
- CVPH 27
- DEP in Tallahassee FL 15
- DuPont, Co. 64
- Eagle-Tribune, Andover 21
- Emanuel Medical Cente 24
- Energizer Holdings 1500
- Ericsson 1550
- Exide Tech, Laureldale 150
- City of Findlay, OH 39
- First Energy 400
- Gameforge Berlin 20
- Gamesa Energy 92
- GenOn Energy Inc 33
- Glen Falls Hospital 29
- Groupon 80
- GT Advanced Tech 165
- Harris’ Broadcast 17
- Hawker Beechcraft 400 + Facilities closing
- Hill Rom 200
- Hills Holdings 300
- HMX Group 567
- Hostess 627
- Iberia Airlines 4500
- ICM of Colwich 25
- ING 2350
- Judson University 21
- Juniper Networks 500
- Kaiser Permanente 84
- Kinetic Concepts 427
- Kratos Defense Security 125
- Lackawanna County PA 11
- Lightyear Network Solutions 12+
- Lonza 500
- Majestic Star Casino/hotel 80
- Major Wind Company 3000
- Martha Stewart Living 70
- Medtronic 1000
- Mills Manufacturing NC 68
- Momentive, Inc. 150
- Monitor Group 235
- Montco Behavioral Health/Dev 58
- NBC 500
- Nebraska Medical Center 38
- Neovia Logistics Services 52
- New Energy 40
- Ormet 200
- Panasonic 10000
- PayPal 320
- Penn Refrigeration 40
- Penske Logistics 50
- Pepsi 4000
- Philips Electronics 218
- Pierce Mfg 325
- Pratt & Whitney Rocketdyne 100
- Research in Motion 200
- Rheem Manufacturing 50
- Sentry Foods 70
- Shaw’s Supermarket 700
- Shawano foundry WI 90
- Smith & Nephew 770
- Smithfield Packing Co. 125
- Solel Solar Systems 140
- Southeastern Container 15
- SpaceX 100
- SRA Intl Inc 222
- St. Jude Medical 300
- Stryker 1170
- Sulake 60
- Sun Media 500
- TE Connectivity 620
- TECO Coal Corporation 90
- Texas Instruments 1700
- The Providence Journal Co 23
- TMX Group Ltd. 100
- Turbocare 220
- Turkey Point Nuclear Plant 277
- Oce North America, Inc. 135
- Turbocare OCE 220
- UBS 10000
- US Cellular 980
- UtahAmerican Energy Inc 102
- Volvo Trucks Pulaski County 300
- Wake Forest Baptist Medical 950
- Welch Allyn 275
- West Ridge Mine 102
- Westinghouse 50
- World Media Enterprises Inc 105
- WPS Health Insurance 600
- Wright Patterson AFB 115
- Wyodak Coal Mine 11
- Xerox 2500
- Yakima Reg Med Ctr Washington 10+
ANNOUNCED BUSINESS CLOSURES SINCE ELECTION:
- Bakers Footwear closing 150 stores nationwide, including 21 in California
- The SCA plant in Barton – Plans Staff Reductions
- Handy Hardware to close its 2-year-old Meridian, Miss. warehouse
- Caterpillar Inc. will close its plant in Owatonna Minn.
- Waltz Pharmacy in Waldoboro Maine
- Zac’s Place in Hinsdale IL
- Lone Star Steakhouse at 70th and O streets and Ruby Tuesday at 56th Street in
- Lincoln NE
- Career Education Corp – Closing 23 Campuses – 900 Jobs Lost
- Handy Hardware to close its 2-year-old Meridian, Miss. warehouse
- Shamrock Bar at Payne City’s Rose Avenue. in GA
- Monitor Company Group LP
- ThinkEquity LLC
- Homer City Funding LLC
- Caterpillar Inc. will close its plant in Owatonna Minn.
- Mount Pleasant’s Albrecht Sentry Foods
- The Target store at Manassas Mall Va.
- Millennium Academy in Wake Forest NC
- Target Closing Kissimmee FL Location
- Calgary’s iconic Rideau Music store ( International )
- The Andover Gift Shop in Andover MA
- Grand Union Family Markets Closing Storrs Location CT
- Movie Scene Milford Location NH
- Update: TE Connectivity Closing Greensboro Plant – 620 Layoffs Expected
- Gomer’s Fried Chicken in South Kansas City
- Kmart in Homer Glen
- Fresh Market on Pine Street in Burlington
- AGC Glass North America to permanently close its Blue Ridge Plant in Kingsport Tenn.
- The Target store at Platte and Academy in Colorado Springs
- Island Colors – A Carolina Beach Clothing Store
- The Roses store on Reynold Road in Winston-Salem NC
- Meanders Kitchen losing its West Seattle location at 6032 California Ave
- Bost Harley-Davidson at 46th Avenue North and Delaware Ave. in West Nashville TN
- Townsend Booksellers in Oakland
- The Kmart store in Parkway Plaza off University Drive in Durham NC – 79 Jobs Lost
- Guarantee Shoe Store in Beaumont Texas
- Associated Milk Producers Inc. Closing manufacturing facility in Dawson Minn. – 130
- Jobs Lost
- FacadeTek Inc Closes Whitestown Facility – 72 Jobs Lost
- Comet Market in Punxsutawney Pa.
- JC Penney store in Miracle City Mall Titusville FL
- TurboCare Inc Closing Manchester CT Facility – 88
- The United Colors of Benetton store on Armitage Avenue IL
- Update: Bicycle shop Ten 27 Cycles 1027 Davis St. in Evanston IL
- Two Sears Product Rebuild Centers in The Woodlands Texas
- FesslerUSA Clothing Maker Closing in PA
- Ralph Lauren’s plans to close its 14 stand-alone Rugby locations
- Nashville Sash & Door Co. Inc Tenn.
- First Portuguese church in North America in Bedford Mass Closing?
- International Fashions in Carbondale’s University Mall IL
- Harper’s Old Army Surplus Store in West Monroe La
- Nova Financial Holdings
- The Party Warehouse in West Springfield Mass.
- TLC Wine and Liquor at 1205 W. Main St in Kent Ohio?
- The HAPPY Place 1042 N Coast Hwy, Laguna Beach, CA
- Air Carrier Accessory Services – Chapter 7
- SOW Inc. shelter on South Broad Street GA?
- Systemax Inc., Closing Miami County Ohio Computer Plant – 120 Jobs Lost
- Textbook publisher McGraw-Hill Cos. Closing 2 Distribution Centers – 166 Layoffs
- First Place Financial Corp
- Nash Finch Closing Cedar Rapids Iowa Food Distribution Center
- Johnnie’s Foodmaster MA Closing all 10 Locations
- Rainbow Foods will be closing its Forest Lake location MN – 59 Layoffs
- Berry’s Camera Shop Inc. in Downtown Lafayette
- Schreiber Foods to close their food packaging plant in Ravenna – 70 Jobs Lost
- Kmart store at 5300 Salem Ave. Trotwood Ohio
- Mr.Christie plant in Toronto ( International ) 2013 – 550 Jobs Lost
- Coffee with T cafe in Stevenson Village business MD
- Minas Basin Pulp and Power are closing a mill in Hantsport ( International ) – 135
- The Colonial Country Shoppe on Park Street in Adams MA
- Vestas Wind Systems Closing R&D; Office in Louisville – 60 Jobs Lost
- Dollar Castle in downtown Ferndale MI
- Bistro One West in St Charles IL
- Sun Dog Diner in Neptune Beach FL
- Jim’s Builders Hardware in Wichita, Kansas
- Madeleines Bakehouse in Fort Wayne Indiana
- Barnes & Noble plans to close its doors in Union Station Dec. 31
- The Semiahmoo Hotel in Blaine Washington
- Highland Curves CA
- The Salem Sport Shop in Salem Ohio
- Navistar International Corp. to Close truck assembly plant in Garland, Texas – 900
- Jobs Lost
- Divine Mercy Catholic Books & Gifts Denton Texas
- Singer Mental Health Center in Rockford IL
- Garelick Farms Ends Production at Bangor Maine Facility
- Fashion Tech Window Coverings in Portland?
- Custom House Tavern Chicago IL.
- Jim’s Builders Hardware in Delano
- Lone Star Steakhouse at 1801 22nd St. in West Des Moines
- Sears to Close Woodlands Product Rebuild Center – 117 Jobs Lost
- Whitehead Inc Rockford Real Estate Company
- Robert’s Mens Shop in Downtown New Philadelphia Ohio
- Fort Tecumseh Olde Fashun Store in Ohio
- Lakewood Beginnings Child Development Center in Lakewood Ohio
- Green Fields Seed & Feed in Grand Junction Colo.
- The Army and Navy Store in Melrose Mass.
- Vitalistic Therapeutic charter school PA
- Diamond Foods Inc Closing a plant in Fishers Indiana
- Old Town Alehouse 5233 Ballard Ave in Seattle
- Space Aliens restaurants in Minot and Grand Forks ND
- DeWaay Financial Network LLC
- Sears at Quail Springs Mall Oklahoma City OK.
- Fashion Bug in O’Fallon MO is closing in January
- Kmart Store in Oak Hill W. Va
- Update: Jett & Hall men’s clothing store in Richmond KY
- D.C. school List of Possible Schools Closing to Be released Later today
- Dunkin’ Donuts in Holly Hill FL
- Hostess Brands Inc Permanently Closing 3 Bakeries Following a Nationwide Strike
- Philips Electronics subsidiary Lightolier will close its local fluorescent light
- fixture manufacturing plant in Willington
- Smithfield Packing Co. will close in 2013, laying off a total of 400 employees
- SuperFresh outlets in Marlton and Westmont NJ
- The Bagel Shoppe in Katonah NY
- Ben Franklin and Homestead House Gifts in the Kimball Ridge Center in Waterloo IA
- Several West Virginia Suzuki dealerships Being Forced to Close
- Kowalski Cos Closing All 4 of its Metro Detroit Delis but to Continue Food
- Three Memphis charter schools and one in Nashville Tenn. Could Close Due to Poor
- Test Scores
- The Custer School District SD – Closing 2 Rural Schools
- The Dressing Room, on North Lincoln Avenue IL
- The Utica office of IBOPE NY
- AMF Bowling Worldwide Inc
- Aletheia Research & Management Inc
- Omtron USA
- Helmkampf Construction in Olivette
- Clear Light Publishers
- Monitor Company Group LP
- ThinkEquity LLC
- Homer City Funding LLC
- US Suzuki Distributor – Chapter 11
- Revolt Technology
This list should frighten every thinking American. It is a huge warning regarding what lies ahead. These changes are coming to an economy that is already unable to provide jobs or sustain living standards.
Decline is a slow process, until it becomes fast. It is not easy to see at first. It should be obvious to most that our economy is approaching a critical stage. When you have destroyed the trust and confidence of business, there will be no job creation.
Some parting words are in order for those responsible for the decisions reflected above. Shutting down and giving up is anathema to the spirit that built this country and is now only found among our entrepreneurial class. It goes against the very fiber that drives success. It is a last resort for entrepreneurs.
The decision to quit is lonely, involves guilt, self-doubt and remorse. It is the last act for someone that has tried everything to avoid it. Giving up and withdrawing is not an act of retribution. People do not willingly choose to go to Galt’s figurative gulch. They are forced there.
While the masses exult in the continuation of their food stamps, cell phones and other booty, the real story of this election is yet to be told. The nation is about to find out that policies and elections have consequences more important than free stuff.
The war against private enterprise can no longer be denied. President Obama’s re-election ensures that it will continue and likely accelerate. The makers are beginning to give up. The takers don’t have a clue. Soon the country is going to get a real-life lesson in economics. TANSTAAFL (There ain’t no such thing as a free lunch) is about to be learned.
When the present path cannot possibly lead to success, regardless of the labor and treasure poured into the effort, then risking the unknown by trying something different is the only way forward.
The PBS series The Dust Bowl inspired an apt metaphor: ours is a dust bowl economy. What is the basis of the metaphor?
Simply this: those living in the dust bowl responded by doing more of what had failed rather than doing something different.
Several key responses actively worsened the crisis:
1. In response to declining prices for wheat, farmers plowed up more marginal prairie land to plant even more wheat: the idea was to compensate for lower prices per bushel by growing more.
We can anticipate the unintended consequence: bumper harvests further depressed prices, which fell from 95 cents a bushel to 25 cents a bushel (and stayed there).
2. Plowing up fragile prairie held together by native grasses exposed the soil to the winds, further feeding the dust storms.
In our economy, debt is the marginal field that has been plowed up for brief exploitation and profit. In response to the drought of income and collateral that supports debt, the Federal Reserve, Congress and the Obama administration have actively made the crisis worse by doing more of what failed spectacularly: encouraging more debt with zero-interest rate policy (ZIRP), massive “socialized” subsidies of housing and mortgages, and so on.
Just as in the dust bowl years, the occasional rain raises hopes of complete reversal. In our dust bowl economy, every “green shoot” of debt expansion, consumer confidence, builder confidence, retail sales, etc. is taken as “proof” that the “recovery” is “gaining steam” and the economy has fully reversed course from contraction to expansion.
Then a few months later the “green shoots” whither because the fundamentals that enable more debt–household income and asset collateral–are both deteriorating. Income is down 8% from 2007, and median household net worth fell 38% from 2007 to 2010.
(The data is skewed by the top 10% who own most of the individually owned stocks; as the stock market bounced back in 2010, so did the net worth of the top 10%, while the bottom 90% who have little exposure to stocks saw their housing-based net worth stabilize at post-bubble valuations.)
Doing more of what failed spectacularly simply sets up even more spectacular failures in the future. Why do people persevere in doing more of what has failed? One reason is that we have been trained to think that perseverance in itself will magically lead to success. This overlooks the key determinant that the chosen path must be one that is capable of reaching success. Other characteristics are just as critical as perseverance: being flexible, adaptable and willing to learn and evolve.
A second reason is the emotional appeal of hope. Since humans avoid the risk of radical change for the good reason that radical changes can go horribly wrong, it was easier to stay in the dust bowl and hope for a return of favorable weather and market prices than to accept that farming in the affected area was no longer feasible.
Sadly, those who stayed based on hope for “better times” lost everything, while those who recognized the end of the previous era of prosperity left with some assets and an intact sense of self.
The third reasons is a failure of imagination. This is a subject I have often addressed, for example in We Have No Other Choice (March 15, 2012), The Federal Reserve and the Pathology of Power (November 18, 2010) and Oversupply of Old Failed Ideas, Undersupply of New Pragmatic Ideas (July 16, 2010). We can sympathize with those faced with giving up a life they knew and that that had recently offered hope of enduring prosperity for an uncertain and unknown future trying something else.
But when the present path cannot possibly lead to success, regardless of the labor and treasure poured into the effort, then risking the unknown by trying something different is the only way forward.
Charles Hugh Smith – Of Two Minds
This is the time of the year when Americans run out to their favorite retail stores and fill up their shopping carts with lots of cheap plastic crap made by workers in foreign countries where it is legal to pay slave labor wages. By doing this, the American people are actively participating in the destruction of the U.S. economy. You see, buying products that are made in America is not just a matter of national pride. It is a matter of national survival. If we do not support American workers, they are going to continue to see their jobs shipped out of the country. If we do not support American businesses, they are going to continue to die off at a staggering rate. Last year, the United States had a trade deficit with the rest of the world of 558 billion dollars. More than half a trillion dollars that could have gone into the pockets of U.S. workers and U.S. businesses went overseas instead. If that money had stayed in the country, taxes would have been paid on that mountain of cash and our local, state and federal government debt problems would not be as severe. As a result of our massive trade imbalance, we have lost tens of thousands of businesses, millions of jobs and trillions of dollars of national wealth. Both major political parties have sold us out on these issues, and we are getting poorer as a nation with each passing day. We desperately need a resurgence of economic patriotism in the United States before it is too late.
Yes, I know that it is very tempting to buy foreign-made products. After all, they are almost always cheaper.
But most people don’t often think about why they are cheaper.
Unfortunately, in the name of “free trade” American workers have been merged into a global labor pool where they have to compete directly for jobs with workers on the other side of the globe that live in countries where it is legal to pay slave labor wages. This makes employing American workers a tremendous liability.
If a company hires you and pays you 10 to 15 dollars an hour with benefits, how is it going to compete with another company that pays workers a dollar an hour with no benefits on the other side of the planet?
Both major political parties are pushing this emerging “one world economic system“, but it is absolutely killing American jobs. We have already seen a mass exodus of jobs and businesses out of this country, and wages for the jobs that remain in the United States are being forced down because there are hordes of unemployed workers that are willing to take just about any decent job they can find.
It has become painfully obvious that our politicians are not going to do anything to help us on these issues, so what we need is a mass awakening among the American people.
We need to educate people that buying things that are made in America is good for the economy and that buying things that are made elsewhere is bad for the economy.
But for now, most Americans are clueless. They will line up on Black Friday morning and trample one another in a desperate attempt to save a few bucks on cheap plastic devices that were made on the other side of the planet.
And they will pay for much of this “shopping” with credit cards.
Credit card debt is on the rise once again. In fact, average credit card debt per borrower was 4.9 percent higher in the third quarter of 2012 than it was in the third quarter of 2011. It looks like most of us didn’t learn our lessons from the last financial crisis.
But not all Americans enjoy the shopping that is typically involved with this time of the year. One recent survey found that approximately 45 percent of all Americans think that there is so much financial pressure associated with the holidays that they wouldn’t mind skipping them completely.
That same poll found that approximately 41 percent of all Americans would only be able to survive for two weeks without a paycheck. Many Americans are up to their eyeballs in debt, their incomes are not keeping up with rising prices, and they find themselves scratching and clawing just to make it from month to month.
Meanwhile, we continue to destroy our own jobs and businesses by spending our money on products that have been made outside the country.
The following are 55 reasons why you should buy products that are made in America this holiday season…
1. When you buy products that are made in America you support American workers.
2. When you buy products that are made in America you support companies that are doing business in America.
4. The United States has a trade imbalance that is more than 7 times largerthan any other nation on earth has.
5. Our trade deficit with China in 2011 was $295.5 billion. That was the largest trade deficit that one country has had with another country in the history of the planet.
7. When NAFTA was passed in 1993, the United States had a trade surplus with Mexico of 1.6 billion dollars. In 2010, we had a trade deficit with Mexico of 61.6 billion dollars.
8. One professor has estimated that cutting the U.S. trade deficit in half would create 5 million more jobs in the United States.
9. Overall, the United States has run a trade deficit of more than 8 trillion dollars with the rest of the globe since 1975. That 8 trillion dollars could have gone to support U.S. businesses and pay the wages of U.S. workers. Federal, state and local taxes would also have been paid on that 8 trillion dollars if it had stayed in the United States.
10. According to the Economic Policy Institute, America is losing half a million jobs to China every single year.
11. The United States has lost an average of approximately 50,000 manufacturing jobs a month since China joined the World Trade Organization in 2001.
12. According to U.S. Representative Betty Sutton, the United States has lost an average of 15 manufacturing facilities a day over the last 10 years.
13. During 2010 alone, an average of 23 manufacturing facilities permanently shut down in the United States every single day.
14. Overall, the United States has lost more than 56,000 manufacturing facilities since 2001.
15. The United States has lost a staggering 32 percent of its manufacturing jobs since the year 2000.
16. Between December 2000 and December 2010, 38 percent of the manufacturing jobs in Ohio were lost, 42 percent of the manufacturing jobs in North Carolina were lost and 48 percent of the manufacturing jobs in Michigan were lost.
17. As I have written about previously, 95 percent of the jobs lost during the last recession were middle class jobs.
18. Due in part to the globalization of the labor pool, only about 24 percent of all jobs in the United States are “good jobs” at this point.
20. The United States now has 10 percent fewer ”middle class jobs” than it did just ten years ago.
21. According to the Economic Policy Institute, the U.S. economy losesapproximately 9,000 jobs for every $1 billion of goods that are imported from overseas.
22. As our economic infrastructure is gutted, formerly great manufacturing cities all over America are being transformed into festering hellholes.
24. In 2001, American consumers spent 102 billion dollars on products made in China. In 2011, American consumers spent 399 billion dollars on products made in China.
25. The United States spends about 4 dollars on goods and services from China for every one dollar that China spends on goods and services from the United States.
26. Back in 1998, the United States had 25 percent of the world’s high-tech export market and China had just 10 percent. Today, China’s high-tech exports are more than twice the size of U.S. high-tech exports.
27. In 2002, the United States had a trade deficit in “advanced technology products” of $16 billion with the rest of the world. In 2010, that number skyrocketed to $82 billion.
28. The United States has lost more than a quarter of all of its high-tech manufacturing jobs over the past ten years.
29. Manufacturing employment in the U.S. computer industry was actually lower in 2010 than it was in 1975.
30. The Chinese undervalue their currency by about 40 percent in order to gain a critical advantage over foreign competitors. This means that many Chinese companies are able to absolutely thrive while their competition in the United States goes out of business.
31. According to the New York Times, a Jeep Grand Cherokee that costs $27,490 in the United States costs about $85,000 in China thanks to all the tariffs.
32. In 2010, China produced more than twice as many automobiles as the United States did.
33. Since the auto industry bailout, approximately 70 percent of all GM vehicles have been built outside the United States.
34. Do you remember when the United States was the dominant manufacturer of automobiles and trucks on the globe? Well, in 2010 the U.S. ran a trade deficit in automobiles, trucks and parts of $110 billion.
35. In 2010, South Korea exported 12 times as many automobiles, trucks and parts to us as we exported to them.
36. In 2010, China produced 627 million metric tons of steel. The United States only produced 80 million metric tons of steel.
37. In 2010, China produced 7.3 million metric tons of cotton. The United States only produced 3.4 million metric tons of cotton.
38. Today, China produces nearly twice as much beer as the United States does.
39. 85 percent of all artificial Christmas trees are made in China.
40. Right now, China is producing more than three times as much coal as the United States does.
41. China is now the number one supplier of components that are critical to the operation of U.S. defense systems. How stupid can we possibly be?
42. According to author Clyde Prestowitz, China’s number one export to the U.S. is computer equipment. According to an article in U.S. News & World Report, during 2010 the number one U.S. export to China was “scrap and trash”.
43. All over the United States, road and bridge projects are being outsourced to Chinese firms. Just check out the following excerpt from a recent ABC News article….
In New York there is a $400 million renovation project on the Alexander Hamilton Bridge.
In California, there is a $7.2 billion project to rebuild the Bay Bridge connecting San Francisco and Oakland.
In Alaska, there is a proposal for a $190 million bridge project.
These projects sound like steps in the right direction, but much of the work is going to Chinese government-owned firms.
“When we subsidize jobs in China, we’re not creating any wealth in the United States,” said Scott Paul, executive director for the Alliance for American Manufacturing.
44. The new World Trade Center tower is going to include glass that has been imported from China.
45. The new Martin Luther King memorial on the National Mall was made in China.
46. The Chinese economy has grown 7 times faster than the U.S. economy has over the past decade.
47. The Chinese economy is projected to be larger than the U.S. economy by 2016.
48. One economist is projecting that the Chinese economy will be three times larger than the U.S. economy by the year 2040.
49. In recent years the U.S. economy has embraced “free trade” and the emerging one world economy like never before. Instead of increasing the number of jobs in our economy, it has resulted in the worst stretch of job creation in the United States in modern history….
If any single number captures the state of the American economy over the last decade, it is zero. That was the net gain in jobs between 1999 and 2009—nada, nil, zip. By painful contrast, from the 1940s through the 1990s, recessions came and went, but no decade ended without at least a 20 percent increase in the number of jobs.
50. If you gathered together all of the workers that are “officially” unemployed in the United States today, they would constitute the 68th largest country in the world.
51. China now holds approximately more than a trillion dollars of U.S. government debt. If you were alive back when Jesus was born and you had spent a million dollars every single day since then, you still would not have spent that much money by now.
52. Jeffrey Immelt, the head of Barack Obama’s highly touted “Jobs Council”, has shipped tens of thousands of good jobs out of the United States.
53. Without enough good jobs, more Americans than ever before are falling into poverty. Today, more than 100 million Americans are enrolled in at least one welfare program run by the federal government.
54. According to Professor Alan Blinder of Princeton University, 40 million more U.S. jobs could be sent offshore over the next two decades if current trends continue.
55. If U.S. consumers do not start supporting U.S. workers and U.S. businesses, eventually we will all be so poor that very few of us will be able to afford to buy any gifts during the holiday season.