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Football v. Jobs

Okay. Let’s get this straight. The United States economy just registered a monthly gain in employment of zero, after jobs growth has been backsliding since spring, and we have barely made a dent in recapturing nine million in lost jobs since the recession. In addition we’re adding approximately 4 million more people to the work force each year—young adults turning 21, most of whom want or need jobs. So we have a major jobs problem.

By Jonathan D. Miller | Updated on September 08, 2011

Okay. Let’s get this straight. The United States economy just registered a monthly gain in employment of zero, after jobs growth has been backsliding since spring, and we have barely made a dent in recapturing nine million in lost jobs since the recession. In addition we’re adding approximately 4 million more people to the work force each year—young adults turning 21, most of whom want or need jobs. So we have a major jobs problem.

Now we understand that U.S. companies sit on $2 trillion of cash—they are “uncertain” about the future, worried about tax policy, and health care costs, not to mention too many expensive regulations that in some cases would keep them from taking advantage of customers or polluting. These companies are obviously profitable and they have become more profitable by not hiring as much in the U.S., and either using technology or lower cost offshore labor. Good for them and their executive suites who have giant pay days—the average CEO now earns 350 times what the lowest paid company worker makes. These top dogs also get taxed less than they ever have so they keep more of that money. Meanwhile unemployment is over 9% and these companies’ stock prices are tanking because the underlying economy is so anemic.

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