SPECIAL PING OF THE PING LIST Rush Limbaugh Ping List.
Hello Biggirl
Rush is right .. but IIRC ten-plus years ago Rush believed in labor arbitrage and was all in for what Stephen Roach called "leakages of jobs and income growth into the low-wage developing world."
Roach predicted back then:
Indeed, lacking in internally generated gains in wage income, America's growth dynamic should continue to be biased toward ever-rising indebtedness, mounting fiscal deficits, and deepening current-account deficits. Forget About Global Healing -- Economic Commentary by Stephen Roach
Check out the FR threads and the hostility the "free traders" had toward people who -- as it turns out -- were speaking a lot of truth. To be fair some hostility was fired back at the "free traitors".
more ..
Commenting on the "jobless" recovery an Oct 17th 2003 article in Morgan Stanley's Global Stephen Roach wrote of "Imported Productivity" and "income leakage" vis-à-vis the business cycle recovery (the one starting in late 2001) compared to recoveries of the past.
"The gap between the current cycle and the norm of earlier cycles works out to a shortfall of about $320 billion in real terms, or 4.4% of the current level of real disposable personal income..."Sourcing demand through low-cost, offshore labor input has become an increasingly important tactic to enhance the operating efficiency of US businesses... the American workforce is not sharing the benefits."
As I recall Rush, et al spoke of lazy dolts that they were tired of supporting; if they can't find a job start a business! Rush advised.
If you are willing to look around a wall of numbers you can see that under Obama the economy is even worse than "the mess Bush left." Compare current president and past presidents using federal government economic data.
BTW a lot of that "leakage of income growth into the low-wage developing world" was sopped up by Red China's military.