Unless we, as a Country, decide to “go Luddite.” Contrary to claims by Unions and other pro-labor groups, “offshoring” is not the obvious and primary cause of job loss in the U.S; productivity improvements and shifting business dynamics are (among other things). This chart, from the Atlanta Fed proves the Unions/labor wrong, rather conclusively:
Dean Baker On Unemployment, Other Recent Econ Data: Only in Washington would this be hailed as good news…
5 AprSo goes Dean Baker’s comments on the most recent BLS jobs report. While virtually every media outlet I follow (pretty much all of them that matter, and then some) hailed the report as positive for the economy, anyone who actually went through the numbers (Calculated Risk did this as well, sans the colorful rhetoric) can see that all is not nearly as rosy as politicians, the media, and the Fed would have us believe (emphasis mine, as usual):
Those who know arithmetic were a bit more sceptical. If the economy sustained March’s rate of job growth, it will be more than seven years before we get back to normal rates of unemployment. Furthermore, some of this growth likely reflected a bounceback from weaker growth the prior two months. The average rate of job growth over the last three months has been just 160,000. At that pace, we won’t get back to normal rates of unemployment until after 2022.
That’s a long time to make ordinary workers suffer because the folks who run the economy are not very good at their job.