Cyclone Dana is expected to strengthen into a severe cyclonic storm with wind speeds gusting up to 120 kph and is likely to make landfall late on Thursday
asia56 minutes ago
Much as the American public would like to believe such announcements — for the satisfaction of wants and needs influences behaviour a great deal, and it is in catering to such behaviour that economics is reputed to be useful — the evidence signals otherwise. It is a rosy scenario that has been painted by a group of vested interests amongst which the US government and its various agencies is only one.
Typically, and unsurprisingly, it is television new channels which have repeated the claim, but which have neglected to mention that on this ‘road to recovery’, wages in the US continue to decline, while an ever-greater section of working-age adults have given up looking for work and have dropped out of the labour force altogether.
Paradoxically in such times, Americans (and the people they do business with overseas) search for positive economic news, so official announcements hinting at an American economic turnaround, and news that amplifies such suggestion, tend to proliferate. However, America faces a US$ 458 billion trade deficit and the ‘recovery’ is going to do very little to alter that imbalance.
Quoting official data that tends to be under-reported, an American think-tank, the Information Technology and Innovation Foundation, has said that the manufacturing sector in the US has lost over a million jobs net and over 15,000 manufacturers since the beginning the recession, which took hold in 2008. Based on these numbers, the US only added one new manufacturing job for every five that were lost. This points to the inescapable if uncomfortable fact that much of the ‘growth’ in the USA since the recession’s lows was just a cyclical recovery instead of real structural growth that will improve long-term conditions.
The Obama administration has been quick to make political capital from the top-line data which shows that there has been four years of ‘growth’, that 520,000 jobs have been added in manufacturing in the last three years. What the Obama administration does not mention is the 2.5 million jobs lost between 2007 and 2009, and that by the end of 2013, real manufacturing value added was still 3.2% below 2007 levels, even though GDP grew 5.6%.
The dominance of neo-classical economics is perhaps as much to blame for this state of American affairs as the propensity of publics to be fooled by selective statistics. As long as things appeared to be going well — or were portrayed as going well — the majority of economists did not consider the American condition (despite mounting government debt and a rising trade deficit) a matter for concern. It is time the critical new evidence presented from within the US was recognised and acted upon, in the country’s counties if not in Washington.
Cyclone Dana is expected to strengthen into a severe cyclonic storm with wind speeds gusting up to 120 kph and is likely to make landfall late on Thursday
asia56 minutes ago
Delhi was the second-most polluted city in the world on Tuesday, a live ranking by IQAir after Lahore in neighbouring Pakistan
asia1 hour ago
Her role encompasses teaching a wide range of scuba divers, from beginners to pro levels, ensuring their students' safety and well-being
kt network1 hour ago
For the first time in a presidential election, the DNC has given Democrats Abroad $300,000 to help register Americans overseas to vote while Trump has vowed to end the double taxation of overseas Americans
americas2 hours ago
A new report by the Government's Media Office showed that 96,631 infants were born in 2022
uae2 hours ago
Musk hands out two $1 million checks to randomly picked people who signed his online petition backing US constitutional rights to freedom of speech and bear arms
americas2 hours ago
Harris' tendency to burst into fits of laughter has featured prominently in broadcasts; by contrast, Trump has been portrayed as sure-footed and imbued with common sense on everything
americas2 hours ago
Both campaigns are pumping hundreds of millions of dollars into a final push for any wavering, undecided voters who could tilt the balance in their favour
americas2 hours ago