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The problem was Clinton. He artificially stimulated the housing market when he pushed for sub prime lending.
He is to blame for the sub prime but if it never happened what kind of jobs would have those people have had if the housing bubble never happened? Would not as many jobs been shipped overseas?
In the words of Judge Smails - The world needs ditch digs too
A fully licensed and practicing plumber and electrician can start at 50k in a medium-sized city which is better than the vast majority of kids these days. If you want to talk about creating an America where people persue post-secondary education in general, I will agree, but we're obsessed with everyone going ONLY to a 4-year institution, getting a piece of paper, going into debt, etc. and it's just not for everyone, nor is it an economic necessity.
No. That dummy Clinton also pushed for Nafta which shipped jobs across the border. It was also illegals who built most of the new new housing.
They may have built but a lot of middle class americans took on the ancillary jobs like the Mortgage Lender, the Fence and Patio Builder,the contractor, the Pool Guy, Home Furnishings Salesman, etc
The Clinton era was the last gasp of an old era, plus it was the tech bubble. What happened...or was starting to happen...was a perfect storm of offshoring (NAFTA then later to Asia) and technological -driven unemployment, as we finally began to see the payoff from IT investment.
This combined trend started under Clinton but really took off after the 9-11 recession
The result is we have high productivity (since IT/automatioon makes it possible to do more work with less people) with low rates of job creation, for the work that remains here in the USA.
The result is we have high productivity (since IT/automatioon makes it possible to do more work with less people) with low rates of job creation, for the work that remains here in the USA.
There are plenty of good jobs out there if you want to be an Engineer, in fact some companies are desperately trying to hire. Its the low level/low education jobs that are being replaced and will probably never come back
Everyone blames Obama for the economy and that he is only making the recovery worse. Wasn't he doomed from the start? A lot of the jobs created during Bush and Clinton were unsustainable in the first place that would never have a chance of coming back?
I do not agree with this idea of un-sustainability. But, let us begin with change in private sector employment by decade:
1981-1990: +16.1 million
1991-2000: +21.0 million
2001-2010: -3.6 million
If you consider growth in population, the economy and change in civilian labor force, you would see that the job growth from 1981 thru 2000 was pretty much consistent with all of that. That has not been the case since 2001. But really from FY2001 which began in October 2000. Private sector employment dropped by 20K in October but did increase in November (+210k) and December (+92k). A long string of job losses began in January 2001 (it really took off in June 2001). Now, note the change in private sector employment by fiscal year:
FY2001: -1.11 million
FY2002: -1.62 million
FY2003: -0.24 million
FY2004: +1.71 million
FY2005: +2.26 million
FY2006: +2.04 million
So, private sector employment grew by 3.04 million during these six years. However, civilian labor force grew by 9 million (142.6 million to 151.6 million). Now revisiting the fact that private sector employment grew by about 36 million jobs from 1981 thru 2000, we should also note that civilian labor force also grew by roughly 36 million during that period. This made sense to quote “full employment” in late 2000, the private sector employment keeping up with increase in civilian labor force (although measured differently). This was not true between 2001 and 2006. However, an idea of “full employment” was also fed for the couple of years by many but since I don’t see employment growth keeping up with increase in labor force, I don’t accept it as anything but a myth.
Now, where did these jobs go? The answer: Manufacturing. This decade was the worst in history, perhaps. We lost -5.65 million of those jobs. Here is another interesting bit. People often assume that we weren’t losing manufacturing until the 2000s, but here are the worst offenders (more than a million manufacturing jobs lost in a fiscal year) since 1970:
FY1975: -1.59 million
FY1982: -1.64 million
FY2001: -1.11 million
FY2009: -1.69 million
And here are the only fiscal years when manufacturing sector has added jobs since 1995:
FY2011: +217K
FY1997: +213K
FY2012: +174K
FY1995: +133K
FY1998: +92K
FY1996: +6K
THAT is something we ought to look at. Unfortunately, giving unconditional tax cuts to corporations and worse, not taxing their profits from foreign investments is NOT going to do it. And we need to encourage new growth areas rather than refusing to accept the growing pains.
Everyone blames Obama for the economy and that he is only making the recovery worse. Wasn't he doomed from the start? A lot of the jobs created during Bush and Clinton were unsustainable in the first place that would never have a chance of coming back?
I think its safe to say the largest jobs affected were the ones related to the housing market. This just doesn't include the person building the home, it had a trickle down effect affecting the Fence Builder, the Fence Maker, the Patio Builder, the playground manufacturer, the carper makers, to the appliance makers and plenty of others.
Other jobs that were created during these booms also have a lesser chance of coming back, things that were more consumption related like the person who will pick up your dogs crap or some boutique in a Middle Class Suburb.
What kind of real jobs do we even have in this country anymore? We don't produce anything, we are just a service based economy that is set to see more bubbles in Education and Health Care. The Education bubble might be the worst bubble of them all and that is only just beginning.
I feel like our Economy is nothing but an illusion and ponzi scheme. What is the next scheme wall street comes up with? They already did the Junk Bonds in the 80's and the Credit Default Swaps in the 2000's, what is next?
Great question! People here are so rabidly partisan, they will tout the Bush economy, with its revenues and unemployment, but we were just creating heat by burning the furniture. I think you could make similar arguments about Clinton's dot.com bubble. Many of the jobs during that era undoubtedly served people who were making big stock market buck, or were developing doomed internet companies. Bush was even more interesting in that he cranked up public sector hiring and spending massively, while cutting taxes, juicing the deficit even before the crash. He looked like a Super Mega Genius for a while, just like Wile E. Coyote in his rocket shoes. Then he looked down.....
So, yes, I agree that each bubble makes and incumbent look great, but screws us all over the longer term. Consider this. The massive implosion of wealth in the 2008 recession went somewhere. Well much of that money, and it was a whole hell of a lot went into the hands of Wall Street scum, boomer property owners and early speculators,etc. A very small slice of our population, maybe 5%, cannibalized the whole economy and destroyed the net worth of millions. And who do you think we bailed out? Yep, some of the same folks. Their is small slice of our society that is now just as unfathomably wealthy as the rest of us our in the tank, and they did it by screwing their fellow citizens. Doesn't that make you feel good?
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