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April Jobs Report – McJob Creation Soars

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The Economy’s Special Sauce

Over 20% of the 244,000 jobs created in this month’s ‘torrid’ labor report were at McDonalds. And boy, was competition for these jobs fierce. What was once a pocket money position for teenagers and college students is now firmly in the wheelhouse of redundant middle managers in ripe middle age looking for some way, any way, of keeping the wolves at bay. Not that a job assembling burgers at a fast-food joint is going to help. In fact, it’s just going to stave off the inevitable for a few months, and destroy your last shreds of self-worth in the process. Hardly the makings of an economic ‘recovery’.

If you analyze the labor structures in third world countries, outside agriculture, (which we industrialized here years ago) retail and food jobs are a huge part of the overall landscape, along with sweat-shop labor (either t-shirts or tech). America’s job picture isn’t quite as promising as even that gloomy picture for most people in this country. We’ve got a ton of retail and food and hospitality gigs, but we outsourced the manufacturing work to the more established parts of the third world. Wall Street loves this. After all wages in retail and food work are depressed, leaving profit margins high, and the once high pay scales in US sklled labor are now history thanks to the export of that work, and the consequent competitive shrinkage of wage rates in remaining US manufacturing.

Even Walmart, chief cannibal of the US economy is starting to feel the effects of its parasitic outsourcing of US wealth and innovation to the East. It’s same store sales are falling consistently for the first time in decades.

Add in the still tanking real estate market, depressed consumer spending, massive personal debut burdens, a regressive revenue structure that starves the very people that spend the dough, and the seventy per-cent of US GDP accounted for by the tapped-out US consumer seems to be under sustained threat. I haven’t added in gas and commodity prices, also gamed handily by Goldman Sachs and its armies of bespoke suited highwaymen. In any case, last quarter’s anemic US GDP figures would seem to bear out the negative reinforcing pressures.

So before we allow Wall Street to wag the media dog yet again, let’s take a cold hard look at what’s happening to our country.

You know things are bad when we’re getting excited about flipping burgers.


Written by coolrebel

May 5, 2011 at 11:17 pm

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