An economy based on manufacturing employs a large workforce. In contrast, an economy based on finance doesn’t create enough jobs.
From 1998 to 2010, the loss of manufacturing cost the U.S. economy 23 million jobs. That level of job loss is supported by the Labor Department’s U-6 report in July 2012 that 23 million people were unemployed.
By July 2015, the U-6 figure was reported at only 17 million unemployed, equivalent to 10.8% of the labor force. Even so, a 2015 Gallup survey showed 16% of respondents did not have enough money to feed themselves or their family. The conclusion is that not only are there not enough jobs, but many of the jobs being counted in the statistics don’t pay enough for people to feed themselves or their families.
The number of people on food stamps reached an all-time high in 2013, and was still more than 45 million people in 2015.
By July 2016 the U-6 figure was reported at only 16 million. Even so, in 2016 there were 900,000 more people 65 and older who were working than there were in 2008. When elderly people can’t afford to retire and take part time jobs, they get counted in the statistics and make the official figures on unemployment lower.
The reality is the economy has been gutted by offshoring, and can no longer create enough jobs. That means not enough jobs created, but also not enough jobs that pay well enough for people to feed themselves and their families, and not enough jobs that can fund retirement for people 65 and older.
An economy based on finance WILL NEVER create enough jobs. Not under a Democratic administration, and not under a Republican administration.
Regardless of which party you support, this is the message our politicians need to hear.