SPDR S&P 500 (SPY)

[Two-timer]

They should be wide awake and screaming at stupid Obama, who is completely ignorant of the real job situation in America. As someone pointed out this morning on the news, neither Obama nor anyone else in his Cabinet has held a real private sector job or created a job vis-a-vis a business. And we expect them to create jobs? Here is the real job situation in our country, and it isn't very pretty. Two
============

Robert Reich Confirms Permanent Destruction of Jobs in America

Former Labor Secretary Robert Reich writes today:

The basic assumption that jobs will eventually return when the economy recovers is probably wrong. Some jobs will come back, of course. But the reality that no one wants to talk about is a structural change in the economy that's been going on for years but which the Great Recession has dramatically accelerated.

Under the pressure of this awful recession, many companies have found ways to cut their payrolls for good. They've discovered that new software and computer technologies have made workers in Asia and Latin America just about as productive as Americans, and that the Internet allows far more work to be efficiently outsourced abroad.

This means many Americans won't be rehired unless they're willing to settle for much lower wages and benefits. Today's official unemployment numbers hide the extent to which Americans are already on this path. Among those with jobs, a large and growing number have had to accept lower pay as a condition for keeping them. Or they've lost higher-paying jobs and are now in a new ones that pays less.

http://www.washingtonsblog.com/2009/12/rob...-permanent.html