SilentBob, it is difficult to make any analysis of the economy during a Presidential election year without readers looking for political intent. Yet this is an investment board so we need to be able to discuss how the economy affects investments. So let's keep the discussions analytical and non-partisan, then any partisanship will be only in the minds of readers.
Your statement from Greenspan did not contradict the article I posted. Let's have a look at it again:
"We've not been able to find a significantly meaningful change in the quality of the jobs being produced relative to the quality of the jobs being lost for the nation as a whole over the past year," he said.
The article was talking about jobs lost in the recession during 2001 & 2002 while Greenspan's comments refer to jobs lost and replaced in the last year (2003-2004). Different years, different jobs.
What is happening is that we lost a large number of high paying jobs during the recession and now that companies are doing modest rehiring, these high paying jobs are often outsourced overseas to less expensive workers.
I have no argument with Greenspan and I consider him to be the most non-partisan voice in government today.
Also, I consider the phenomena to be an unintended result of the microprocessor-based world economy giving us ubiquitous inexpensive communications for both data and voice. This is the enabling technology for outsourcing.
IMHO, the goal of society should be to raise the economic status of underdeveloped areas to that of developed areas without undermining the economic status of the developed areas. This is a real problem for us as human beings no matter what our political leanings.
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