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134967Newsletter extra - August 17, 2014 (U.S. Unemployment)

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  • Gerry Agnew
    Aug 16, 2014
      NB – This is one of my rare newsletter extras and I had to send this along to my readership. I was sent a comment by a reader on the 20th anniversary of NAFTA (which I increasingly believe will be the driving force behind what Hillary Clinton wants to do as US President; namely a “much closer relationship” as she said in a pivotal speech in Los Angeles last November). When I went through the various links and so forth which were highlighted, there was one – an interview with a US Senator on CNBC – which spoke of a huge new outsourcing of jobs. I wrote on this phenomenon in a series of essays a week or so ago, and with this sort of news I must revisit it.
      For energy people, with this number of extra Americans having their livelihoods taken away, it looks like energy consumption will plummet or at the very least seeing a severe global skewing. Overall I would expect less oil to be consumed as the manufacturing jobs being exported will be to nations whose people will be worked harder, without much of an increase in their standards of living (ie no three trips to a distant mall every week).
      Now I see that all sorts of paperwork jobs, high paying ones too such as lawyers, will go as well. US citizens; why have you let this happen? Why do you give your consent at the polls by electing and re-electing candidates who will not change this? Time to wake up, at last!
      Alan Blinder, mentioned below, is a former Vice Chairman of the Fed. I would pay attention to what he is saying, especially as he predicted the first of the huge rounds of layoffs some years back.

      LL: How many jobs do you think are in the balance of being off shored?

      Sen. Casey: We’ve already lost over 5 million manufacturing jobs since 2001. And it’s not just manufacturing jobs that are being offshored – we know that legal services and information service jobs are moving overseas. Professor Alan Blinder of Princeton University has estimated that 22 to 29 percent of all US jobs will be offshored or will be offshorable over the next 2 decades – adding up to 30 to 40 million additional U.S. jobs lost.