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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (416296)7/13/2011 3:20:44 PM
From: Jeff Jordan  Read Replies (2) of 436258
 
LOL.....it appears Greenspan is still alive too? He's figured out what the problem is as well.
......and I thought we weren't bailing out enough bankers, and government was too big<g>
Shouldn't he be collecting social security in some old folks home somewhere?

LOL...""Increased jobs are the consequence of increased trade." He also blames the bad U.S. economy on the lazy young work force
What jobs is he talking about....TSA and homeland security nazis?<g>

>>>Alan Greenspan has an interesting new take on what's wrong with the U.S. economy.

He blames the young work force -- there are "major concerns about the productive skills of our future U.S. labor force" -- and U.S. trade policy mirroring China's.

Greenspan interviewed himself (or so it appears) for the Globalist recently about how the U.S. is handling job creation. He says that the U.S. is doing it backwards by trying to increase jobs via trade policy.

"Increased jobs are the consequence of increased trade. Increasing jobs more than output implies a fall in productivity and standards of living. That surely cannot be our goal." But that is exactly what China is doing wrong, says Greenspan.

"[The Chinese] are manipulating their currency in order to get low-quality, high-labor-content products produced — for maximum employment. They are distorting their economic structure and creating long-term economic damage."

It sounds like Greenspan is primarily worried that the U.S., in its quest to create jobs quickly and get the recovery on track, will employ the young U.S. work force in easy, lower-paying, unproductive jobs. And since the young work force is unintelligent and lazy compared to the workers they're replacing, the Baby Boomers, this spells bad news for the U.S. economy.

"[Baby boomers] are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades.”<<<
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