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To: Lizzie Tudor who wrote (159131)	8/29/2003 12:22:23 AM
From: Oeconomicus	Respond to of 164684

We would be out of this recession now if it weren't for the offshoring. We are not in a recession, Liz, and the layoff notices you're seeing now are not relevant to your point about job losses over the PRIOR two and a half years. Those WERE the result of the bust, regardless of whether the more recent ones have anything to do with "offshoring." BTW, we'll find out next week how we did on the job loss/creation front for August, but the vast majority of job losses over this cycle came in 2001, when we actually were in a recession. Nonfarm payrolls have actually been fairly flat over the last year, falling 1/4% since last July and with most of that coming with the start of fighting in Iraq. Again, "offshoring" is just a long-running economic sideshow. It only seems like a crisis to you because it's particularly popular in your industry at the moment. I doubt you cared, or even noticed, when it was hitting jobs in apparel, autos, consumer electronics and other industries over the last 20+ years. But now that it's hitting "knowledge-workers", it's a never-before-seen phenomenon that's going to destroy our entire way of life. No, it's not.