Where Are All The New Jobs?
Economists can be funny guys. Daniel Gross has a perky little article in the NYT perporting to answer the question. "Mystified economists have pointed to various possible culprits: outsourcing, competition from China, high health care costs and lower work-force participation." Not so fast - the real culprit is - are you sitting - the accounting scandals of a few years ago! How's that? Well, you see, much of the new growth in jobs in the go-go 90's occurred in companies that later were found to have misrepresented their earnings - so when the scandals broke these companies of course ceased creating new jobs once their true but sorry performance became known. So, it's the accounting scandals, you see. Ok, but doesn't that mean that those jobs in the 90's should never have been created in the first place - so that still doesn't answer the question why aren't we creating new jobs? Shhhhh...you're spoiling all the fun.