The U.S. ads 163,000 jobs in July, double the three-month average, but the unemployment rate ticked up a notch last month to 8.3 percent and analysts still considered the pace of job growth just middling.
On August 4, 2012, Don Lee writes in the Los Angeles Times:
Economists remained cautious about the hiring outlook, saying monthly job growth wasn’t likely to get any better than July’s over the rest of the year.
The U.S. economy is expanding at a sluggish pace because of softening consumer spending and government cutbacks. Employers also are weighed down by uncertainties over the debt crisis in Europe, a slowing global economy, and the political and fiscal situation in the U.S.
“The most basic problem is we just don’t have strong enough [economic] growth to see job prospects improve,” said Keith Hall, former commissioner at the Bureau of Labor Statistics and now senior research fellow at George Mason University.
This is yet another article that focuses solely on job creation rather than ownership creation and fueling the growth of the American economy with investment in future income-producing productive capital––the non-human factor of production embodied in human-intelligent machines, superautomation, robotics, digital computerized operations, etc. Such future assets resulting from technological innovation and invention need to be created using financing mechanism in which the majority of ordinary Americans can acquire their ownership stakes and pay for their acquisition out of the earnings generated by the investments. This will not only spur dramatic economic growth but in the short term result in a real demand for labor workers, and enable people to begin to accumulate a viable portfolio of dividend earnings plus income from wages and salaries, if they choose to work.
Neither President Obama or candidate Romney are offering any concrete, specific proposals for policies and programs that address this BIG PROBLEM––that is, the job destroying and degrading nature of tectonic shifts in the technologies of production that is exponentially occurring throughout the world. Until we, as a nation, address this issue, we will continue to experience job destruction or degradation, which will leave middle-class families struggling from falling into near poverty or poverty, which in turn will create less demand for the products and services our economic engine is capable of producing.
There is a solution. See the Just Third Way at http://www.cesj.org/thirdway/thirdway-intro.htm and Capital Homesteading at http://www.cesj.org/homestead/index.htm
Also, please see my article “Democratic Capitalism And Binary Economics: Solutions For A Troubled Nation and Economy” at http://foreconomicjustice.com/11/economic-justice/ or follow me on Facebook at http://www.facebook.com/pages/For-Economic-Justice/347893098576250 and http://www.facebook.com/editorgary
