More Americans have jobs today than at any other time in history
In today’s Wall Street Journal: The Great American Jobs Machine: Employment is higher than at any time in history
But the larger story of American job creation, and its causes, is even more impressive.
First, more Americans have jobs today than at any other time in history. Second, over the past two decades or so, the U.S. has created more than 40 million jobs–twice as many as Europe and Japan combined. And third, the U.S. has one of the lowest jobless rates of all developed nations.
. . .
Part of the explanation for this success is that, especially compared to Europe, the U.S. has imposed fewer taxes and regulations (even though we have plenty) that make it onerous for employers to hire and fire workers. A unique feature of the U.S. economy is that Americans move in and out of jobs–usually to rise up the income elevator–at a rapid and persistent pace. This is the key to the Great American Jobs Machine, and it explains why Europe and Japan should be more like us, and not the other way around.
In the meantime, Paul Krugman’s bellyaching that it’s an economy driven by real estate, and that “it has been a pretty disappointing recovery”, since “we’re paying for the housing boom (and the military buildup and tax cuts) with money borrowed from foreigners”. To Paul, the glass is always half-empty, isn’t it?
Too bad he doesn’t read The Economist, which says,
There is much to welcome and little to fear in the economy’s current progress.
Looks to me like the glass is more than half full, Paul.
Also posted at Love America First, and Blogger News Network
(technorati tags Economics, News and politics)
Hey there Fausta, welcome to the world of electricity! During the week I heard Al Franken say, “Of course more Americans have jobs than ever… there are more Americans than ever!” (Gee, tell that to those starving in South Africa, not to mention those despairing in poorer republics of the former USSR… all they have to do is have more people, and prosperity will follow.) The fact that we have more Americans than ever, during a time when Americans are having fewer children per capita than (almost) ever, just might have something to do with the fact that people come here to build lives and careers.
As was ever the case.
As for Krugman, economic recoveries are always driven by SOMEthing. (If they weren’t, why, they wouldn’t happen – would they?) This one has been driven by a number of factors, it just happens to be housing right now. But when this one began, it was driven by general consumer spending. If the housing bubble bursts (it’s as likely to plateau or deflate as ‘burst’), it’s quite likely other factors will pitch in to carry economic recovery forward.
I’ll take The Economist’s assessment any day. They’re no Pollyannas – they predicted the tech crash as well.