Wednesday, December 2, 2009
Peter Schiff Explains
"As the unemployment rate crossed the double digit barrier for the first time since Michael Jackson learned to moonwalk, President Obama announced that he will convene a 'jobs summit' to finally bring the problem under control. Using all the analytic skill that his administration can muster, the President is determined to figure out why there are so many people losing their jobs and then formulate a solution. ... Obama is pursuing, with unprecedented vigor, the same policies that have for decades undermined our industrial base and yoked us to an unsustainable consumer/credit driven economy. ... An article in this week's New York Times by veteran writer Louis Uchitelle confirmed a fact that I have been alleging for years. Uchitelle pointed out that foreign outsourcing of component manufacturing has led to consistent overstatement of US GDP and productivity. ... The reality is that we are producing less with fewer workers", Peter Schiff (PS) at Financial Sense, 13 November 2009, link: http://www.financialsense.com/fsu/editorials/schiff/2009/1113.html.
I agree with PS and have said this for about 11 years.