Forget Iran, Americans Should Be Hysterical About This

Paul Craig Roberts, February 2006

The declines in some manufacturing sectors have more in common with a country undergoing saturation bombing during war than with a super-economy that is "the envy of the world".

The knowledge jobs that were supposed to take the place of lost manufacturing jobs in the globalized "new economy" never appeared. The information sector lost 17% of its jobs, with the telecommunications work force declining by 25%.

Offshore outsourcing and offshore production have left the US awash with unemployment among the highly educated. More ...