NEW YORK (TheStreet) -- 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.
In fact, the absolute last thing our economy needs is more federal government interference. If Obama really wants to know what's behind entrenched joblessness, he should start by looking at the man in the mirror.
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. This doubling down on Washington's past failures is destroying jobs at an alarming rate.
On Friday we learned that the September trade deficit surged by 18.2%, the largest gain in 10 years. Much of the deficit resulted from Americans spending Cash-for-Clunkers stimulus money on imported cars -- or "American" cars loaded to the sunroof with imported parts. In exchange for more domestic debt, we have succeeded only in creating foreign jobs.
An recent New York Times article 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 U.S. GDP and productivity. The connection goes a long way to explain why we keep losing jobs even as GDP is apparently expanding.
Loading Comments...
< Previous
1
2
3
Next >
SHARE:
Featured Photo Galleries Go to Slideshow ArchiveConnect with TheStreet
Dow Jones S&P 500 NASDAQ 10-Year Note 10429.71 1113.27 2202.98 33.43 Oil * 79.04 UP 159.24 UP 19.79 UP 35.1 DOWN -0.86 10 Yr 3.34% SPDR Gold 112.07 1.55% 1.81% 1.62% -2.51% Data delayed 20 minutes More From TheStreet Latest Headlines Top-rated Mutual Funds from TheStreet Ratings Jim Cramer Book Tour Top-rated ETFs from TheStreet Ratings Find returns with the Dividend Calendar Top Rated Stocks from TheStreet Ratings Twitter RSS Facebook YouTube adsonar_placementId=1341369;adsonar_pid=879768;adsonar_ps=-1;adsonar_zw=320;adsonar_zh=280;adsonar_jv='ads.adsonar.com'; Brokerage Partners YAHOO.util.Event.on(window,"load",function(){ setTimeout(function(){ TSCM.util.attachScript('scr_intellitxt','http://thestreet.us.intellitxt.com/intellitxt/front.asp?ipid=10685'); },1200); }); Sponsored Links Get your credit score in 2 easy steps for free. By Experian Consumer Direct var ads = [ { link:"http://FisherInvestments.click-url.com/INV/go/131834384/direct/01/", text:"How to plan for a secure retirement.", trk:null }, { link:"http://ad.doubleclick.net/clk;186067846;4639705;x?http://ad.doubleclick.net/clk;185806793;24432847;u?http://www.hp.com/sbso/special/instantsavings.html?jumpid=ex_R295_link/kimipgsmb/2Q08LJ/OJ-BDM/printingimaging/instantsavings/TheStreet", text:"Save up to $500 off top-selling HP printers. Click here to save", trk:null }, { link:"http://ad.wsod.com/click/8bec9b10877d5d7fd7c0fb6e6a631357/83.45.img.TEXT/", text:"Free stock symbol lookup: Scottrade stock research", trk:'http://ad.wsod.com/embed/8bec9b10877d5d7fd7c0fb6e6a631357/83.45.tk.TEXT/' }, { link:"http://ad.wsod.com/click/8bec9b10877d5d7fd7c0fb6e6a631357/83.45.img.TEXT/", text:"Free stock symbol lookup: Scottrade stock research", trk:'http://ad.wsod.com/embed/8bec9b10877d5d7fd7c0fb6e6a631357/83.45.tk.TEXT/' }, { link:"http://clk.atdmt.com/DEN/go/171694938/direct/01/", text:"Get a guaranteed return. Lock in a great rate on a Citibank CD.", trk:'http://view.atdmt.com/DEN/view/171694938/direct/01/' }, { link:"http://ad.doubleclick.net/clk;216543651;4639705;k?http://ads.bridgetrack.com/PrudentialAnnuities/_redir.htm?BTData=40C03746068686653454E45BFB1AEAAAB8E908A81FBF1E7EFEDD9D4C7DE272E7D437CD&BT_TRF=2687&BT_CON=96", text:"Make everyday count for your clients in The Retirement Red Zone.", trk:null }, { link:"http://www.entrepreneur.com/business-opportunities/index.html?cam=thestreet&cid=Homepagetextlink1109", text:"Be Your Own Boss and Start your Own Business Today!", trk:null }, { link:"http://www.usfunds.com/adclick.cfm?adid=2212", text:"What's Driving Gold? Learn more.", trk:null }, { link:"http://ad.doubleclick.net/clk;219522223;41227940;w", text:"Plan for your family's needs with help from Merrill Lynch", trk:null }, { link:"http://ad.doubleclick.net/clk;219173989;41227940;r", text:"Pursue your goals with help from a Merrill Lynch Advisor", trk:null }, { link:"http://bs.serving-sys.com/BurstingPipe/adServer.bs?cn=tf&c=20&mc=click&pli=1072416&PluID=0&ord=", text:"A fearless retirement starts here. Find out more at DontFear65.com.", trk:'http://bs.serving-sys.com/BurstingPipe/adServer.bs?cn=tf&c=19&mc=imp&pli=1072416&PluID=0&ord=&rtu=-1' }, { link:"http://ad.doubleclick.net/clk;219703317;4639705;k?http://www.investors.com/Register/Campaign.aspx?id=aei-n&src=ACECKR3", text:"Are you using the #1 Investing System?", trk:null }, { link:"http://www.goldline.com/d/index.html?id=557&utm_source=thestreet.com&utm_medium=banner&utm_campaign=street-gold-delivered", text:"Goldline.com – A leader in gold investing since 1960.", trk:null }, { link:"http://ad.doubleclick.net/clk;218753205;41757528;l?http://www.optionsxpress.com/?cmpid=tlstreetros", text:"Trade Options, Stocks and Futures in One Account at optionsXpress", trk:null }, { link:"http://www.entrepreneur.com/business-opportunities/index.html?cam=thestreet&cid=Homepagetextlink1109", text:"Be Your Own Boss and Start your Own Business Today!", trk:null }, { link:"http://ad.doubleclick.net/clk;219059876;42243733;o?https://www.blackcard.com/app/japply/lp/26879.jsp?campaignid=0001130&obcreative=0000000&obadloc=006&obchannel=005&ibchannel=03&partnerid=1394&referrerid=STRBWN0004&sid=text", text:"The Visa Black Card. Enjoy 1% Cash Back or Travel. Apply Now!", trk:'http://ad.doubleclick.net/ad/N5928.1199.8344890806521/B3868511.4;sz=1x1' }, { link:"http://clk.atdmt.com/ANY/go/173953744/direct/01/", text:"Take advantage of new opportunities at ups.com/whiteboard", trk:'http://view.atdmt.com/ANY/view/173953744/direct/01/' }, { link:"http://ad.doubleclick.net/clk;217859701;36852981;v", text:"Invest with U.S. Trust", trk:null }, ]; function __trackingpixel(url){ var ord = Math.floor(Math.random() * 100000000000); if(typeof url != "undefined") { if(url.indexOf('[timestamp]')!= -1) { url = url.replace("[timestamp]", ord); } return ""; } } var counter=-1; var limit = 3; function __write_textlink() { counter++; if(counter >= limit)return; var index = Math.floor(Math.random() * ads.length * 10 % ads.length); var it = ads.splice(index,1); var o = it[0]; document.write(''); document.write( o.text ); document.write( '' ); if(o.trk != null){ document.write(__trackingpixel(o.trk)); } if(ads.length > 0) { __write_textlink(); } else { } }; __write_textlink(); TheStreet Premium Services All Services Action Alerts PLUS Get free access to Cramer's portfolio picks at Action Alerts PLUS - Try it now Free RealMoney Jim Cramer's RealMoney team of 70+ Wall Street pros will give you wealth-building strategies - Get started Free RealMoney Silver Doug Kass + our 5 Premium Services - all in one place - Get a free 14-day trial today Stocks Under $10 David Peltier is ready to help you find affordable Stocks Under $10 which could lead to a big-money payoff - Get access to his portfolio FREE ETF Action Don Dion's brand new service can help investors at all levels build profitable ETF portfolios - Learn more document.write(unescape("%3Cscript src='" + (document.location.protocol == "https:" ? "https://sb" : "http://b") + ".scorecardresearch.com/beacon.js' %3E%3C/script%3E")); var beaconurl=""; if(TSC.util.isDefined(document)){ beaconurl=document.URL; try{ if (top.location != self.location){ beaconurl=document.referrer; } }catch(e){} } COMSCORE.beacon({ c1:2, c2:"6036014", c3:"", c4:beaconurl, c5:"", c6:"", c15:"" }); View Directory Jim Cramer Doug Kass Ron Insana Breakout Stocks Options Alerts Stock Under $10 RealMoney Don Dion's ETF Action Hot Topics: How to Invest in Gold - Fast Money - Apple Tablet - Motorola Droid - Cramer's Picks - Windows 7 - Health Care - Mad Money - Earnings Resources About Us Advertise Corrections Customer Service Employment Investor Relations Make a Suggestion Privacy Policy Readers' Feedback Sitemap Video Sitemap Subscribe Terms of Use Financial News Archive Topic Archive TheStreet Premium Services Compare All Services Jim Cramer's Action Alerts PLUS: Now any level of investor can trade right alongside a Wall Street pro — and enjoy 24/7 access to his portfolio! Learn More Login NEW! Don Dion's ETF Action: A concise two-step strategy for learning and trading in this increasingly lucrative area of investing. For all levels of investors! Learn More Login RealMoney: Jim Cramer's team of 70+ investment pros offer a daily wealth of fast-breaking market news... analyses... red-hot opportunities...and wealth-building strategies. Learn More Login RealMoney Silver: The genius of Doug Kass + 5 Premium Services = an unrivaled group of expert fundamental analysts, technical analysts, and Wall Street observers. Learn More Login Breakout Stocks: Bryan Ashenberg combines sophisticated screening software with eagle-eye analysis to find small and mid-caps ready to break out! Learn More Login Market Movers Deep in the Money Calls Stocks Under $10 Top Gun Trader TheStreet Ratings Daily Swing Trade Top Stocks ETF Shark Alerts Options Alerts try { function DM_onSegsAvailable(segs, cust_id) { for(var i=0;i /** * appends an ad using an existing container as an 'anchor'... works as follows: * 1) DART ads render in containers off screen (ie. #boxAd) * 2) the actual ad (#boxAd) is removed from the DOM and appended to the placeholder (#boxAdContainer) * 3) we kill the absolute positioning on the actual ad (#boxAd) to make it visible * * NOTE: to add something to the lazy loader, add it in TSCM.ads.placeLazyLoadingAds below * * @param adId string the id of the actual ad container (where the DART tag lives) * @param placeholderId string the id of the placeholder element */ TSCM.ads.appendToPlaceholder = function(adId, placeholderId) { //bail out for invalid args or missing elements if( !YAHOO.lang.isString(adId) || !YAHOO.lang.isString(placeholderId) || !YAHOO.util.Dom.get(adId) || !YAHOO.util.Dom.get(placeholderId) ) { return; //die quietly and make room for more calls to this function }; var ad = YAHOO.util.Dom.get(adId); //store the actual ad DOM element ad.parentNode.removeChild(ad); //remove ad from the DOM YAHOO.util.Dom.get(placeholderId).appendChild(ad); //append the ad to the placeholder ad.style.position = "static"; //show the ad! }; /** * function wrapper that places all DART ads using TSCM.ads.appendToPlaceholder * if appendToPlaceholder can't find the elements specified, it just returns and is ready for the next call */ TSCM.ads.placeLazyLoadingAds = function() { // DART 1 (banner) TSCM.ads.appendToPlaceholder('ad728x90', 'bannerContainer'); // DART 1 (expander) TSCM.ads.appendToPlaceholder('expanderad', 'expanderbar'); //DART 2 TSCM.ads.appendToPlaceholder('customUnit', 'cauContainer'); //DART 3 TSCM.ads.appendToPlaceholder('boxAd', 'boxAdContainer'); //DART 4 TSCM.ads.appendToPlaceholder('secondBoxAd', 'secondBoxAdContainer'); }; YAHOO.util.Event.onDOMReady(TSCM.ads.placeLazyLoadingAds);After the Bell
Before the Bell
Booyah! Newsletter
ETF Weekly
Midday Bell
TSC Top Ten Stories Newsletter
University Newsletter
Winners & Losers
TheStreet Mobile Edition
Take Our Tour
Connect with TheStreet
Read Full Article »