While employment still failed to gain any traction, businesses increased their inventories and invested in infrastructure. Usually when businesses invest heavily, you get employment. This time however, it all came from overseas by way of imports, which surged 28%.
The reason is simple, it’s so much cheaper to buy overseas than it is to try to manufacture this stuff here. And, with Obama making damn sure hiring people gets as expensive as he possibly can, it’s just going to get worse. There’s no law that tells businesses they have to buy domestic. Even with Obama’s Cash for Clunkers program, most of that money went to buy foreign made cars. Sure, some of them were manufactured in the United States, but a lot were not. And apparently a good deal of the current ARRA money is being sent out of the country. That just doesn’t really do us much good now does it? Borrowing money to give to other countries. Bad plan.
Rule #1: If you receive Recovery money, it has to stay here. That won’t solve the whole problem, but it will certainly mitigate the damage of these brain-dead stimulus programs.
And the next time Obama brags on the millions of jobs he saved, ask him which country they were in.
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More people out of work while imports surge? | ConstitutionClub.org on 08.27.2010
[...] Originally posted at Moonage Political Webdream. [...]