By Tom Pauken
How did the United States go from having the strongest economy in the world to facing the most serious economic crisis since the Great Depression? What happened to an American economy that once was driven primarily by manufacturing companies, agriculture, small business entrepreneurs, and a thriving middle class, but now is dominated by Wall Street investment bankers and financial engineers? A country that once prided herself on her strong manufacturing base producing good-paying jobs for American workers has morphed into an economic system in which American jobs are “outsourced” overseas. Our manufacturing base has been hollowed out, and middle-class Americans are sliding downward economically.
Over the past decade, there has been zero private-sector job growth in the United States. The only growth in jobs has been in government (and in sectors—such as health care—in which government is heavily implicated). Government, of course, does not create jobs—if by jobs we mean employment that contributes to the overall production of an economy—only the private sector does that.