OpEdNews Op Eds

We Moved from a Manufacturing to a Service Economy under Reagan-Bush-Clinton-Bush

By       Message Thom Hartmann     Permalink
      (Page 1 of 1 pages)
Related Topic(s): ; , Add Tags Add to My Group(s)

Must Read 4   Well Said 3   Supported 3  
View Ratings | Rate It

opednews.com Headlined to H2 4/20/10

Author 1486
Become a Fan
  (121 fans)
- Advertisement -
A statement released last week by Obama administration Council of Economic Advisers Chair Christina Romer warns that when it comes to the economy we are very far from being OK.

Romer put out a statement concerned that many "observers" are approaching the high unemployment rates in the country without the appropriate sense of urgency. Romer says the unemployment remains high because the economy is producing dramatically below its capacity and the tools and knowledge are available to counteract economic shortfalls and they should be used aggressively.

Let me add a few things to Christina Romer's observation. About 25 percent of all profits being generated in our economy right now are in the financial services sector - the billions in profits and bonuses going to a few thousand banksters, mostly on Wall Street.

Historically this was a tiny slice of our economy, because banks don't actually manufacture any product that adds value to our economy. Additionally, since we moved from a manufacturing to a service economy under Reagan-Bush-Clinton-Bush we've seen manufacturing fall from about a quarter of our economy to only 11 percent of it. That means we no longer make anything of value here.

Without making things, we don't create true wealth - we just move money around. You wash my car, and I'll mow your law - a so-called service economy - leads to economic disintegration over time, as eventually the car will fall apart and the lawn needs to be re-seeded. We need to reject Reaganomics and Clintonomics, accept Bill Clinton at his word that he was wrong to listen to Rubin and Summers, and go back to an economy that works. And roll back the Reagan tax cuts as a starting point.
- Advertisement -
- Advertisement -


- Advertisement -

Must Read 4   Well Said 3   Supported 3  
View Ratings | Rate It

Thom Hartmann is a Project Censored Award-winning New York Times best-selling author, and host of a nationally syndicated daily progressive talk program on the Air America Radio Network, live noon-3 PM ET. www.thomhartmann.com His most recent books are "The Last Hours of Ancient Sunlight," "Unequal Protection: The Rise of Corporate Dominance and the Theft of Human Rights," "We The People," "What Would Jefferson Do?," "Screwed: The Undeclared War (more...)

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

S&P Blames Republicans, Mainstream Media Fails to Report It

Globalization Is Killing The Globe: Return to Local Economies

The Great Tax Con Job

The Truth about the Trust Fund-- Destroying Social Security to Destroy the Two Party System

The Deciding Moment: The Theft of Human Right

Healthcare: First They Came for the Banksters