Seven million U.S. jobs gone and we now know who’s taken them. No, not Mexicans and Guatemalans. No, not the illegal immigrant “aliens“. The bosses gave your jobs to machines.
The New York Times reports, “The economy is producing as much as it was before the downturn, but with seven million fewer jobs” Companies are buying computers and machinery to do the work. These alien life-forms have your job. Companies don’t want the hassle of weeding through job applications, training newbies and paying for health insurance. Besides Congress gave the companies a big fat tax credit that makes it profitable to buy lots of new equipment.
Get this. Wall St. put the economy in the toilet. Wall St. got the people to gather $13 trillion for them to recover. In return Wall St. replaced seven million workers with Mr. Robot. Maybe it’s me, but somehow it doesn’t seem right. Yet it will go on like this forever if Wall St. and the corporate barons continue to run the show.
And more bad news CNN reports since the start of the Great Recession there‘s been $7.7 trillion lost in household wealth in the U.S. mostly due to the crash in housing value. The June 9 article is based on figures from the Federal Reserve. Housing prices are in a double dip. They more or less stayed the same in 2010, but in “the most recent figures from the Fed, released Thursday, showed real estate lost another $339 billion in value in the first quarter”.