We now have more poeple employed in government than manufacturing and construction.

—– Graph from Contrary Investor, 9 December 2008 — subscription only.

It’s a milestone. But to what end does this road lead us?

See these reports for For other perspectives



(1) “Factors Underlying the Decline in Manufacturing Employment Since 2000“, Congressional Budget Office, 23 December 2008 (8 pages)

(2) See Can you see the signs of spring in the coming of winter? A note about the recession (10 September 2008). Esp note graph #2, “US exports of goods and services as a % of GDP.” It is often said that “the US no longer makes things.” Not so, as exports have grown as a fraction of the US economy for 30 years. That is important and good news. America must earn its way in the world, and by some means other than as a largely unwanted global policeman.

Afterword

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Implications for the future, about structural changes to America from this crisis