Tuesday, October 15, 2013

Have We Reached "Peak Jobs?"

Charles Hugh Smith, a prescient commentator on American economics, concludes this about the U.S. labor market:

"The U.S. has reached Peak Jobs--at least the sort that can support a household.

There has long been a quasi-magical belief in the U.S. that capitalism's intrinsic dynamic of creative destruction will always create more jobs than it destroys. The evidence is compelling that this belief is no longer reality-based.

Please examine these charts of employment, keeping in mind that only full-time jobs can support households and pay sufficient taxes to fund entitlements paid by payroll taxes (Social Security and Medicare) and pay enough income taxes to support the rest of government.

Full-time jobs: the number of full-time jobs is essentially unchanged from 1999 while the U.S. population has increased 28% . . ."

The article is here:


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