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Wednesday
Oct062010

The damage done to US job markets by MNCs won't be easy to fix.

Continuing his fine reporting on the effects of globalization on domestic employment, Don Lee writes Jobs remain a booming U.S. export in today's LAT (different headline online).  The piece has two graphs showing that between 2000 and 2008 non-bank US-based multi-national companies eliminated about 2.7 million domestic jobs and created more than 2 million jobs overseas.

Of the more than 8 million US jobs that disappeared since the start of the Great Recession, here are nearly 3 million that pretty clearly are not coming back. What will replace them?  Clearly not financial services--that sector is shrinking.  Clearly not home construction--it will be decades before we're building at that rate again.  Not green energy--it has zero potential to employ millions. Then what?

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