Society being what it is, the laid off white guy in a suit gracing the cover of Newsweek, United States cannot obviate the consequences of the correlation between race and (un)employment in our diverse populace.
Hispanics leaving in droves, negating the tug of entering, and Asians looking up to their countries of origin as they change to work to improve their quality of life, there is hope for many unemployed legal migrants and Americans to make a living elsewhere on the planet.
After all, American minorities and legal migrants are always the first out and last in in a job market not poised to fully recover until at least 2016 according to the president’s Council of Economic Advisers (CEA) and the Federal Reserve. Moreover, higher levels of US employment can cause stagflation in the face of a Fed which is as stale in its capacity to innovate as is the marble it is made of.
Credit for printing (money) goes to Johannes Gutenberg in the 15th century, and perhaps even to the Chinese much earlier, but not to the Fed which is habituated to patting itself on the back for anything good about the economy or economic policy – a stain at the bottom of a dry wine glass makes the glass somewhat full, optimism always pervading the imaginations of the inebriated and the delusional.
These days the nearly 100-year old institution cares little about its credibility akin to Wall Street as if senility is drawing its curtains on the Fed’s mind. After all, Al Gore had won the Nobel even though he did not invent the internet.
Every one of the DOW 30 corporations is a multinational and so are many on the electronic trading exchange NASDAQ. Placing unemployed Americans – about 8 million in all – outside the United States, wherever in the world an American corporation can accommodate them without making the local population worse-off is a good option for the government to consider.
In a world where foreigners are no longer welcome if they look like a foreigner, when citizenship has no meaning, and the notion of global citizenship is of even lesser importance notwithstanding the European Nobel rhetoric of peace and its institutionalization in the charter of the Union, the German practice of work-sharing (kuzarbeit or “short work”) during periods of high unemployment or when laid-off during normal economic conditions (except when discharged for misconduct or when fired from a job) sounds reasonable to maintain social and individual stability in the short run in lieu of unemployment compensation before growth can be achieved.
The world, however, continues to be a big place for those who care to understand the economics of growth.