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?
