In my latest column in the Pittsburgh Tribune-Review I emphasize the unpopular but indisputably correct reality that a society with mass prosperity cannot also be a society with security in particular jobs. A slice:
Indeed, in the U.S. today, roughly 1.7 million jobs are destroyed each month. Compare that to the total of U.S. jobs destroyed by increased trade with China between 1999 and 2011: 2.4 million. That’s correct: In less than any ordinary two-month period in America, the total number of jobs destroyed is greater than the number of jobs destroyed by trade with China during the 21st century’s entire first decade. If you wonder why we’re not suffering massive unemployment, the reason is that, on average, slightly more than 1.7 million jobs are created each month.
Jobs are constantly being destroyed while others are created — a necessary feature of the market economy which generates our enormously high standard of living. Our widespread prosperity would be impossible without it.