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Adding the Wrong Kind Of Jobs

If a company that is hemorrhaging money and is hopelessly in debt hires 100 people to rearrange the furniture would you say that the company is growing? 

Wall Street and the media are all excited about the recent jobs report showing gains of over 200,000 jobs.  But what kind of jobs are they?  It seems most of the gains were in the service sector, which does not produce wealth, it only moves it around.  In the meantime the trade deficit, which nobody even talks about anymore, is ballooning. 

We are printing money and borrowing money from foreigners in order to consume products that we can’t make for ourselves.  It is the road to disaster and this year we have picked up the pace.  This is economic growth?  Only a fool would think so.  Problem is that the fools are in charge and are likely to stay in charge until the whole thing falls apart.

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