Scott Stoddard, Investor's Business Daily
Wed May 7, 2008
American companies boosted productivity more than expected in the first quarter by cutting jobs and hours worked as the economy stalled, according to Labor Department data out Wednesday.
A gentle reminder:
"Personal consumption expenditures" (consumer spending) accounts for 70% of GDP.It eludes me how "boosted productivity" in the form of "cutting jobs and hours worked" is a good thing.
Anyone want to clue me in?
The economy (70% of domestic spending!) is driven by consumers. If we're increasing productivity by REDUCING consumer buying power, just how is this a good thing?
Recall, a national strategic objective:
... promote the general welfareNOT the welfare of Exxon, GM, WalMart, Intel... but the GENERAL welfare!
Stop the madness!