Remember when President Obama was justifiably criticized for saying that the private sector was “doing fine” last summer when tens of millions of Americans were struggling to find work and the national unemployment rate languished above 8 percent? This was a stunning admission. And Republicans, for their part, did something right for a change by taking advantage of the president’s blunder. However, according to AEI’s Aparna Mathur and data compiled by the Bureau of Labor Statistics, the only workers who seem to be “doing fine” nowadays --...
"Mathur notes, of course, that while government workers play an integral role in our society, it is the private sector that ultimately spurs economic growth and creates the vast majority of U.S. jobs." True, but even more important and too rarely stressed, only private-sector jobs produce wealth, that is, marketable goods and services. The definition of prosperity is what one can buy with the proceeds of one's labor, and the volume of such wealth produced at a given cost, via supply and demand, determines our prosperity as an economy. We need some government, but it is too often ignored that, on a purely economic level, every government job takes a bit out of our overall material psosperity.
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