Meanwhile, popular economic blog
ZeroHedge.com took the air out of President Obama’s announcement Friday that
unemployment has fallen to 4.9 percent by pointing out that 70 percent of the job gains in
January went to minimum-wage workers.
ZeroHedge.com further reported
that 1.4 million
relatively high-paying manufacturing jobs lost by the U.S. economy since
December 2007 have been replaced by 1.6 million relatively low-paying waiter
and bartender jobs created in the U.S. economy.
Since December 2007, considered
by many to be the start of the current prolonged recession that ZeroHedge.com
suggests has the possibility of developing into a second Great Depression, all job gains in the U.S.
economy have gone to foreign-born workers.
According to the Bureau of Labor
Statistics, since December 2007, the U.S. has added just 186,000 native-born
workers while adding 2.5 million foreign workers.
