unemployment

Your Tax Dollars Offshoring Jobs

This is my second story about OPIC – OVERSEAS PRIVATE INVESTMENT CORPORATION – a Department of the United States Treasury. This one is based on the OPIC 2006 Annual Report. It contrasts my earlier report on OPIC 1999. Robert Mosbacher, Jr., CEO of Mosbacher Petroleum, is the new CEO of OPIC. Mosbacher Petroleum was skimming money off ENRON back in the 80’s. OPIC was giving money directly to the oil companies. Now banks are skimming money off the U.S. Treasury and lending it to the oil companies.

OPIC - Overseas Private Investment Corporation

We have all heard of the Export / Import Bank (EXIM). We have heard of vague references to trade manipulation, balance of payments, debtor nations, World Bank, World Trade Organization (WTO), violent protests around the world, including Seattle (who were those people?), etc. Few have heard of OPIC. Overseas Private Investment Corporation is a department of the United States Treasury. Immediately you may wonder why “Private” and United States are associated in the same sentence. I was curious. It’s exactly what you think.

The Economic State Of The Union -- 2008

Submitted by on

This article is one in a series from the Manufacturing & Technology News Articles

In just the past seven years, U.S. household debt almost doubled and federal debt soared by near two-thirds, rocketing by a combined $10.5 trillion. The total combined debt of households ($14.4 trillion) and the federal government ($9.2 trillion) is now 168 percent of GDP, far higher even than in the brief spike during World War II. All other levels and ratios of debt also have soared far beyond any past precedent.

Yet, this record-shattering explosion of debt stimulus created the weakest seven-year job growth (4.4 percent) and one of the weakest periods of real GDP growth (18.1 percent) since the Depression: less than 6 million new jobs ($1.8 million of debt per job) and a mere $4 trillion increase in GDP.

Pages