The current debt-ceiling drama is in many respects about the role of the government in the nation’s economy and, subsequently, about job creation. But this story shows quite starkly why that’s kind of a ridiculous conversation to have since it’s companies and corporations that hire people, something they’re not all the eager to do since they’re making money quite nicely elsewhere thank you very much. The opening graf states this clearly:
The sluggish pace of hiring may be hobbling the U.S. economy, but it’s not been holding back big U.S. companies’ profits thanks to growth overseas and cost controls at home. And that’s bad news for the more than 14 million Americans without jobs.
So yeah, why hire people when overseas sales and production costs are keeping expenses down and revenues up? There’s nothing the government can do about this – it’s the role of private corporations. The only thing the government can do is impose regulations that would make doing business in some manner overseas more costly but that’s not likely to happen.