Saturday, October 09, 2004

 

Economic recovery for whom?

A story in today's Blade speaks volumes. Talking at a meeting ofsmall business leaders at the University of Toledo, U.S. Treasury Secretary John W. Snow said Friday:

"Manufacturing is recovering, "but more slowly, unlike services.


But later, Snow admitted something very revealing:

"Asked when he thinks manufacturers will start hiring again, Mr. Snow said companies in general have had record profits and high cash flow for some time, focusing on productivity gains, not expansion." [emphasis added]


So, manufacturing has actually already recovered in the Midwest, for everyone, that is, except workers.



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