Thursday, July 08, 2010

What Do the Aussies Know That We Don't?

The Aussies gained over 100,000 new jobs in the last quarter to reach 5.1% unemployment. Consider that we have about 18 times the number of people here in the US and we are barely scratching out the same amount of jobs and are mired at 9.5% reported unemployment (real unemployment obviously is much worse). There are lots of reasons for this but two stand out: 1) the Aussie economy is tied to trade with Asia, they know it, and they don't dare dabble in destructive protectionist rhetoric or policy. They remain unflinchingly open to trade which has kept them tethered to the only real engines of growth in the world economy today, China and India. 2) They don't have anything approaching the radical, anti-business sentiment among their political left that we have here, and to the extent they do, they prudently showed those folks the door.

UPDATE: Wait a second, those crazy Canucks are in on the secret too! It is almost as if some countries actually know what they are doing to promote job growth and others don't! Or maybe the Aussies and Canucks are not focused like a laser on jobs. Please Dear Leader, turn off the laser beam!!!

UPPDATE: And in other news, the American leadership is still clueless.

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