What's Really Propping Up The Economy

BusinessWeek reports: "Since 2001, the health-care industry has added 1.7 million jobs. The rest of the private sector? None." Well, we know it isn't telecom adding jobs following 3 years of heavy lay-offs and BK's. And IT has been off-shored.

"Factories are still closing, retailers are shrinking, and the finance and insurance sector, outside of real estate lending and health insurers, has generated few additional jobs. ...Perhaps most surprising, information technology, the great electronic promise of the 1990s, has turned into one of the biggest job-growth disappointments of all time. Despite the splashy success of companies such as Google and Yahoo!, businesses at the core of the information economy -- software, semiconductors, telecom, and the whole gamut of Web companies -- have lost more than 1.1 million jobs in the past five years. Those businesses employ fewer Americans today than they did in 1998, when the Internet frenzy kicked into high gear."

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