Read this today (January 8th, 2013) @ FOX News:
Since 1970, America’s public sector has exploded as a percentage of GDP, rising to almost 25% last year. While the national unemployment rate hovers at the 8% mark, government worker unemployment rate is a cozy 3.8%. Sixteen percent of America’s workforce now work for government. By the time the Obama administration ends, we won’t be that far away from Argentina’s 21 percent.
Yet as an economic and social enterprise, government creates nothing.
This unsustainable employment unbalance between public and private sector employment is a direct result of Detroit putting government front and center in its economy much like what Washington is doing today. Nearly half of the people working at Detroit’s top 20 twenty employers do not contribute anything to its economy (government, including education, is an expense) and in fact subtract from the economy.
And many times since:
As pointed out previously at MCT, government jobs are overhead that the private sector subsidizes. They contribute very little to the economy in the form of adding value.
Just wanted to point this out…