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The Bush administration enthusiastically welcomed recent Bureau of Labor Statistics figures reporting that the U.S. economy created 207,000 new jobs in July. But high government officials ignored what kind of jobs they were. Former Assistant Secretary of the Treasury Paul Craig Roberts examined the data and concluded that "21st century job growth in the U.S. economy has consistently reflected that of a Third World country."
Of the new jobs touted by the administration, Roberts pointed to 177,000 "in the domestic service sector" and 26,000 that are "tax-supported government jobs." In all, he stated, "Not a single one of these jobs produces a tradable good or service that ...