Jobs

The latest expert advice from economists and government leaders states that we have seen the bottom of the recession and predictions for very modest growth in the 3rd quarter seems to be the popular predication. However, the outlook for jobs is not nearly as encouraging. In fact, many experts predict that job losses will continue to mount even as recovery builds. The belief is that businesses will not begin to hire again until steady growth is proven over months and maybe even years.

The total job losses during this downturn have eroded 100% of the job creation from the last boom period. Which leads one to ask, what did all these people do that have lost their jobs and how exactly is business supposed to function effectively without them. Did we really have a system so bloated with non-essential functions that they could all be let go and business as usual continues?

It makes sense that there is less emphasis on organization structure, job descriptions, and operational efficiency when times are good. The company is making money, new job reqs are approved because the budget allows it, and "nice to have" positions are filled. But wouldn't we be better off disciplining our business selves to run more efficiently during prosperous times, so that the bloodletting need not be so severe when times turn downward? I can't believe that all of these excess jobs that have been shed are non-essential. Maybe we'll see when companies have trouble growing again once conditions improve.

Pope Benedict for Treasury Secretary

I'll admit I've never been an overly religious individual. So my knowledge of the views of religious leadership on the topic of the global economy have been quite limited. But after reading a recent NY Times article, "Pope Urges Forming New World Economic Order to Work for the 'Common Good'", I might have to nominate Benedict XVI for Treasury Secretary.

The Pope criticized the current economic system and urged world financiers to "rediscover the genuinely ethical foundation of their activity". He went on to state that "once profit becomes the exclusive goal, if it is produced by improper means and without the common good as its ultimate end, it risks destroying wealth and creating poverty." If Benny had said this last summer he might have been viewed as a prophet.

I always assumed there was a direct conflict between capitalism and religion. Taking care of the poor and the needy certainly seemed to be the farthest left one can get, and maximizing wealth and profits leaned far right. But I think the Pope was on to something, which has been proven over the last 9 months as we have seen the results of an unchecked system run amok.

Not enough regulation, too many fat cats motivated by short term goals, an abandonment of sound business decision making led by mitigation of risk, and here we stand with hundreds of thousands of people struggling and damaged financially, mentally, and spiritually.

It can't be what a Pope would want to see from an economic system. And it shouldn't be what world business leaders want to see either. I hope the lesson has been learned.