The problem is not isolated to creating jobs, but more importantly, creating products. Looking at statistics, the most expensive workforces in the world are all located in Europe, with socialist Norway leading the pack at $53.89 labor costs per hour. The UK comes in 12th place with only $30.78 (US $33.50).
Look carefully at the benefits, earnings and job security of the ten leading nations — produce the world’s most wanted products! They show a healthy trade balance. Apparently, cheap labor produces cheap products.
But all is not well either, even in the high labor cost countries. Their financial system, according to latest news reports, continues to be shaken to its foundation. Thus, we see how manufacturing, labor, and finance are closely intertwined, with little hope for a lasting solution any time soon.
The Economist, 1 October 2011 lists Britain as the world’s second largest trade deficit holder with 160 billion in the red for July 2011. Thus, it seems very unlikely that the UK with their dangerous trade balance can suddenly increase their exports. First, their workforce must be properly compensated by European standards.
When we analyze the various uprisings, protest marches, and revolutions going on virtually all over the world, we note that it is a rebellion primarily directed against those with unlimited power through finances. How did they achieve that position? One reason is by not properly compensating their workers; thus, they become rich. But the Bible states, “Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth. Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter” (James 5:4-5).
(For more on the dangers of money, read Global Financial Apocalypse Prophesied, Item 1068.)