GET A JOB

Perhaps my articles describing how the present economic slump is forcing the Federal Government to take an even larger role in the economy have been a bit too heavy on financial details for the average reader. But there is one lesson that all should understand.

Until now Uncle Sam has been the largest consumer of our economic output, central banker, and rules maker for economic activity. To this he has added becoming the largest investor in the private sector (he is already the largest investor in the public sector with state and local governments being the others). Uncle Sam now owns the core of our mortgage industry, the largest insurance company, shares in the principal banks, and shares in the auto industry. No doubt he will add more to his investment portfolio.

And if Uncle Sam was the largest consumer of our economic output before, the planned national budget will see his share of consumption rising from 20% of our output to 30% of our output. To put it in my quaint phrasing, “we all suck from the public trough, it’s just that some have longer straws.”

So what does mean for the most pressing issue of the day, how do I keep my job or get a new one? The answer is obvious, if you are in a federal government job, you are assured of continued employment. If not, then get one as soon as possible.

Contrary to the contraction in employment in the private sector and even state and local government, Uncle Sam is hiring like the straw boss at a new construction site. Who is he hiring? For starters he needs many more economists and financial people to oversee his new investment portfolio, restructuring of the financial regulations systems, handling his new “securitized” debt activities, and spending massive new amounts of money.

But expansion of the federal work force will go well beyond these. Uncle Sam will need people specialized in the arts to monitor and control the Stimulus Fund expenditures on the arts. He will need educators to guide his massive commitment to increased funding of schools. In my own bailiwick, Uncle Sam will hire 800 new diplomats, an increase of perhaps 20%. The list is virtually endless.

Any job seeker today will do well to check with federal government employment as soon as possible.

Leo Cecchini
March, 2009