Newspapers and television are trumpeting the loss of manufacturing jobs in the U.S. President Bush plans to launch a new job creation program.

I think this whole issue needs to be put in perspective. We are struggling to come out of a stubborn recession -- although not a deep recession. The unemployment rate is 6.1 % -- not a very high rate in historic terms. I was in Europe three weeks ago where unemployment from Germany, to France, to Spain is 10%…

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