AMERICA has churned out record new employment for six years. With most workers doing fine, new efforts to protect them are just what isn’t needed.

FORTUNE Magazine, October 10, 1988, by Myron Magnet

STAND BACK — or the great American job creation machine will knock you down. It is spewing out jobs so fast that more Americans are working than ever before, and unemployment, 5.4% in July, is near the lowest in years. To the wonder of envious Europeans, the U.S. has produced 89% of all jobs created in the Western world since 1980. While European employment has expanded only 1.4% in the Eighties, U.S. jobs have increased 13.2%. Even Japan generated new jobs at only half the U.S. rate. Depending on what measure you use, the total of U.S. jobs created between the start of the current recovery in late 1982 and right this minute is a phenomenal 16 million to 17.2 million.

So you listen flabbergasted to the campaign rhetoric about the urgent need for new jobs. Is it the American economy they’re talking about?

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