Statements about the end of the recession are largely arbitrary economic PR; every pundit must say something because it sounds so important, meaningful and simple. But it means little for the average American. After all, where will economic growth come from? In 2005-06 financial industry profits accounted for 41 percent of U.S. business profits! Their fraud enriched them largely at the expense of other industries, countries and people; in aggregate terms it was to a great degree a zero-sum game. Those amazing GDP numbers are since 1994 but especially since 2004 were phony. Increasing amounts of our manufacturing has been offshored to lower cost countries over the past three decades. High tech has been increasingly offshored over the past two decades. Biotech will never deliver the jobs that high tech did. As Alan Blinder has pointed out service sector offshoring could be so large as to constitute a new industrial revolution (Offshoring: The Next Industrial Revolution?). In a more recent paper (How Many U.S. Jobs Might Be Offshorable?) he states: “Potential offshorability encompasses between 22% and 29% of all the jobs in the 2004 U.S. workforce, with the upper half of that range more likely than the lower half. Contrary to conventional wisdom, the more offshorable occupations are not low-end jobs, whether measured by wages or education.”