caterpillar's guidance was upbeat. after delivering a blowout, better than expected quarter, the company gave upside guidance for 2012 and raised their revenue forecast, extremely bullish. joy global, more subdued. it gave inline guidance for 2012. although it has to be said their management team, which i love, is always conservative and the company's backlog is still at record levels. we also know caterpillar hasn't levered this bucyrus acquisition at all. i was worried caterpillar was going to get hit because they kept bucyrus in the shadows. bucyrus going from money loser to money maker this year, i think that whenever they're ready, cat can accelerate bucyrus and put a beatdown on joy global. cat will ride any upturn in our economy thanks to diversification. joy global is still behind the eight ball domestically, if only because of the obama administration's hatred of dirty coal, as well as the low price of natural gas hurting the domestic coal biz. here's a real key thing. remember we spoke to dominion the other d

caterpillar's sales were record-breaking last year. the largest percentage increase in the last 64 years. a lot of it was driven by foreign demand for caterpillar products made by illinois workers. we out to thank caterpillar and thank those workers. thank you. [ applause ] more exports to more foreign markets means more jobs for more illinois workers. our exports have jumped 30% this year. almost double the national average. and today, to strengthen that growth, we are announcing an export advisory council made up of private sector leaders and chaired by navastar's ceo. this will help our goal by doubling our exports by 2014. they added more than 500 new jobs and employed more than 2,000 union construction workers to renovate its new corporate headquarters in lyle, illinois. since 2010, employers like navastar have helped add almost 1,000 jobs to our economy. illinois businesses have created almost 20,000 manufacturing jobs during this time. u.s. news and world report placed illinois in the top five business-friendly states that are g

want sho short caterpillar, stocks can go up forever. and as a pop star prince once said, forever is a mighty long time. dan's put spread offers a four to one payout and only risks a hundred dollars. interesting risk award and obscure reference to prince. let's move on here. it is one of the most common questions investors ask when they see triple digit oil. what is the best way to play it? according to our next guest, it could be as simple as the largest dow component. time to call to the charts with the always slick but never crude carter braxtonworth. of oppenheimer. >> it's not exciting. which is to say the market is stretching. this is a defensive asset. in terms of the structure and the chart, a lot of tension. it was here in february a year ago. nothing has happened in principle. this is the kind of debate to get resolved up. a breakout buy if you will. another way to draw it, it's the same chart. same time frame. is this way. which is to say you can call this something of a head and shoulders bottom. the presumption is exxon that

boeing, ge and caterpillar added 25,000 jobs last year. e hiring. boeing, ge and caterpillar added 25,000 jobs last year. debbie johnson in little rock, arkansas, is happy to be on the caterpillar line. >> i think it's a great opportunity for anyone given the opportunity to come here. >> reporter: just as important, some small businesses are putting out the "help wanted" signs. the evergreen supply company in chicago is looking to hire five people. >> we work extremely hard. i felt like the time was right to invest in more personnel. >> reporter: economists see the improvement across the country. >> they were good numbers. we saw broad-based job gains. especially in things that are leading indicators for the economy. >> reporter: it's not all good news. some companies are planning big lay-offs. american airlines cutting 13,000 jobs as it restructures in bankruptcy. and a new survey of small business owners finds just 30% are looking add workers this year. >> we'll likely see job growth, but i'm not expecting that we are going to see the ki

we've got an options trade on caterpillar that can quadruple your money in months. and talk about an oscar worthy trade. the action begins right now. live from the nasdaq market site, i'm melissa lee. these are the traders here in times square and in beautiful los angeles. highest close for the s&p 500 since june of 2008. the nasdaq nearing 3,000. certainly a lot of nice round numbers. "options action" is sounding the alarm because of one number. and that is 109. that's where oil closed today. can stocks and crude coexist? let's get in the money now and find out. it spooked investors today. it was a growing concern in the market for awhile. >> growing quietly. equity indexes this week, the s&p closed up 25 bips. the vix was down about 3%. but crude was up 5.5%. there's things going on here as far as equities are concerned it's complacent. but in the other respects when you look at the risk assets you see people flock to when worried about things, they're going up. >> we've seen the vix also stay very low. >> yeah. i mean, it ended the day above 16. same thing happen

so why is caterpillar making the move? they report they want to move manufacturing closer to customers here in north america. south america and over in europe. and you better believe the governor of georgia is absolutely thrilled. john roberts live in atlanta with more. >> good evening. you bet the governor is thrilled about this. a governor presiding over a state with an unemployment rate near 10%, way above the national average. a housing market in the tank and a foreclosure rate that is the fourth worst in the nation. how does the governor spell relief? j-o-b-s. >> 1400 new jobs. thousands more that will be spinoff as a result of that. that will represent the largest growth of new jobs in the state of georgia since kia came to it georgia in 2006. >> now, what caterpillar is moving here is production of small bulldozers and the really cute little mini ex-caucuses vatters. they are currently -- excavators. they will make them just outside athens beginning in 2014. they are moving production here because it puts it in a mu

. >>> and caterpillar is bringing jobs back from japan and creating jobs in georgia.erpillar thinks it will create a ripple effect that will create jobs on top of that, including the supplier who make the parts for caterpillar. >>> we turn to "your voice your vote." so much criticism over the bailouts, giant help over the auto industry for one. but tonight hear mitt romney's turn around of the salt lake city olympics was helped in part by a taxpayer. here's jim kerley. >> reporter: the thrill of the victory at the olympics is feeling a bit more like agony for mitt romney as he joins the city tonight for a tenth anniversary celebration. but the salt lake city newspaper headline highlights romney's success getting federal earmarks, taxpayer dollars to fund the most expensive games in the country's history and what romney calls one of his greatest accomplish manies. >> my leadership helped save olympics from scandal. >> romney tauts that often but does not talk about what his now supporter john mccain was saying more than a decade ago. >> that's outrageous, mr. president

caterpillar is hiring and expanding and reshoring.nd now nearly two dozen states are competing for a cat plant moving from japan back home. arkansas wants that new plant. it already has this plant in north little rock, which opened two years ago to costs of $140 million. employs 550 people and expanding, but it's been tough to find skilled workers. so the university of arkansas little rock has expanded its school of engineering and collaborating with companies like cat to provide a pipeline of talent. a half dozen graduates have been hired so far. >> arkansas has always been a state where there's a lot of land to move in and create a factory. and there's a good hard-working labor force here. but what we were really missing was that highly trained work force. >> the approach to it there very hands on, very practical actually getting in there and not just learning the theory but doing the design. building an assembly, testing it, seeing how it broke and going back to the drawing board again is what really prepared me. it has a lot to of

we want to thank caterpillar and think those workers. thank you. [applause] more exports to more foreign markets means more jobs for more illinois workers. our exports have jumped 30% this year almost double the national average. and today, to strengthen that growth, we are announcing an export advisory council made up of private sector leaders and chaired by navistar ceo dan ustian. this council will help us reach our goal of doubling our exports by 2014. navistar has recently added more than 500 new jobs and it employed more than 2,000 union construction workers to renovate its new corporate headquarters in lisle. since 2010, employers like navistar have added almost 100,000 jobs to our economy. illinois businesses have created almost 20,000 manufacturing jobs during this time. us news & world report placed illinois in the top 5 business friendlystates that are gaining businesses. that's good. [applause] careerbuilder ranked illinois as one of the top ten states to find a job. and last year money magazine rated illinois as the top state for makin

a little bit about what is going on right now in terms of this sort of dismantling of rights so caterpillar is a company that makes locomotives and london ontario as well as a lot of other places the workers in london ontario were making about thirty dollars an hour and the company one of them cut their wages in half i mean you know magic somebody comes and ask you to cut your income in half that's a life changing experience they ask them to cut their wages in half they walk the workers out and then they decided they were going to move the. right to work indiana for half the wages and you know they put out advertisements for managers that were experienced university and union three cultures so lose this this experience where you know i've taught a lot of canadian workers where american workers you know are now becoming the new mexico for canada new mexico for a lot of europe which quickly becoming the labor laws are so weak you on the flip side of this though mike i mean for anyone who watched mitch daniels speak after the state of the union and said this very thing but said it is a very po

caterpillar jumping a buck 40. and the two chinese oddities, yum! brands and coach, both hitting 52-week highs. do they put their kfc in their coach bags? some sort of bizarre status symbol over there, showing a little leg, or at least a drumstick as they gallivant around the country? finally there is europe. talk about a raging bull market based on lower interest rates, higher growth. people are buying up german stocks as though the country has a second marshall plan going up. the darn thing is up almost 14%, germany! it's another thing entirely to have it limping along on life support. but how about if business over there is turning? maybe caterpillar's prediction last week that europe will be a tailwind by the end of the year, maybe a true negative. you get this sucker cooking, and you're going to have something like that virtuous circle dreamed up by ben bernanke, fed chief, where your stocks go up so you're feeling better so you might go spruce up your house or take advantage of the really low rates to actually buy a new house. or while you're

a huge company just like caterpillar is.ays -- ceo, rather, of caterpillar and why he says they decided to build that plant in georgia. it's about exports and also, listen carefully, it's also about politics. >> well, we avoid the freight, obviously, from japan to united states and south america because most of the market is here. and we use the port of savannah and others down here to export both to europe and south america. a lot of that was involved. beyond that, you know, we looked at georgia in a climate that's very friendly to expansion. and georgia -- i would give the state of georgia a lot of credit for competitive package to make us feel at home and take care of our people going forward. it's about 4,000 jobs when we're all done with this in 2015-16. >> and the way they get to 4,000 jobs is 1400 direct jobs and then they argue about 2,800 jobs supported by that plant. so, restaurants, hotels, automakers, et cetera, and also supplier jobs. what's critical in what he said is georgia is friendly to expansion. that is c

a little bit about what is going on right now in terms of this sort of dismantling of rights so caterpillar is a company that makes local.

and caterpillar has seen what the quality of this workforce here is.d, this plant in a couple years ago. we have close to 600 people working here now. the highly qualified, highly trained, a lot of engineers, a lot of qualifications. in today's manufacturing world, the skill level has to go up. arkansas has been committed to tying education and workforce training to the specific needs of business and industry. and particularly manufacturing. nobody in the country is going to do a better job of trying to provide the quality workforce than arkansas. >> that is some of what they're looking for. but caterpillar as you know is going to grind, pun intended, every state to get the best deal it can. >> sure. >> i'm hearing that analysts they may want free land, roads, what can you offer to do it? >> we do an analysis that tries to make sure our taxpayers are getting a bang for their buck. we just don't give it away. we tie a formula to the number of jobs, the quality of those jobs, what those jobs will actually pay, and then based upon those kinds of analyses

you want to hear about the caterpillars before we go?s a good story. >> i went to my weather one day and i say mother, mom, we live on the sixth floor. our apartment was the own apartment up there and my mom would come in from work and she worked nights and come in the morning and she would never, ever come to tears. my mom was like on the clock to do to counter every day in that window. all the other pants would be downstairs talking. one day i took note of that and i went to my mother and said mom, how come you never go downstairs and hang out with the mothers down there and talk to them? on that link to my mother has said are you stuck up? [laughter] and why looked at my mother, she said what did you say it? are you stuck up, mom? and my mother looked at me with tears in her eyes and said, son, i have never ever thought i was better than anyone and i would never raise my kids to think i was better. i said mom, how come you don't go downstairs? should i work in a hospital in operating room. every summer into god's truth, at night the j

you want to hear about the caterpillars before we go? it's a good story. >> i went to my weather one day and i say mother, mom, we live on the sixth floor. our apartment was the own apartment up there and my mom would come in from work and she worked nights and come in the morning and she would never, ever come to tears. my mom was like on the clock to do to counter every day in that window. all the other pants would be downstairs talking. one day i took note of that and i went to my mother and said mom, how come you never go downstairs and hang out with the mothers down there and talk to them? on that link to my mother has said are you stuck up? [laughter] and why looked at my mother, she said what did you say it? are you stuck up, mom? and my mother looked at me with tears in her eyes and said, son, i have never ever thought i was better than anyone and i would never raise my kids to think i was better. i said mom, how come you don't go downstairs? should i work in a hospital in operating room. every summer into god's truth, at night t

like i said, if you look inside a lot of the big american companies, boeing, caterpillar, dow, ge, people have confidence to compete on a global basis. there's a lot of best practices. i would say many and most of american business came through the crisis in better shape. a lot of the growth is outside the united states. so you've got to have the confidence to take your game into every corner of the world. i think another thing you'll see as you go through this week is the fact that business works together. that small business and big business works together and various companies work together in what i would call an extended enterprise. so i think these are some of the hallmarks and some of the things again we'll talk about as the week goes by. if you go to the next slide, the day is really split into -- the week is split into four segments. today we're going to talk about american competitiveness. tomorrow is a discussion on innovation. the next day is on global competitiveness and we'll talk a lot about what are the fast growth regions around the world and what do you have to do in ord

the caterpillar and utx, everything in the red, biggest winner is p & g. first i want to talk about zynga, now down 15%. earnings were actually okay, but current quarter growth looks to be disappointing. then there's apple. it's now at $502.36. a couple of hours ago we were talking about an all-time high. now a huge swing from that interday high of $526.29. that's $24. kellogg, bringles, proctor & gamble, they moved quickly. everybody seems bullish on the deal for kellogg. diamond foods, maybe they can clear out all the mess and start over. a few other movers here, mostly earnings based on the positive side. abercrombie is up. parent company comcast, almost 5%. not only do they have great numbers, but they increased the dividends and are buying back stock. fmc technology down 6%. deere down more than 5%. bill, back to you. >> brian, thank you very much. something tells me that as the stock market moves lower, now the dow's down more than 110 points, that treasury prices are moving higher. let's go to rick santelli in chicago with the very latest on what's

caterpillar says the move will also help create nearly 3,000 more jobs among suppliers and other employersthat's business. i'm stuart varney.   >> this fox 5 stock market report is brought to you by your lexus dealer. live life heroically. more people are using wireless devices in more ways than ever. and our networks are getting crowded. but if congress frees up more wireless spectrum, we can empower more people to innovate, create jobs, and put momentum behind our economy. and a spectrum auction could raise as much as 30 billion dollars to help fund the payroll tax cut. it's simple. more spectrum means more freedom. for everyone. beth! hi! looking good. you've lost some weight. thanks. you noticed. these clothes are too big, so i'm donating them. how'd you do it? eating right -- whole grain. [ female announcer ] people who choose more whole grain tend to weigh less than those who don't. multi-grain cheerios -- 5 whole grains, 110 calories. creamy, dreamy peanut butter taste in a tempting new cereal. mmm! [ female announcer ] new multi-grain cheerios peanut butter

after a fierce competition, caterpillar picked a location for the new north american plant.ere's a hint, it was filled with people who feared the end of the world as we know it. the but now there's shiny happy people. the answer later on the "closing bell." >> up next, could gas prices hit $5 a gallon this year. john hofmeister is with me. he's predicted they will, and he'll explain why. stay with us. >>> also ahead, a look at next week's key reports on housing and consumer sentiment. find out what else is on tap in the u.s. and europe that could impact your investments. that's coming up right here on that's coming up right here on the "closing bell." >>> the perfect storm, oil prices march higher, as the u.s. economy shows signs of improving. while tensions between iran and the west escalate. how high will crude go? will drivers be pumping record high gas this summer? and how will a potential showdown in washington over the keystone pipeline impact an oil-thirsty nation? we'll get some answers. and now, maria bartiromo. >> and with today's gain of 93 cents a barrel, crude o

there's sunflowers and caterpillars and spider webs.s just really cool how they carved them. >> could you tell me a little bit about this exhibit? >> sure. this is perhaps my favorite exhibit here. this is a buzzing beehive, and you can see all the little bees that are buzzing around the hive, and this is something that was created first time last year, and i just think it's fantastic, and i'm glad we have brought it back. >> i think it's very cool. this is our first time here, so we're really enjoying it. >> i think it's pretty impressive because to carve all those pumpkins, it must take a lot of t >> it's so creative with all the pumpkins everywhere. it's so much fun. >> i think it was fantastic! it was pretty cool seeing all the faces on the jack-o'-lanterns. >>he blaze includea spy featuring celt digns fromd. cravr rving. brougs r cameo america part of a used to carve faces t ofrish turnips. and when they emigrated to amera, pumpkins are native to north america, and we began to carve pumpkins, and that's where jack-o'-lanterns came

we want to thank caterpillar and think those workers. thank you.[applause] more exports to more foreign markets means more jobs for more illinois workers. our exports have jumped 30% this year almost double the national average. and today, to strengthen that growth, we are announcing an export advisory council made up of private sector leaders and chaired by navistar ceo dan ustian. this council will help us reach our goal of doubling our exports by 2014. navistar has recently added more than 500 new jobs and it employed more than 2,000 union construction workers to renovate its new corporate headquarters in lisle. since 2010, employers like navistar have added almost 100,000 jobs to our economy. illinois businesses have created almost 20,000 manufacturing jobs during this time. us news & world report placed illinois in the top 5 business friendlystates that are gaining businesses. that's good. [applause] careerbuilder ranked illinois as one of the top ten states to find a job. and last year money magazine rated illinois as the top state for making

caterpillar plans to build a new manufacturing plant, deciding which state will get the nearly 1400 news, that facility will bring. senior national correspondent john roberts live in atlanta with the latest on that. john. other reporter hey jon. this is every little boy's dream, one of those small bulldozer you see running across construction sites in america. take a look at this here, the manufacturing plate says made in japan. as of 2014, this caterpillar bulldozer and some of the mini backhoe, the excavators are going to be made in athens, georgia, the governor announced it earlier today, saying that in a state where there's more than 9.5% unemployment, it's a good deal for a lot of people. here's the governor: >> 1400 new jobs, thousands more that will be spinoff as a result of that, that will represent the largest growth of new jobs in the state of georgia since kia came to georgia in 2006. >> reporter: so why is caterpillar moving back from japan here to the united states? well, it's a null of things. particularly in this case, shipping costs. it builds these in japan but the main

. >> sell general motors and buy caterpillar and cummins, jb. >> i like both. i've been talking about is these are the new bellwethers. the company that has this leverage to china. you saw a blowout quarter from caterpillar and say, sure, gm has exposure there, too, but that's where growth is going to come from. i think they can both continue to work higher. >> forget all that. part of the story, i guess, and part of the question could be, look, gm is up 30% year-to-date. time to sell it. >> right. so you also have this kind of mean reversion thing where they took the fourth quarter's losers and made them the big winners in january. i think that trade might be running out of steam. so that's another reason to go ahead and make that switch into where the real strength is. >> all right. let's talk about some of the other high fliers today. mastercard, we already talked about chipotle hitting new highs and disney above $40 today. >> i love that name. that fits into the sports theme when you talk about disney, you're always focused on espn outside of the abc aspect

. >> the other one, caterpillar. caterpillar's interesting because performance so far this

and across the nation, there are well-known companies like caterpillar that are planning to bring jobs back home. last month we decided to hold a summit. that's where john was at. a summit at the white house so we could hear from companies like these who have decided to insource jobs. we want to learn how can we accelerate this trend? and this last fall for the first time we'll be bringing companies from around the world together with governors and mayors and other leaders to discuss the benefits of invest and creating more jobs here in the united states. so our job as a nation is to do everything we can to make the decision to insource more attractive for more companies. that's our top priority. that's our top priority. we've got to seize this moment of opportunity. we can't there slip away. we have an opportunity to create new american jobs and american manufacturing, put that back where it needs to be. now one place to start is with our tax code. i talked about this a little bit in the state of the union. right now companies get tax breaks for moving jobs and profits overseas. they

illinois will not be receiving the new caterpillar headquarters. instead of the factory will go to north carolina and it with it over 1000 jobs. mcdonald's sales are up 8% compared to a year ago and they say it is because they are keeping the restaurant's open for longer period of times. on to the foreclosure mass chicago is posting some group poll numbers 11 percent of mortgages are 90 days delinquent is one of the highest in the nation. illinois is among the top states with the highest amount of the foreclosures california and new york have been holding off on this because they do not want to the banks to get off easy they want the banks to be punished. greece faces a deadline of two months to get the debt crisis in control that has been today's business headlines. >> and many aging society 6 dreaming was considered a means of divine intervention but in modern days welcome you make of the drought a dream or you show up naked to a partyeam where you show up naked to a party. we have a dream expert here to help us break it down. >> dreams are usual

. >> at the same time you have a caterpillar adding 1400 jobs in a right to work state like georgia, possibly nonunion jobs and we'll have to wait and see about that, but many people, many democrats will tell you that the only kind of good job is a union job. and certainly, the democrats in an election year need to cash and the clout of unions, need more union jobs in the private sector in this country in order to fund those campaigns. now and years to come. >> yeah, ben, the president wants to be a cheerleader for jobs, that's great, but only union shops. what's wrong with other american workers? >> well, the thing is, union jobs are jobs whose dues go directly to the democratic party. so of course, he's going to like unions, unions, by the way are a great things. i'm a member of three unions. >> thank you. >> and i love being in unions, i love being in my unions. but, i have to say, it's very hard on people who are not in the unions because we union people sort of soak up all the money and there's not much left for everybody else (laughter) >> ben, i could tell you as front of a un

now caterpillar is making plans for the peach state. it just announced it will build two new plants in georgia to employ 1400 people. they are expected to create 1,000 other indirect jobs. you might remember president obama's 2009 visit to a caterpillar plant, pe -- peoria, illinois, fight over stimulus at that time caterpillar's ceo promised to hire back all the layoff workers if the stimulus passed. as we noted the stimulus turned three years old today. heather: the nation's top intelligence and defense officials raising new concerns over al qaeda growing a presence inside syria. the national intel director james clapper and defense secretary leon panetta addressing their concerns with congress. take a listen. >> we believe that al qaeda in iraq is extending its reach into syria. we think it will just continue. we don't see any, short of a coup or something like that, that assad will hang in there and continue to do as he has done. >> it does raise concerns for us that al qaeda is trying to assert a presence there and that means that,

anthony's camino, it is like a caterpillar that turns into a butterfly. this is a change, metamorphosis to help serve the needs of san francisco in the greater number. it blows me away that 60 years ago they were serving 150 meals for the city of san francisco, and will now serve anywhere from 2500 to 3500 daily, and with many more to come. god bless all the selfless souls that does not only their pockets, but of their soul, to help better another human. please empathize with these people. we look at them dirty, not as less fortunate, but as people of choice. sometimes it is a product of circumstance. let's have a little understanding instead of a little judgment. god bless america. god bless san francisco. [applause] >> thank you. one of the other beautiful parts of st. anthony's is that on a daily basis, we have students from area high schools to come in and volunteer as part of community service. some of those students have an experience and they want to have a deeper experience, so they participate in an immersion program. sometimes it is several week

those include united technologies, caterpillar, alcoa and general electric. less than a week after the buyout of pringles by diamond foods, was thrown into question. thanks to an accounting investigation and management change, kellogg will swallow the potato chip maker. kellogg buys pringles from procter & gamble, paying $27 billion in cash. the deal makes kellogg the world's second biggest snack maker, just behind pepsi and its frito-lay business. the deal added1 billn dollars of market value to kellogg stock, thanks to today's 5% jump. snacks will account for as much of kellogg's revenue as its cereal business. shares of the previous buyer, diamond foods, rallied 5% but remain down considerably since the accounting investigation began. while technology stocks were weaker overall, telecom gear maker juniper was jumping over hopes it will soon see a big phone company doing some buying. juniper stock shot up 7% with strong volume. broker firm jefferies notes at&t released its budget for new gear, and jefferies thinks juniper is best positioned to see its stock

caterpillar is an investment. >> carl, you have bob?ah, watching seagate but also whirlpool. >> i'll tell you what impressed me about whirlpool. sales were up 1%. but they're components of units and prices. it's about 60% of whirlpool sales. units sold were down 3%, prices were up 4%. that's how you get the sales. units sold down 3% is better than most analysts anticipated. we all know the housing market is crummy. prices up 4%, they have pricing power in this kind of market. that's one of the reasons the stock is up in addition to the very aggressive guidance which is part of the component being the pricing power that they have now. this was an excellent report for whirlpool. kudos to them. they're up 10%. i want to talk about -- i had lunch with a large equity desk yesterday. the first thing they said to me was, what the heck is going on with the volume? our desk is dead. that was a quote. it's the number one topic on the street. we were supposed to have great volume. january traditionally is an excellent volume month. you see new flo

business, if you ordered a peterbilt or kenworth truck you asked for either a cummins engine or a caterpillar engine. they didn't make their own engine. they decided to do it after they bought a european trucking company that made their own engine and when they first sited their first engine plant, again, it was in columbus, mississippi, where european aerospace and defense systems builds helicopters for the united states army. or just up the road where navistar builds the mrap, the mine resistant ambush protected vehicle that has replaced the humvee in the middle east. we are -- as i say, we're not a state with a history of manufacturing like midwestern states, but as ge will tell you, we are a great place to manufacture. we have succeeded in replacing thousands of low-skill, low-paying jobs with high-skilled, high-paying jobs. witness in the year 2010, the higher per capita income in seven years had gone up 30%. even though there were fewer people working. employment was down about 2%, but income was up 30%. and it's largely because of replacing low-skill, low-paying manufacturing jobs with