Less jobs, more eBay!

McCain: America doesn't need a President who understands economics; people can just trade junk on eBay for a living!

The presumptive Republican presidential nominee regularly asserts that 1.3 million people worldwide "make a living off EBay." He holds up the figure as evidence the world's largest Internet auctioneer is a model for job and economic growth.

McCain, seeking to address voter anxiety about the economy, uses EBay to signal that he is "fundamentally optimistic about the capacity of the U.S. economy to innovate, for that innovation to give new opportunities for jobs," said Doug Holtz-Eakin, the candidate's senior economic adviser. "We shouldn't be obsessed with looking backwards all the time, and saying, `Gee, where did those jobs go?'"

This affection for EBay as an engine for job creation, however, confounds economists such as Betsey Stevenson, a professor at the University of Pennsylvania's Wharton School of Business in Philadelphia.

"In terms of jobs, there's no net increase in GDP that comes from trading stuff that's already made," said Stevenson, author of a study on the Internet and employment levels. "New people selling stuff out of their closet on EBay isn't growing the economy."

Hat tip to DV.