Paul Craig Roberts: America’s Third World Economy

The millions of unemployed today are blamed on the popped real estate bubble and the subprime

Paul Craig Roberts

The wage and salary cost savings obtained by giving Americans’ jobs to Chinese and Indians have enriched corporate CEOs, shareholders, and Wall Street at the expense of the middle class and America’s consumer economy.

The loss of middle class jobs and incomes was covered up for years by the expansion of consumer debt to substitute for the lack of income growth. Americans refinanced their homes and spent the equity, and they maxed out their credit cards.

via Paul Craig Roberts: America’s Third World Economy.