The US Economy Has Not Recovered and Will Not Recover
Roberts, Paul Craighttp://www.counterpunch.org/2016/02/19/the-us-economy-has-not-recovered-and-will-not-recover/
Date Written: 19/02/2016
Year Published: 2016
Resource Type: Article
Cx Number: CX18867
The US economy died when middle class jobs were offshored and when the financial system was deregulated. Jobs offshoring benefitted Wall Street, corporate executives, and shareholders, because lower labour and compliance costs resulted in higher profits. These profits flowed through to shareholders in the form of capital gains and to executives in the form of "performance bonuses." Wall Street benefitted from the bull market generated by higher profits.