Restoring “American greatness” is well beyond switching to the gold standard or “brain drain” of the world.
We need a paradigm shift from what we call neoclassical economics and neoliberal economic theory. The author sort of hints at it but goes off the rails with his conclusions, but this country was built on a _strong_ middle class. Purchasing power of the middle class has been decimated/stagnated.
Public companies no longer invest in the wellbeing of their employees (ie, increasing wages) or invest back into the company to improve efficiency and remain competitive. Instead we see massive amounts of that profit generated by labor invested into short term _stock manipulation_ via stock buybacks.
The endless thirst for paper growth and infinite profitability is ultimately not sustainable. The end result of this rapacious capitalism is what we see today:
- 40 year wage stagnation of middle class and minimal chance of upward mobility for poor
- loss of collective bargaining and via non-existent unions or decrease in participation
- loss of safety nets such as pensions
- increased cost of living due to corporations endless need for paper growth
We need a paradigm shift from what we call neoclassical economics and neoliberal economic theory. The author sort of hints at it but goes off the rails with his conclusions, but this country was built on a _strong_ middle class. Purchasing power of the middle class has been decimated/stagnated.
Public companies no longer invest in the wellbeing of their employees (ie, increasing wages) or invest back into the company to improve efficiency and remain competitive. Instead we see massive amounts of that profit generated by labor invested into short term _stock manipulation_ via stock buybacks.
The endless thirst for paper growth and infinite profitability is ultimately not sustainable. The end result of this rapacious capitalism is what we see today:
- 40 year wage stagnation of middle class and minimal chance of upward mobility for poor
- loss of collective bargaining and via non-existent unions or decrease in participation
- loss of safety nets such as pensions
- increased cost of living due to corporations endless need for paper growth
(list can go on, but I’m typing on a phone)