AZspot AZspot

blue bits. red rocks.
Friday 16 April 2010

As an economist, I am astonished that the American economics profession has no awareness whatsoever that the U.S. economy has been destroyed by the offshoring of U.S. GDP to overseas countries. U.S. corporations, in pursuit of absolute advantage or lowest labor costs and maximum CEO “performance bonuses,” have moved the production of goods and services marketed to Americans to China, India, and elsewhere abroad. When I read economists describe offshoring as free trade based on comparative advantage, I realize that there is no intelligence or integrity in the American economics profession. Intelligence and integrity have been purchased by money. The transnational or global U.S. corporations pay multi-million dollar compensation packages to top managers, who achieve these “performance awards” by replacing U.S. labor with foreign labor. While Washington worries about “the Muslim threat,” Wall Street, U.S. corporations and “free market” shills destroy the U.S. economy and the prospects of tens of millions of Americans. Paul Craig Roberts

21 notes

  1. other-stuff reblogged this from purplegem
  2. vruz reblogged this from azspot
  3. progressivepredilection reblogged this from azspot
  4. shorterexcerpts reblogged this from azspot
  5. purplegem reblogged this from azspot
  6. azspot posted this

A GNT creation ©2007–2011