If the Workers Can't Buy, Their Bosses Can't Sell

It is an axiom of economics that in order for businesses to be competitive and profitable, they must always strive to be labor-lean. They must shed as many workers as possible, as quickly as possible, for as long as possible."As long as possible" can mean forever. In the old days, the preferred method of American "downsizing" and "outsourcing" was to send jobs to lower-wage locations within the United States. Nowadays, the jobs are sent to even lower-wage places like Taiwan, Singapore, South Korea, Mexico, Brazil, China, Indonesia, Malaysia, the Philippines, and Bangladesh.America's citizens consume two-thirds of our Gross National Product. In order for them to do that, they must have money to buy food, raise their children, and keep a roof over their heads. And in order for them to do those things, they have to have well-paying jobs. Without them, consumers buy only necessities, not the country's other goods and services.Despite...(Read Full Article)