America's Descent Into A Has-Been Economy

[Itsthetruth]

CounterPunch
March 16, 2005

Outscouring Innovation...And Everything Else
America's Has-Been Economy
By PAUL CRAIG ROBERTS

Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review

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Outsourcing is rapidly converting US corporations into a brand name with a sales force selling foreign designed, engineered, and manufactured goods. Whether or not they realize it, US corporations have written off the US consumer market. People who do not participate in the innovation, design, engineering and manufacture of the products that they consume lack the incomes to support the sales infrastructure of the job diverse "old economy."

"Free market" economists and US politicians are blind to the rapid transformation of America into a third world economy, but college bound American students and heads of engineering schools are acutely aware of declining career opportunities and enrollments. While "free trade" economists and corporate publicists prattle on about America's glorious future, heads of prestigious engineering schools ponder the future of engineering education in America.

The disappearing US economy can also be seen in the exploding trade deficit. As more employment is shifted offshore, goods and services formerly produced domestically become imports. Nothink economists and Bush administration officials claim that America's increasing dependence on imported goods and services is evidence of the strength of the US economy and its role as engine of global growth.

Misled by propagandistic "free trade" claims, Americans will be at a loss to understand the increasing career frustrations of the college educated. Falling pay and rising prices of foreign made goods will squeeze US living standards as the declining dollar heralds America's descent into a has-been economy.

Please read the entire article at:


http://www.counterpunch.org/roberts03162005.html

[Coastie for Truth]

1. And gross mis-management at the top of many US companies

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=1316892&mesg_id=1317179

[PROGRESSIVE1]

2. kick

[Frances]

3. Republicans are ruining the U.S. economy

Where's the good news about anything to do with the U.S. economy?

[denverbill]

4. I wish the idiot libertarians would read this article.

They are voting America into a third world hell because of their blind adhesion to utopian free-market theory, and they are too dumb to care.

And I include the entire Republican party in with the libertarians, since they are completely libertarian in their economic theory.

[JHB]

5. Bomb the Chicago School of Economics!

:evilgrin: