The Father of Reaganomics on Offshoring
Paul Craig Roberts writes, "The problem that the US economy faces is far more serious than the financial crisis resulting from financial deregulation" — Economics in Freefall. "The reason that traditional monetary and fiscal policies cannot produce an economic recovery is that so much of the US economy has been moved offshore," he continues. "As the jobs have departed, there is no work to which low interest rates and massive government spending can recall workers. This is the real freefall."