PCR: Economic Effect of Coronavirus Could Be Revolutionary

“Globalism has taken down the ladders of upward mobility by exporting American middle class jobs to Asia.  A population once able to save now lives on debt, the service of which is interrupted by recession/depression and by debt service absorbing all net disposable income.

Globalism has also reduced the survivability of our society by making it dependent  on externally produced goods, the supply of which can be cut off by disruptions in other societies, by policy disagreements leading to sanctions, and by an inability to export enough to pay for imports, which is what the offshored production of US firms is.

How can the economy recover when the population and corporations are smothered by debt?  Debt forgiveness is the only way out of this debt suffocation”.

There is one other way: stop manipulating wages down and let wages rise with market rates as they did in the 1990’s. Until Americans are paid what they are worth, and until the powers that be stop wage-fixing to increase profits, things can only get worse. In the 1990’s when Americans were paid a lot, none of this was a problem.