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Stock markets have rallied over the past several months, but New School economist Richard Wolff says Wall Street’s recovery masks more serious underlying problems.
Wolff says the improved corporate balance sheets have resulted more from laying off workers and reducing costs than in selling more products and raising revenues. Workers have been forced to make concessions, but that decreases chances for a healthy recovery, he says. (The story summary continues below.) Wolff argues further that the painful recession has accelerated the pace of companies shedding employees, relying more on technology than manpower, and shifting production to low-wage areas overseas. He says what is needed is a new strategy for workers to gain a say on corporate boards. TheRealNews.com is an independent news network that produces stories of global interest. To comment to us by e-mail, click here. |
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