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Where Has All the Money Gone?

The other day I came across the "Sanders Hypothesis", a fascinating document that I will be using in a longer piece on the unequal economy over the next few days. However, something intrigued me in particular and I wanted to put it out for discussion early.

The Sanders document includes the following graphic:


522_fig_5_mil_sect_employ

We know that we are spending as much now on "defence" as we ever did in the Cold War. And yet the number of American jobs being supported is decreasing. How can that be? I have two suggestions.

One: the guy Halliburton hires to sweep the U.S. barracks in Kazakhstan does not come from Oregon or Oklahoma, and yet the US taxpayer foots the bill;

Two: Excessive profits to stakeholders, and excessive profits in the form of exorbitant managerial remuneration.

Other ideas?

August 29, 2004 in Capitalism | Permalink

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