Friday, February 13, 2004

Economic idiosyncracies

I just heard a report on PBS about the unprecedentedly high cost-to-profit ratio that American corporations were presently enjoying. Unprecedented since records have been kept, by multiples, a result of the astounding "productivity" of American workers. The latter, other reports have said, is a function of the amazing stretch of workers' capabilities due to technology, to extensity of effort, and to cost saving measures by employers. Also unprecedented.

Unprecedented too is the level of American consumer borrowing, federal borrowing, trade deficits, federal deficits, acquisition of US debt by foreign investors and governments.

The gap between rich and poor in the US is at its height. The level of taxation of corporations is at its lowest ever. Indeed, there isn't a statistic in this economy that's mid-line or moderate.

I'd like to find an economic macro-analysis of these and related phenomena--a view of the overall--not just more day-by-day stock market digests. There's something very large at work in the American system, isn't there?

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