one random quotation out of 27,101 quotations
author/source
The New Golden Age
a revolution against political corruption and economic chaos
by Ravi Batra, 2007, paperback,
p106
keyword(s)
economics
free trade
corporations
globalization
outsourcing jobs

quotation
The U.S. economy has recovered since 2001, and real GDP has been . growing, but only low-paying jobs are being created. As a result, average family income has decreased by $1,500. This has rarely happened in the United States before: GDP growth coexisting with a declining living standard. Outsourcing is chiefly to blame. Yet elite economists keep touting the practice; they are in effect on the payrolls of multinational corporations whose CEOs earn millions in salaries and perks, and who offer their hirelings research grants, endowed chairs and lucrative consulting contracts.