“Wall Street is energized about its profits, and it makes its profits by arbitraging labor. So if you lay off an American worker who makes $20.00 an hour, and you hire a Chinese or Indian worker who earns $1.00 and hour, you can put $19.00 an hour in your profit pocket!  And that is what has been going on for 15 years.” -Paul Craig Roberts, former Assistant Secretary of U.S. Treasury

Roberts says there is nothing that the President, or Congress can do to stop the fall of the United States, unless they can stop U.S. corporations from moving jobs overseas: “Interest rates are near zero. There are no home buyers because between 1/4th and 1/5th of the work force is unemployed!  And millions of Americans have been dispossessed of their homes…And the Middle Class jobs, millions of Middle Class jobs have been moved, by the corporations, abroad.”

Roberts says Corporate America is actually screwing over the U.S. government in the long run: “As the jobs move off, what moves with it is the tax base, the consumer income that formerly supported the American consumer demand, and the Gross Domestic Product of the economy.”

Roberts sees no hope for the U.S. main street economy as long as Wall Street gets its way: “So as long as Wall Street and the corporations profit by moving American jobs to countries where labor costs are substantially lower, there can be no recovery of the American economy!”

Paul Craig Roberts is the second former U.S. Treasury official to come out and make such statements.  Recently, former U.S. Treasury Secretary, Lawrence Summers, said the United States is “collapsing”.