Wash Post business writer hits on the biggest problem in American economy

by RiseUpEconomics
Fri Jul 30, 2010 at 08:58:37 AM PDT

There was this amazing nugget today by Post business columnist Steven Pearlstein:

It is only in the world of Chamber of Commerce propaganda that businesses exist to create jobs. In the real world, businesses exist to create profits for shareholders, not jobs for workers. That's why they call it capitalism, not job-ism. There's no reason to beat up on business owners and executives simply because they're doing what the system encourages them to do.

This bears repeating: "businesses exist to create profits for shareholders, not jobs for workers."

It's a truth that we on the left sometimes ignore, to our own peril.