Los Angeles Times commentator Michael Hiltzik identifies one of the biggest causes behind unemployment: profitable companies are not hiring. Companies in the S&P 500 recorded nearly 40% profit and are hoarding reserves of cash. What aren’t they doing? Hiring.
Hiltzik points out that corporate greed and income disparity will come to a bad end for all Americans. The rich need to have the bottom and middle circulating money, which is happening less and less.
In a world filled with conservative voices, it’s good that we have at least one Michael Hiltzik.