I am not an economic expert nor do I profess advanced knowledge of the subject but I can see that right now we are currently in trouble economically. The author has listed some very good points as to why our economy is doing so bad. I am inclined to think that the corporations are to blame as well.
Taking the area of communications, corporations screamed for a deregulation and now we have a resulting monopoly of communication industries and a huge ditigal divide. Granted that deregulation allowed for globalization, it ultimately worked in favor of the big capitalists. I am not saying that capitalism is evil or anything like that but like any economic system, there are the good points and the bad points. Marx was good at pointing out the bad points of capitalism especially when he said the poor man's work power was a commodity that could be bought or sold.
We do have a problem with deregulation. The deregulation allowed coporation to pay wages of pennies on the dollar for finished good made in other (Third World) countries and sell them at exhorbitant prices back home. People I have met have said that the corporations have gotten too big for their britches.
The article though mentions the federal government playing a big role in the problem. I remember when the Economic stimulus package was placed into effect in 2008 and even then not all working people received a check. The goal was to stimulate the economy through incentives to increase consumption but that went bust. As I believe Addy pointed out, who is going to buy when prices are too damn high? We may be a consumerist culture but when you have a majority of the people in lower middle and lower class status, they are going to be careful with their money. They couldn't afford the thing anyway.
Well I take that back since I work at schools in low income areas. I have noticed that people in these areas tend to emphasize the material things. I see kids from this neighbor with iPods and new game systems yet their parents can barely afford to pay the rent. So maybe the stimulus package did have some effect.
We do have a problem and it does need to be fixed. The plan and means of doing so are going to be met with opposition. That's just the way it works in our democratic republic. President Obama spoke of side to the mom and pop places. At least the small business owners get to rummage through the cookie jar. Whatever the plan is we have to live with it whether we tell our reps to vote for it or not.