Not that voodoo economics ever seemed like more than a thin rationalization for greed, but if there was ever any doubt, the situation today guarantees that increased wealth among the elites will never trickle down to the workers who created the wealth.

Voodoo economics always embodied an unexamined assumption: Employers would have no choice but to share increased profits with their workers, in order to retain and hire workers.

It's obvious what's changed: Offshoring American jobs means that businesses can pocket the profit, and then multiply it by moving the jobs to where the labor's cheaper.

American productivity's grown about 40% over the last decade, while wages have barely remained stagnant. I don't think that the current recession is just another transient blip, but that it reflects a deep structural weakness in the American economy, It seems like a drastic shift in the balance of power between workers and employers, to the detriment of workers.

Now that I think about it, all I've ever heard about is the loss of American jobs overseas. What's going on in Europe? No similarly-bad news, no long-term bleak employment forecasts. What are they doing right? Is this situation peculiar to America, and does it mean that American capitalists have decided to liquidate the country and move on to greener pastures? (Not that Dubai is particularly green, but you know what I mean.)