Financial parasitism and the decline of US industry

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The assembly line at the Ford Rouge assembly plant in Dearborn, Michigan [Credit: AP Photo/Carlos Osorio, File]

US President Joe Biden’s October 5 Michigan speech in support of his administration’s infrastructure spending program consisted in large part of a chronicle of the decline of American capitalism.

Repeating his assertion that the US was now at an “inflection point,” Biden began by noting that for the better part of the 20th century the US led the world by a significant margin through investment in infrastructure such as roads, highways, bridges, ports and airports.

“We invested to win the space race. We led the world in research and development, which led to the creation of the Internet, but then something happened. We slowed up, we stopped investing in ourselves.”

American infrastructure used to be the best in the world, he continued, but now the World Economic Forum ranks the US as 13th. The situation was even worse in early…

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