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View Diary: An Economy cannot be based on CONSUMPTION (285 comments)

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  •  Yup. Consumer economy works great for the top 1% (1+ / 0-)
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    Your analysis is exactly correct. When Apple sells that IPhone, most of the profit margin goes to Apple. Steve Jobs, some Apple Employees, and some stockholders make out like bandits.  Working class americans lose out because Apple doesn't hire factory workers here in the US. Working class americans buy IPhone in droves, but the money doesn't come back to them.

    In short- that is the problem with the consumer economy. It actually works very well for the elite 1%. It just sucks for the bottom 90%.

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