Economic policy in the United States and Europe has failed, and people are suffering.
Economic policy failed for three reasons:
(1) policymakers focused on enabling offshoring corporations to move middle class jobs, and the consumer demand, tax base, GDP, and careers associated with the jobs, to foreign countries, such as China and India, where labor is inexpensive;
(2) policymakers permitted financial deregulation that unleashed fraud and debt leverage on a scale previously unimaginable;
(3) policymakers responded to the resulting financial crisis by imposing austerity on the population and running the printing press in order to bail out banks and prevent any losses to the banks regardless of the cost to national economies and innocent parties.