American Public Suffers as Companies Prosper: Reports

© SputnikWall Street gave New York the name of the world's principal financial center. It is the embodiment of the financial markets in the US, housing the New York Stock Exchange, NASDAQ, the New York Mercantile Exhcnage, the New York Board of Trade etc.
Wall Street gave New York the name of the world's principal financial center. It is the embodiment of the financial markets in the US, housing the New York Stock Exchange, NASDAQ, the New York Mercantile Exhcnage, the New York Board of Trade etc. - Sputnik International
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A new survey of Harvard Business School alumni reveals that business executives believe the United States’ companies are thriving and will continue to do so while the American public suffers, the Wall Street Journal reported Monday.

MOSCOW, September 8 (RIA Novosti) - A new survey of Harvard Business School alumni reveals that business executives believe the United States’ companies are thriving and will continue to do so while the American public suffers, the Wall Street Journal reported Monday.

"Workers are captives of the weakest aspects of the U.S. business environment, while firms are beneficiaries of America's greatest strengths," Harvard professors Michael Porter and Jan Rivkin, leaders of the university's U.S. Competitiveness Project were quoted as saying.

The survey polled 1,947 business-school graduates, 31 percent of which predict US companies are equipped to compete in the global market within the next three years, while 41 percent projected lower wages and fewer benefits for the American public, according to the Wall Street Journal. Only 27 percent of those surveyed predicted a better future for Americans. Graduates noted a poor education system, tax code, and political system in sharp contrast to high-quality capital markets, management systems, and universities.

"Businesses should be taking the stagnation of living standards of the average American as a canary in their coal mine," Jan Rivkin, a professor of business administration, told the Wall Street Journal.

"Companies will not survive for the long run if their communities are stagnant," Rivkin added.

While policymakers have concentrated their efforts on pulling the country out of the financial crisis and recession, unemployment remains high and wages are barely keeping up with inflation. Changes have only been focused on short-term solutions while underlying problems including the education system, workplace skills and transportation infrastructure could prove detrimental to the country should trends continue.

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