Neoliberal capitalism places the burden of the economy’s growing inefficiency on wage earners

Neoliberal capitalism has become inefficient: productivity gains and technological progress are sluggish, the level of GDP is permanently lower than the previous trend. Since the early 2000s, neoliberal capitalism has sought to place the burden of this economic inefficiency not on “capitalists” (companies’ shareholders) but on wage earners. This explains the skewing of income distribution against wage earners. If the COVID crisis leads productivity and the level of GDP to fall further, then one should expect neoliberal capitalism to respond to its economic inefficiency by further skewing income distribution against wage earners.