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He's arguing for the collapse of the middle class. Yup when the middle class is gone and you just have a ultra wealthy 3% and a poor as dirt 97% the manufacturing industries might come back from China ad pay you $3 per hour.
Problem with the western paradigm of globalisation is that the corporations send their manufacturing industries overseas, sure you get cheap ass big screen TVs, but when a country makes nothing (and most of the wealth is financial market gambling) it's easy to fall into a deep hole with unemployment and spiraling debt.
The govt gave corporations tax cuts as they sent work overseas. Now the middle class is shrinking but corporate profits are higher than ever and the disparity of wealth is higher than ever.
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