Where Did the Good Investments Go?

By and large, American companies are flush with cash. That has led many economists and policymakers to predict that an upsurge in business investment will smooth the sharp edges of the next economic slowdown. The thinking goes like this: As consumers retrench in the face of higher gas prices, higher interest rates and staggering household debt, companies will pick up the slack by spending their accumulated fortunes on equipment, technology and factories.

nytimes