Actually the opposite is the case. Our economy has exactly the opposite, but nonetheless equally destructive, problem communism had: They had a shortage of supply. We have a shortage of demand.
Our economy produces enough. Proof? Go anywhere and behold how desperately everyone wants to sell. Be it goods or services, You'll be hard pressed to NOT find someone offering whatever you may want to you. What's lacking is the demand. And without it, there is no market either.
If you think people need any kind of incentive to be ravenous asshole capitalists, think again. Those that could invest already want to. Quite badly, too. There just isn't anything to invest in, because there is no viable business possible without consumers that would want to buy what you'd offer. And the main reason for this is simply that there are not enough people who have enough money to become consumers. And jobs are sadly not created when someone wills a business into existence. Well, you can do that, but it's not really viable to produce without a chance to sell what you produce. You'll be bankrupt in no time.
A job is created when the market situation of demand forces the supply side into hiring additional personnel to fill that demand. Nobody in their sane mind creates a job for the sake of creating a job, paying another person and putting more goods he can't sell on the stockpile. If this is the situation (and that is the situation currently), the sane option is NOT to hire someone and NOT to produce more of what you can't already sell.
I fully concur with your statements. As corporations outsource jobs, the local net net discretionary income disappears. Only essentials are purchased. It's sad, as the American society has become a for profit everything, from public education to medicine. Even the military is a for profit institution. MacDonalds has become the location of "lets go out for an evening's supper"