I have read Paul Kasriel for a very long time, first when he was at Northern Trust and now that he is retired and still writing a private blog. I find him pretty solid on everything he does. This piece runs somewhat against the Republican consensus, but I understand the underlying premise of his analysis: Corporations already have lots of profits, and they are primarily using them for dividends and stock buybacks, not for the expansion of production.
 
Where they are using their money is in cost-reduction technologies, artificial intelligence, big data, and the like. That's not a very robust capital-spending environment.