It’s interesting how much momentum there is in these processes. After several decades of big wage gains, during the 1940s, 1950s, and 1960s, the nominal increases could not be stopped, even as the economy weakened in the 1970s and 1980s. Back then all the wage cuts had to done through inflation. Nowadays there is no inflation, and no momentum to restart wage increases. This part of the article says it right: “””The u…
Collectively we need to stop wanting it both ways. We want cheap goods but then complain about offshoring and outsourcing of labor. Look at dollar stores: Their boom happened almost immediately after Clinton re-opened trade with China. Wal-Mart went from "proudly made in the USA" to cheapest crap they can buy. It annoys me when some people talk about changing X but neglect to even try to think about what change that might cause for Y and Z.