In fact, Western wages have plummeted so low that a two-income family is now (on average) 15% poorer than a one-income family of 40 years ago.
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Monday, April 16, 2012
U.S. Standard of Living Has Fallen More Than 50%: Opinion - TheStreet
U.S. Standard of Living Has Fallen More Than 50%: Opinion - TheStreet
In fact, Western wages have plummeted so low that a two-income family is now (on average) 15% poorer than a one-income family of 40 years ago.
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In fact, Western wages have plummeted so low that a two-income family is now (on average) 15% poorer than a one-income family of 40 years ago.
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2 comments:
Those silly liberals can no longer deny that there is income mobility in America!
In "When Companies Become Countries" (4/9/12), "Dilbert" cartoonist Scott Adams speculates about "when the first multinational company will form its own country to avoid wars, government red tape, and corporate taxes."
"The corporate government would look a lot like the Chinese government.
In other words, it would be efficient in terms of profit, while giving up freedoms
that employees are already accustomed to giving up. For example, company
employees don't have freedom of speech when it comes to criticizing management.
Somehow we live with that restriction and it doesn't seem too onerous. "
Last year the New York Times reported that "Companies Spend on Equipment, Not Workers" (6/9/11).
Companies that are looking for a good deal aren’t seeing one in new workers.
Workers are getting more expensive while equipment is getting cheaper, and
the combination is encouraging companies to spend on machines rather than people.
...
“Everything should be as automated as it can be. We just can’t afford to compete
with countries like China on labor costs, especially when workers are getting even
more expensive.”
...
To add insult to injury, much of the equipment used to replace American workers is made
by workers abroad, meaning that capital spending is going overseas.
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