Quote:
Originally Posted by Thor
But then it stopped. Since 1980 the economy has also continued to grow handsomely, but only a fraction at the top have benefited. The line flattens for the bottom 90% of Americans. Average income went from that $30,941 in 1980 to $31,244 in 2008. Think about that: the average income of Americans increased just $303 dollars in 28 years.
That’s wage repression.
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For being repressed, they sure buy a lot of cell-phones.
Just saying.
The American economy is continually being forced into greater efficiencies due to global competition and America's share of total global income is diminishing as that income is redistributed more widely around the globe . . . . and efficiencies can fall on workers who compete with workers outside of North America.
I saw one estimate that globalization created the spending habits of 600 million new Americans in the 2000's.
http://www.thenational.ae/business/e...-manufacturing
In talking about wage repression, you might be neglecting to mention wage inflation taking place outside of North America and Europe, lifting hundreds of millions if not billions out of poverty.
Cowperson