Tuesday, January 11, 2011

The prosperous few and the restless many

Wall Street Journal:

While difficult for individual workers, lower wages can make U.S. industries and companies overall more competitive and allow employers to hire more workers than they would otherwise. In the long run, that may make the nation more prosperous.

A "nation," in this case, made up of employers, not individual workers.

5 comments:

fwoan said...

It's amazing that could be said with a straight face. But for all I know the author was crying with laughter at the thought of someone repeating it seriously.

Brian M said...

Hey...as I am looking at joblessness (as Jerry Brown further eviscerates municipal governments in California), my trepidation is somewhat ameliorated by the knowledge that the founder of Google has recently purchased a $45million yacht.

bolo said...

And lower wages = less consumption, which (in our current society) = less production/services, which = layoffs, which = lower wages, which ...

So prosperous...

Beth E. said...

I ran across a very telling quote from Andrew Mellon recently, in a book by David Harvey: "In a depression, assets return to their rightful owners."

That worldview lives on, essentially unchanged, in this quote you've pulled from the WSJ. Quite shocking to think how deeply this attitude has been accepted as received truth here in the good ole US of A!

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