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View Diary: George W. Bush: "Income inequality is real" (26 comments)

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  •  From my diary (14+ / 0-)

    on this subject:
     photo fredgraph1_zps759f7c9f.png

    This is not just an American Problem.  From a great article in the Milwaukee Journal:

    Water finds its equilibrium, its own level," says Jeff Joerres, chief executive of Milwaukee-based global staffing giant ManpowerGroup Inc., who refers to this accelerating leveling of wages as "global labor arbitrage."

    "It's happening so fast on a global scale that it's scary," Joerres said.

    In the U.S., the phenomenon is not limited to isolated and vulnerable sectors, such as commodity manufacturing. Rather, wages have fallen across the entire national economy — down 1.1% in the 12-month period from September 2011 to September 2012, the most recent comparisons available.

    "Average weekly wages declined in every industry except for information," the U.S. Bureau of Labor Statistics reported in its latest economic census.

    That quarterly report has shown year-over-year declines only six times since the data collection began in 1978 — and four of those have occurred since 2009.

    Nor is the United States the only advanced economy in the world affected. The average of wages in western Europe, Japan and the U.S. fell in a "double dip," declining in both 2008 and 2011, according to the Swiss-based International Labor Organization.

    More from a must read report:
    No one disputes, however, that wages are in upheaval around the globe and that leveling pressure from low-wage rivals only accelerates the trend.

    "There is a movement toward convergence," said Patrick Belser, a senior economist in Geneva at the International Labor Organization.

    In its latest Global Wage Report, the ILO warned that wage competition between nations could trigger a "race to the bottom," with nations desperate to undercut each other with cheap labor only to end up shrinking their own economies.

    This problem is bigger than the US, and is happening a pre-tax basis.

    Its implications are so large I really don't think people can wrap their heads around it.

    •  Mind boggling how people cheer CBO immigration (2+ / 0-)
      Recommended by:
      Lujane, VTCC73

      reform report that says GDP will go up but unemployment will be higher and wages lower.

      Americans are being told to our faces by the CBO that the rich will get richer(GDP up), while the middle class will have higher unemployment if the immigration reform passes.

      Is it that we don't care, or that we cannot wrap our heads around it?

      Is higher unemployment and lower wages OK with progressives now, so long as the boss makes more money?

    •  In other words (1+ / 0-)
      Recommended by:
      IT Professional

      It's a race to the bottom when it comes to wages.

      The wealthy are not raising other countries up so much as they are driving the higher wage countries down.

      Women create the entire labor force. ---------------------------------------------------------------------------------------- Sympathy is the strongest instinct in human nature. - Charles Darwin

      by splashy on Sun Jun 23, 2013 at 12:42:14 PM PDT

      [ Parent ]

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