Wednesday, September 07, 2016

Labor Day Summary: 
Wage Earners Have Taken A Beating
Charles Hugh Smith* reviews the plight of wage-earners in the last few years of central bank easy money .. "wage-earners have taken a beating and been dumped in a ditch. It's really very simple: wage-earners have seen their real earnings (as measured by purchasing power) stagnate or decline while those chosen few with access to near-zero interest borrowed capital have seen their net income and wealth explode higher." .. emphasizes that the U.S. economy & government need higher wages & higher employment to keep the debt bubble expanding - "Wage earners are being stripmined by financialization, the glorification of financial speculation, the decline of productivity and rising costs imposed by state-enforced cartels such as healthcare."
link here to the essay

No comments: