Race too the Bottom

"As for the alleged “equilibrium” that Mr. Meyerson mentions, to understand that it is fanciful requires only that one ask the following question: would Boeing remain solvent if it raised its workers’ wages so that they could afford to buy the commercial airliners they make?" Don


Wow... I think you've just been awarded the greatest non-sequitur of the new year ... so far.

People predicted decades ago globalization and the so called free trade agreements would result in a race to the bottom for the American middle class. Now we see the end results of pinning our hopes on cheap stuff manufactured by the worlds poor.

Wages are down and unemployment is up. College education, housing , transportation and health care are more and more out of reach for the average person. Personal debt has skyrocketed. The problems are no longer cyclical but structural.

Meyerson is right on and Don's only come back is to dig in his heals and toss a totally irrelevant supposition into the mix.

American corporations just recorded record profits.... RECORD PROFITS!!! That fact tied with dreary long term outlook for wages and jobs should tell the most simple minded among us the system is in serious distress.

Don you are so tied to your ideology history will not look back well on you and your peers for the positions you've clung to completely devoid of attention to the real world in favor of ideological purity. Modern day Irving Fisher equivalents.


Marx nailed it so many years ago;

"It is in the very nature of the capitalist mode of production to overwork some workers while keeping the rest as a reserve army of unemployed paupers."

– Marx, Theory of Surplus Value

For all the children out there quoting Marx accurate portrayal of the problems of capitalism does not make one a communist ... so grow up and deal with the reality of the above quote. It's truth is playing out before our very eyes.