• Krugminator2's Avatar
    11-24-2021, 04:58 PM
    She also mentions unions and Europe. They do have stronger unions and more employer restrictions and benefits they need to provide. A lot countries cap hours and have longer mandatory vacations. How is they working for them? European wages and productivity has lagged the US since the early 90s. And that has happened with a much more highly educated work force without the influx of low skill workers. Here is Pew Research showing the massive chasm in after tax disposable income a middle income person in the US makes vs every European country except Luxembourg. https://www.google.com/amp/s/www.pewresearch.org/fact-tank/2017/06/05/through-an-american-lens-western-europes-middle-classes-appear-smaller/%3famp=1
    5 replies | 541 view(s)
  • Krugminator2's Avatar
    11-24-2021, 04:43 PM
    Planned obsolescence isn't a thing or at least car manufacturers didn't get the memo. Cars are largely made overseas. Cars used to be rusted out piles of junk after five or six years and 100k miles was a big deal. I could probably drive my car for 300k miles if I wanted to. Cell phones are better and cheaper. Computers cost a fraction of what they used to and are much higher quality. It can't be stressed enough that innovation benefits everyone even if they don't work to make it and even if it produced outside the borders of a country. Google is a massive boost for people around the world. A person in Ireland no longer needs maps or encyclopedias or newspaper subscriptions.
    5 replies | 541 view(s)
  • Krugminator2's Avatar
    11-21-2021, 10:02 PM
    All of these income equality arguments miss two significant points- median well being of native born people and the consumption side of a person's economic life It is true income inequality is higher in the US than much of the world and it has risen over the past few decades (and has risen in most of the western world). The middle class is 11% smaller than it was in the mid 70s, but that is because 7% of that 11% moved up into upper middle class. 4% moved down and three of that 4% can be attributable to low skill immigration. The United States has far more low skill workers (a good thing in my view) than less immigrant friendly places like northern Europe and Canada. A person moving from Mexico to the United States raises income inequality because they have lower skills which means a lower wage but that doesn't mean the median wage of a native born US worker is worse off for it. And it should be obvious that moving out of the middle class because of higher income is a good thing. Secondly, a company moving out of a jurisdiction might hurt the specific workers but it raises overall well being. Wealth consists of goods and services that people buy. If things are made more efficiently elsewhere it means those products can be bought more cheaply by consumers. Also more efficiently made goods means more capital can be accumulated and reinvested means greater overall productivity. If you look at the cost of goods that make up a person's standard of living, they have fallen dramatically since the mid-70s when you adjust for inflation. People are able to consume much more today. To illustrate this point, I would rather be in the poorest 10% living today than the upper 1% in the 1920 because a lower income person today is able to consume so much more. As far as wealth inequality, there is one simple driver of wealth inequality that never gets properly accounted- Social Security. People are living longer and interest rates are lower. If you think Social Security as an asset (which it is) and count it toward net worth, wealth inequality has barely risen since the 70s. Inequality Has Increased Far Less Than You Think (If You Consider Social Security Benefits) https://promarket.org/2020/04/16/inequality-has-increased-far-less-than-you-think-if-you-consider-social-security-benefits/ from U of Chicago site.
    5 replies | 541 view(s)
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