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by nostromo
4197 days ago
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I'm really worried about our economic future. I think job creation has been decoupled from economic growth. That's terrifying for the lower class today, and will eventually be terrifying to nearly everyone. I also think central banking has lost its effectiveness. We've had 6 years of 0% interest and money printing -- the pedal is to the metal -- but labor participation for working-aged citizens is stuck at a low not seen since the mid-1980s. http://www.washingtonpost.com/blogs/wonkblog/files/2013/09/E... Scary stuff... |
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Most of what I read suggests that American workers are as productive as ever; the generated wealth just seems to be getting concentrated into the hands of a smaller number of people. It's not really employment or even industry that's broken, it's the exploitation of workers (and not just in the U.S., although it's pretty bad here right now), and since it is politically incorrect to suggest anything that smells even a little like wealth redistribution, the problem will continue for a while until there is sufficient public unrest.
The situation looks to me a lot like the one in the late 19th century (e.g. http://en.wikipedia.org/wiki/File:The_Bosses_of_the_Senate_b...), except now the political fat cats and monopolists are in the news and communications industries.