Archive for February 2012
Productivity has skyrocketed in the past three decades, but all of the surplus has been captured by the top 1%. Wages have been flat. The workforce has lost a lot of leverage due to the cost savings of machines, labor competition with the third world and the migration of women into the workforce.
All of these extra workers are fighting for fewer and fewer jobs. The only solution is to create many more jobs or reduce the number of available workers. [...]