Posted on 11/12/2009 1:45:56 PM PST by JoeProBono
U.S. workers are overpaid, relative to equally productive foreigners doing the same work. If the global economy is ever to get back into balance, that gap needs to be closed. Of course, U.S. workers should earn more than their peers in China, Moldova, or Vietnam.
The Americans take advantage of the higher productivity that makes their country rich: better education and infrastructure, abundant capital and a more developed work ethic. But how much higher should U.S. wages be? The answer depends in large part on two measures: the difference in productivity in making goods that can be traded across borders, and the quantity of such tradable goods. Both measures point to a narrowing wage gap. There are so many factors working to push up productivity in poor countries.
Fast development, cheap capital, and more efficient shipping all help make foreign factories more competitive. Cheap global communication through the Internet reduces all sorts of costs and makes it easy to trade many more goods and especially services.
The global wage gap has been narrowing, but recent U.S. labor market statistics suggest the adjustment has not gone far enough.....
(Excerpt) Read more at money.cnn.com ...
The fruits of globalism.
Democrat party propaganda to prepare us for their planned destruction of the hated middle class.
Don’t you worry, CNN. Equal misery is rapidly approaching.
New Yorkers earn more than North Dakotans...it has to do with the standard of living. Where does it end?
“New Yorkers earn more than North Dakotans...it has to do with the standard of living. Where does it end?”
With world-wide socialism, of course.
The fruits of free enterprise and free trade.
Sounds like the Oligarchy....bich&* and moanin’ about the most productive worker on the planet...who refuses to shut up and take it...
With our plummetting educational system; things ain’t gonna get any better in my lifetime. We are graduating students who score lower than people in India score before they even enter the 9th grade.
Gee, Dems, ....thanks alot
They sold our future down the river; and are working on making the present situation worse, day by day.
Hmm. North Dakotans grow grains. New Yorkers grow welfare recipients. People buy grains. A factor for the math?
From each according to his ability, to each according to his need. Soon to be craved above the doors of the IRS.
Here in Michigan the highest average pay and the lowest average unemployment reside in Washtenaw county. (Ann Arbor) Incidentally, they have the largest number of taxpayer funded jobs. They also seem happiest to raise taxes at every opportunity.
You got it.
Everybody wants to tinker with everything, no matter who gets screwed.
of course, a gallon of milk costs me 3x's more.
The Communist News Network is overpaid...
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