A Quote by George Packer
Walmart's period of explosive growth coincided with decades of wage stagnation and deindustrialization. By applying relentless downward pressure on prices and wages, the company came to dominate both consumer spending and employment in small towns and rural areas across the middle of the country.
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Initially, QE contributed to a pretty significant increase in inequality. It raised asset prices, which are owned primarily by the wealthy, while having relatively small if any positive impacts on bank lending, employment, wages or economic growth, so ordinary people haven't had much help. By the third round of QE in 2012-2014, the effects had likely muted quite a bit. There were probably not big impacts on asset prices from QE and the positive effects on employment growth might have strengthened somewhat.
It seems to me both moral and practical that in the richest in nation in the world that someone working full time shouldn't live in poverty. And studies over the last 20 years in states where we have seen these minimum wage increases show there's no discernible impact on employment growth. In fact, what it does is line low-wage workers' pockets with higher wages.
I think what is true is that there's been an underlying division in the United States. Some of it has to do with the fact that economic growth and recovery tends to be stronger in the cities and in urban areas. In some rural areas, particularly those that were reliant on manufacturing, there has been weaker growth, stagnation, people feeling as if their children won't do as well as they will.
One of the things I really worry about is that if you don't see middle class wage growth, if you don't see the economy in certain areas of the country, the middle part of the country, starting to come back in the same way that it's doing especially well, let's say, in California or New York, then people are going to become politically frustrated.
The main cause of Europe's deep fall - the losses of inclusion, job satisfaction and wage growth - is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates, and it depresses employment.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
You can't tell me you can make any system or country work with low wages and high prices, and high wages with high prices don't mean anything when the prices eat up the wages and don't leave anything over.
Every year, in our country, we churn out more job seekers rather than job creators. We have to look at new business models, identify a problem, and work on a solution for the same. Today, the machines I have created have provided employment to many women in the rural areas across the country. Why can't youngsters follow suit?
If a market exists for low-paid work, then we should think about how we can make this type of work more attractive by providing government assistance. Of course, the wage-earner must be able to live off of his wages. We will not allow poverty wages or dumping wages. But the wage earner can receive a combined wage that includes both his actual wages and a government subsidy.
The youth of Taiwan not only have to face the harsh reality of low wages and high commodity and housing prices, but due to the lack of employment opportunities, many young people are forced to leave their home towns to search for jobs in the cities.
There is either a crisis or a return to the norm of stagnation. One view is the norm is stagnation and occasionally you get out of it. The other is that the norm is growth and occasionally you can get into stagnation. You can debate that but it's a period of close to global stagnation.
Walmart is so huge that a wage boost at Walmart would ripple through the entire economy, putting more money in the pockets of low-wage workers. This would help boost the entire economy - including Walmart's own sales.
The current U.S. and Eurozone depression isn't because of China. It's because of domestic debt deflation. Commodity prices and consumer spending are falling, mainly because consumers have to pay most of their wages to the FIRE sector for rent or mortgage payments, student loans, bank and credit card debt, plus over 15 percent FICA wage withholding for Social Security and Medicare actually, to enable the government to cut taxes on the higher income brackets, as well income and sales taxes.
We've done both. We can do both. We can raise the quality and still have Walmart prices.
Americans understand that rising drug prices, wage stagnation and inadequate infrastructure affect everyone, regardless of race.
Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.
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