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He Explains Capitalism in America..
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<blockquote data-quote="Maui" data-source="post: 1850285" data-attributes="member: 45037"><p>Yes, manufacturing output has increased. Technology has made that possible and also resulted in fewer manufacturing jobs in the last 35 years (around 7 million less). Productivity has doubled, but real hourly wages since 1964 in this sector (including mines and utilities) have only grown 7.7%</p><p></p><p>The US is also no longer the world's largest manufacturer based on output. That title belongs to China. India will likely surpass the US by 2025 or 2030 based on the rate of growth in both countries</p><p></p><p>I'm not sure how you judge standard of living, but real median income is actually 8.85% lower through 2014 than it was in 1999. </p><p></p><p>Your replies are flippant and ignore what, I believe, are real structural problems regarding wages. The average American worker is not sharing in the growing prosperity. Yes, most people would be happy if their salary doubled and their benefits improved. I can't think of anyone I know personally, from welfare recipients to billionaires, that would not welcome increased income. Of course, the idea would be that more money would also buy more goods or create more financial security.</p><p></p><p>If pay were doubled for Express workers, then the money would have to come from somewhere. It would not be possible to maintain wages, executive compensation and profits at current levels. So I think it is correct to say there is a big issue with how the pie is sliced. CEO pay has increased 997% since 1978 while average workers saw an increase of 10.9%. This equates to a 354-1 ratio, which is by far the worst in the developed world. Germany is 147-1 and the UK is 84-1.</p><p></p><p>I believe workers are right to feel slighted regarding pay. Their efforts have not been rewarded nearly as much as executives.</p></blockquote><p></p>
[QUOTE="Maui, post: 1850285, member: 45037"] Yes, manufacturing output has increased. Technology has made that possible and also resulted in fewer manufacturing jobs in the last 35 years (around 7 million less). Productivity has doubled, but real hourly wages since 1964 in this sector (including mines and utilities) have only grown 7.7% The US is also no longer the world's largest manufacturer based on output. That title belongs to China. India will likely surpass the US by 2025 or 2030 based on the rate of growth in both countries I'm not sure how you judge standard of living, but real median income is actually 8.85% lower through 2014 than it was in 1999. Your replies are flippant and ignore what, I believe, are real structural problems regarding wages. The average American worker is not sharing in the growing prosperity. Yes, most people would be happy if their salary doubled and their benefits improved. I can't think of anyone I know personally, from welfare recipients to billionaires, that would not welcome increased income. Of course, the idea would be that more money would also buy more goods or create more financial security. If pay were doubled for Express workers, then the money would have to come from somewhere. It would not be possible to maintain wages, executive compensation and profits at current levels. So I think it is correct to say there is a big issue with how the pie is sliced. CEO pay has increased 997% since 1978 while average workers saw an increase of 10.9%. This equates to a 354-1 ratio, which is by far the worst in the developed world. Germany is 147-1 and the UK is 84-1. I believe workers are right to feel slighted regarding pay. Their efforts have not been rewarded nearly as much as executives. [/QUOTE]
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