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america's new low wage economy
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<blockquote data-quote="rickyb" data-source="post: 1546072" data-attributes="member: 56035"><p>Our much-touted service economy will become a “servant” economy. Debt-laden 20-something college graduates will become 30- and 40-somethings, still juggling dead-end jobs. Personal dignity will go the way of decent pay. Life at work for most Americans will return to what it was before the New Deal – insecure, underpaid and subject to the daily humiliations of an economy managed to benefit of the rich and powerful.</p><p></p><p>The core problem, argues Faux, is not that we don’t know wha to do. The main elements of a high wage strategy—re-directing capital from short-term speculation to long term investment and sharing the returns to rising productivity more broadly—are clear. But the influence of the richest “one percent” has blocked government’s capacity to shape our common future, no matter which party is in power.</p></blockquote><p></p>
[QUOTE="rickyb, post: 1546072, member: 56035"] Our much-touted service economy will become a “servant” economy. Debt-laden 20-something college graduates will become 30- and 40-somethings, still juggling dead-end jobs. Personal dignity will go the way of decent pay. Life at work for most Americans will return to what it was before the New Deal – insecure, underpaid and subject to the daily humiliations of an economy managed to benefit of the rich and powerful. The core problem, argues Faux, is not that we don’t know wha to do. The main elements of a high wage strategy—re-directing capital from short-term speculation to long term investment and sharing the returns to rising productivity more broadly—are clear. But the influence of the richest “one percent” has blocked government’s capacity to shape our common future, no matter which party is in power. [/QUOTE]
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