The left wing socialist writer at that New York newspaper is so wrong about so much that it's just plain sad. On Monday, October 17th, he failed to recognize that one of the major reasons for the slow down in income growth from 1980 to 2007 was inflexible wages in our major manufacturing base.
We lost a major share of the auto, steel, textile, clothing and computer manufacturing business to countries with much cheaper labor.
Good, bad or indifferent, the millions of people employed by banks, pension funds, mutual fund companies, insurance companies, equipment leasing companies, lawyers, accountants, secretaries, cleaning people, and everybody else, was almost forced upon us by fear and ignorance and actually saved the economy from severe deprivation and depression.
It was government policy to provide homes for everyone.
Monday, October 17, 2011
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