feed icon

Sobering thoughts on lower pay

Posted on November 13, 2009 at 1:10 pm

Gerald O’Driscoll points out that the lower wages being handed to many people returning to the work force are the “real-world consequences of bad macroeconomic policy.”

[M]uch accumulated savings have been lost due to capital misallocation. In order to be competitive in the global economy, the U.S. must become a country of lower wages. And we are witnessing that painful adjustment in real time.

Comments

5 Responses to “Sobering thoughts on lower pay”

  1. SouthernIndie writes
    November 16th, 2009 9:26 am

    Those of us in the South have always had to
    deal with lower wages since the Industrial
    Revolution began. Except for the “Professionals’.
    Doctors, Dentist, Attorneys, Accountants,
    and professional sports players. Never mind
    the fact we pay national average or above for
    essentials such as food, clothes and shelter.
    It’s no wonder Tenn. is rated one of the best
    places in the Nation to live if your wealthy,
    but 48th if your wages are in the lower middle
    class averages. State legislature must feel
    comfort in that since they never do or speak of
    any ways to improve it and it’s only lip service
    for votes if they do.

  2. Blue writes
    November 16th, 2009 1:32 pm

    As long as the red rules, we will be far behind other states. The GOP does not care for anyone but themselves. I have a rich friend who said, “I’ll always have health insurance because I’m rich, and I do not care about anyone else.” She forgot to say that she has used more medicare money than most people in the nation She has had every part of he body operated on, and that includes 3 brain operations.

  3. mstrbat writes
    November 16th, 2009 7:54 pm

    Yeah, well, look at the TN Legislature of good ol’ boys and the wealth heading up the State. Bredesen’s justification for his bunker was to draw more business & jobs for TN was just a cover for his ego and pandering. Business doesn’t come here because we have a fancy hall to entertain guests, they come here for tax cuts and low wages. How many jobs could have been saved with the $X millions of public money that went into it (yes, I understand much of it was paid for with private money which makes me wonder what kind of markers were passed out to get those funds).

    Hey Blue, he’s one of yours. Hope you are getting fresh cheese for your whines.

  4. Conrad Hilton writes
    November 19th, 2009 10:59 am

    Southernindie…Unfortunately you have suffered a dibilitating memory loss! Your “Blue” boy Dems have run this state for 150 years without interruption until two years ago….and to a degree they still do through Gov. Phil Bredesen (D-TN) so….trust me Mouthy Southy…we in the GOP are going to make so real change that you can believe in…real soon!

  5. SouthernIndie writes
    November 19th, 2009 12:13 pm

    In our good state a select few run the
    place, 20 yrs ago and today. Sure, we
    change a few of the elected one’s every
    now and then and Yes some go to jail or
    resign in scandal occasionally, but all
    remains the same.

Leave a Reply




Recent Comments

The Conglomerate