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In 1965 my father was paid (roughly) $25,000/year.  The same job is now paying $250,000 to $300,000/year.  The labor cost has risen but the (objective) living standard of that wage has not.  

Why?

The US Cost of Living has risen along with the salary.  

I presume the same for the EU.

As long as the labor/COL ratio per product price in the US and EU moved in lock step, that's no big deal.  As soon as the labor cost alone came under attack it becomes a big deal.  

Eliding a lot of blah I submit if US and EU capitalists want to pay 1975 wage rates then the COL also has to fall to 1975 levels ... IF the goal is to have a "healthy" - whatever that means - domestic economy.    

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Thu Aug 29th, 2013 at 11:19:54 AM EST
I don't know what your father did, but most professions in the US have not risen like that.  In fact most have lost ground against COL just in straight wage terms, let alone lost benefits.
by rifek on Tue Sep 17th, 2013 at 04:31:37 PM EST
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