Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
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

Others have rated this comment as follows:

Display:

Top Diaries

Occasional Series